MOT/WID Act

In Suriname, the MOT (Reporting of Unusual Transactions) Act is in effect, also known as the WID (Compulsory Identification of Service Providers Act). This law imposes obligations on service providers, including brokerage firms, to report unusual transactions to the Financial Intelligence Unit Suriname (FIU Suriname). Key aspects of the MOT/WID Act that apply to brokerage firms include:

Duty to Identify: Brokerage firms are required to establish and verify the identity of their clients, including collecting personal information and proof of identity such as passports or ID cards.

Reporting unusual transactions: Brokerage firms must report unusual transactions to FIU Suriname. These are transactions that deviate from the customer’s normal pattern of activities, where there is suspicion of money laundering, terrorist financing or other criminal activity.

Retention and retention requirements: Brokerage firms must maintain and retain all relevant documentation relating to clients and transactions for a specified period of time as required by law.

Training and awareness: Brokerage firms should train and make their employees aware of the requirements of the MOT/WID Act so that they are able to identify suspicious transactions and act correctly.

By complying with the requirements of the MOT/WID Act, brokerage firms can help combat financial crime and promote a property market with integrity. It is important for brokerage firms to be aware of and comply with the specific obligations under this legislation to avoid potential legal and reputational risks. Terzol Real Estate also complies with the stipulated MOT/WID requirements.

Find out how we can help you

Consultacy

Read more
MOT/WID Act

Project Development

Read more
MOT/WID Act

Terzol Real Estate as your property developer

Read more
MOT/WID Act

Our Project Development Partner

Read more
Scroll to Top