Anti-Money Laundering Compliance

Don't stick your head in the sand!

It is well documented that the estate agency sector is a prime target for money laundering and financial crime. That's why individual estate agencies are required to register with HM Revenue & Customs (HMRC) for Anti-Money Laundering Compliance whilst Trading Standards are responsible for conducting supervisory visits. 

Experts in Know Your Customer (KYC), we'll help you meet your AML requirements quickly and easily

If you haven't yet registered with HMRC or are worried about complying with the Regulations, then we can help you implement the checks easily into your current processes. Ahead of a sale, it's vital that you can demonstrate that satisfactory customer due diligence (CDD) has been carried out and it's important that the process doesn't cause any holdups in the sale chain.

In the past asking for documentary evidence in paper form would have been the norm. However, clients are less and less willing to part with important forms of ID and the quality of fraudulent documentation is becoming extremely convincing, meaning it's harder to spot a fake. Regulators are imposing significant financial penalties and even prison terms for estate agents who are unable to prove they have adequate AML controls in place. As a result, leading estate agents are turning to electronic means to verify an individual and to keep an essential audit trail that proves they have carried out the required checks.

CallML is a form of electronic verification which can help you better identify suspicious property sales. It accesses a whole range of independent data sources, to perform a reliable and cost effective identity check.  It includes checks against the full electoral roll and a range of quality data sets, including personal credit account performance data shared between UK banks, building societies and other lenders.

Our best practice solutions access a full range of positive, corroborative, negative and value added data sources to help you identify whether your customer is:

• A Beneficial Owner
• A Politically Exposed Person (PEP) - Domestically or Internationally
• Presenting a Stolen Passport
• Listed on CIFAS for known Identity and Impersonation Fraud
• Subject to HM Treasury Sanctions
• On The Specially Designated Nationals List (OFAC)
• Known as Deceased
Subject to CCJs or Personal Insolvencies
• Plus many more…

CallML will save you time and money as it provides a clear 'pass' or 'refer' decision within seconds, rather than taking days. For buyers, it also reduces the risk and cost of sending important original ID documents by post. However, if you choose CallML can also capture and verify paper documents, building further confidence in the ID check. It will also show you their date of birth if it appears in the data.

Providing evidence of AML checks

It's often the case that when fines are imposed by the regulators, it's not because the necessary checks haven't been carried out, but because the estate agent cannot prove it. CallML automatically produces an AML Report which provides a full audit trail of the input and returned data as well as the decision and date. This can easily be printed or converted to PDF to file away.

Her Majesty's Revenue & Customs (HMRC) and The National Association of Estate Agents recognise that electronic verification can be used but they do not recommend or endorse any product or supplier. 

To find out more about our Estate Agency Solutions please complete our online business enquiry form and one of our experts will contact you shortly.

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