Final answer:
Receipts of funds, individual identification records, and submitted reports are elements that typically need to be maintained in record-keeping for anti-money laundering purposes in real estate transactions.
Step-by-step explanation:
In real estate transactions, several elements typically need to be maintained in record-keeping for anti-money laundering purposes. These include:
- Receipts of funds from financial entities: It is important to keep records of the source and amount of funds received from financial entities. This helps to track money trails and identify any suspicious transactions.
- Individual identification records for two years: Real estate professionals are required to keep records of the identification information of individuals involved in the transaction, such as buyers, sellers, and even agents. These records need to be retained for two years.
- Submitted reports with no specified time frame: Certain reports related to anti-money laundering, such as suspicious activity reports, need to be submitted to the appropriate authorities. While there may not be a specified time frame for retaining these reports, it is advisable to keep them as part of the record-keeping.