The challenges confirming a person’s identity can bring isn’t just a set-in stone for the legal sector, estate agents also face similar challenges as they attempt to complete client due diligence and comply to the regulations in place.
Estate Agents must adhere to the regulations set by His Majesty’s Revenue and Customs (HMRC).
HMRC have developed a guide that all estate agents and agencies must follow to ensure they are working compliantly within the set guidelines.
The comprehensive guide set by HMRC covers several areas that all estate agents must have in place:
– Being registered with HMRC
– Have a documented AML policy
– Conduct thorough Customer Due Diligence (CDD)
– Implement a Money Laundering Reporting Office with a Nominated Officer
– Report unusual and suspicious activity
– Maintain accurate records for audit
– Inform staff on your AML policy through education and training
It’s essential estate agents creating their own agency register with HMRC so that they don’t face sanctions and key guide above must be implemented so that agencies can function efficiently and effectively.
Failing to adhere to these set regulations can lead to fines, closures and even prison sentences.
What are the AML Compliance Challenges Estate Agents Face?
There are several challenges estate agents face as they attempt to run compliantly within the HMRC guidelines. These challenges can be difficult to navigate as agencies aim to identify potential clients and businesses.
– Identifying Beneficial Owners – One of the main challenges is identifying the beneficial owner whether that be a property or business. These checks can be time consuming and manual processing may make the identification process even longer than necessary.
– Conducting Due Diligence – Estate Agents need all the information available to them to complete compliant client due diligence. Not having all this can make the verification process much more difficult.
– Understanding Complex Legal Frameworks – With HMRC overseeing estate agents in UK, understanding this framework may also pose challenges given the complexities within it and the key areas estate agents must cover. Estate agents must implement a strategic, effective compliance plan that ensures they are working with the regulatory guidelines.
These challenges can be complicated to navigate.
AML software solutions such as Verify 365 can assist with dealing with most of these challenges, ensuring you are practicing compliantly and completing effective AML client due diligence.
Verify 365 is the best AML Software for Estate Agents
Verify 365 is making a significant impact across a variety of sectors. Our innovative client onboarding platform enables estate agents to streamline and simplify their onboarding processes by completing fast and compliant identity checks within minutes.
Using our award winning, government-graded technology, estate agents can confirm the identity of their client in a much faster way, eradicating a long, withdrawn manual process.
In addition to this, Verify 365 has technology several models in the platform, which includes FCA-regulated Open Banking source of funds checks, allowing you to analyse source of funds data to further confirm proof of funds and legitimacy of a person or business.
Furthermore, Verify 365 ensures you can identify a PEP and see any sanctions that have been imposed on a person or business, so you will receive regular updates on any changes with ongoing monitoring, ensuring your firm is protected.
Should I switch to Verify 365?
Verify 365 are changing the landscape for estate agents, enabling them to complete compliant checks. Our proprietary technology is fast, streamlined and easy to implement into your onboarding processes and client due diligence protocols.
Take the first steps to ensuring AML Compliance with Verify 365
By switching to Verify 365, you will ease your compliance concerns by introducing top AML technology into your agency, streamline your onboarding processes with an effective AML platform that enables you to have everything you need in one place and have access a wide range of tech tools to help you confirm a person or businesses’ identity.
Verify 365 will enable you to improve the overall experience of your client and enhance the integrity of your business with effective procedures that fulfil regulatory requirements.
Our platform is elevating the estate agencies and crucially, enabling to complete effective client due diligence and enhance your overall client onboarding processes.
If you’re keen on learning more about Verify 365, give us a call today on 0121 274 2312.
