Some Essential Details About Estate Agents Money Laundering Checks
We are all aware that estate agency sector is more likely to financial crime and money laundering. This is why some estate agencies are required to register with the relevant authorities for anti-money laundering compliance so that such authorities can conduct some supervisory visits.
If you are yet to register with the relevant authorities and are concerned about complying with the rules, you can get in touch with a company that can help you implement the checks with a lot 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.
Formerly, it might not have been strange to ask for asking for documentary evidence in paper form. 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. Authorities are imposing high financial penalties and even prison terms for real estate agents who do not have sufficient AML controls. 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. Additionally, it reduces the price and risk of the purchaser sending crucial initial identification documents through the mail. The confidence in the ID checks is high since these tests also capture and verify paper documents. The date of birth will be captured in the check in case it appears in the details.
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. The agent can create an AML report which delivers a whole audit of the trail with the ideal software.
Estate agents should undertake internal reviews of their preparations to comply with the new AML directives which might include changing their present controls and systems. If you are not sure how to go about this process, you can hire experts to help you in complying with the new AML regulations. You are able to get such specialists on the internet or request recommendations from people that you know have employed their services.