AML checks and compliance for estate agents and letting agents
Regulatory AML assurance, rapid onboarding, fraud protection.
AML and Sanctions obligations for UK estate and letting agents: comply with the latest legal requirements
All UK letting agents are now required by law to comply with financial sanctions regulations. Unlike the money laundering regulations, this will apply regardless of the amount of rent paid.
Letting agents now need to check tenants and landlords against sanctions lists, and report to the Office of Financial Sanctions Implementation as soon as practicable if they know or have reasonable cause to suspect that a person is a designated person, or has committed a breach of financial sanctions regulations. These checks will need to be against landlords upon instruction and tenants upon accepted offer. Breaches of financial sanctions may be punishable with 7 years in prison and/or a substantial fine.
We can supply online tenant sanctions checks, and monitor as required, either as part of our anti-money laundering checks for estate and letting agents, or as standalones.
Don’t get caught out – book an appointment with our experts today. Whether your primary activity is sales or letting, we can help.
Comply with AML regulations with our compliance suite
The amount a criminal has to gain from a single property-related transaction makes the industry a clear target for financial crime, like money laundering.
For this reason, our AML compliance suite has been developed to ensure that as an estate or letting agent you can efficiently and effectively verify any potential client you’re about to take on—and continues to monitor them for as long as required.
Latest figures for AML-related fines of estate and letting agents show they are the most-penalised sector, with fines totalling over £1million.
Our compliance solutions for estate agents can help you to:
- Maintain compliance with industry and AML regulations
- Offer an unbeatable customer onboarding experience
- Reduce tenant risk through rigorous preliminary screening
Streamline onboarding for your property clients
In the digital world we live in now, it’s unsurprising that vendors, purchasers, landlords and tenants who are asked to present identification in person are abandoning application processes, and opting for those more in keeping with the times and technology we have at our fingertips.
So, we like to make it simple for your clients with our Know Your Customer (KYC) compliance solutions. With the biometric and database-driven technology we provide, you can efficiently and effectively verify and validate client identity immediately with digital anti-money laundering checks, so you can get down to business quicker. We offer AML checks on persons and corporate entities.
Our KYC tools can be integrated with your existing management systems and will help you to create a more streamlined customer onboarding experience, while remaining compliant and defending your business against fraudsters.
Manage and mitigate risk with our credit screening process
Manage and mitigate risk with our anti-fraud and credit screening process
The property industry is a main target for fraud and financial crime, so ensuring you’re working with legitimate clients is crucial.
Check for suspicious financial activity among potential clients with our anti-fraud and credit screening processes.
When you use our credit screening technology, you will benefit from immediate notification of adverse data on client credit files. This includes CCJs, IVAs, bankruptcies, and address verification.
Enhance your property business with our flexible API
Compliance technology for estate agents. Anti-money regulatory compliance checks supervised by HMRC mean tenants, landlords, and letting agents are put through complex onboarding processes.
By integrating with our adaptable API, you can automate the onboarding process and verify and validate client identity within seconds, optimising customer experience.
You can integrate our API with your existing management systems, and our expert team can help you to decide on the best fitting solution for your individual client touchpoints. We welcome pro-active partnerships with case management platforms for estate and letting agents.
