Our position
Property, vehicles and equipment can be used to launder money. AssetNest does not receive, hold or transfer purchase money between users. We nevertheless work to make the platform hard to misuse. We follow the principles of the Anti-Money Laundering Act, 2020 (Act 1044) and assess which of its duties apply to our activities. Where an obligation applies, such as registering or reporting to the Financial Intelligence Centre, we will meet it.
What we do
- Review listings before they go live, and ask for ownership documents.
- Verify the identity of sellers at the Verified and Elite tiers.
- Watch for red flags and act on reports.
- Keep records for the periods the law requires.
- Refuse, remove or restrict users and listings where we suspect misuse.
- Co-operate with law enforcement and regulators.
- Not knowingly deal with persons or entities under applicable sanctions.
Red flags we look for
- Payment by a person who is not the buyer or seller, or from an unrelated country.
- Large cash payments, or deals structured to avoid banks or records.
- Prices far above or below the real value without reason.
- Reluctance to give ID or ownership details, or documents that do not match.
- An unusually fast sale, or repeated resale of the same asset.
What we expect from users
Use regulated channels (banks, licensed mobile money, and lawyers’ client accounts) for payments. Keep records of the deal. Use licensed professionals, such as lawyers and estate agents who have their own legal duties. Give us accurate information when we ask for it.
Suspicious activity
Tell us using the report form. We may be legally required to report suspicions and, where the law forbids it, we will not be able to tell you that we have done so.