Some Essential Details About Estate Agents Money Laundering Checks
It is a well-known fact that the estate agency industry is prone to financial crime and money laundering. That is why relevant authorities require that some estate agencies register with them for anti-money laundering compliance to make certain that these authorities can conduct some supervisory visits.
If you have not registered with the relevant regulator and are worried about complying with all regulations, you should get in contact with a business which could enable you to execute the tests with a great deal of ease. It is prudent to show that enough customer due diligence has been done before a sale, and it is critical that there are not any holdups in the process.
Previously, requesting for documentary evidence in paper form might not have been strange. Nonetheless, presently there are fewer folks who are ready to part with important identity documentation, and it is becoming more difficult to understand what is legit and what’s fake since quality of fake documents is becoming more convincing. Estate agents who do not have sufficient AML controls risk prison terms or even paying huge fines to the authorities. Due to this, the top estate agents are using electronic means to verify the identity of individuals and to ensure there is an audit trail which shows that they have done all the required checks.
The best electronic verification is quite useful in identifying suspicious sales of land. It provides access to different independent data sources to offer a cost-effective and dependable identity check. It supplies checks data sets of different quality and against the whole digital roll.
Good-quality estate agents money laundering checks save a lot of money and time, and they offer a clear refer or pass decision in a matter of seconds. It also lowers the cost and risk of the buyer sending critical initial identification documents through the mail. These checks also capture and verify paper documents which increases the confidence in the ID checks. In case the date of birth appears in the information, it’s also going to be recorded in the test.
Most times, it isn’t that estate agents have mastered the necessary checks when regulators impose penalties but the reason is that the estate representatives cannot provide it. With the ideal applications, the agent can create an AML report which delivers a whole audit of this road.
Estate agents must tackle internal reviews of the preparations to abide by the new AML directives which could include things like altering their existing systems and controls. You can employ specialists to aid you in complying with all the new AML regulations in case you don’t have any clue how to begin doing it. You can find such experts online or ask for recommendations from people that you know have used their services.