Estate Agents Money Laundering Checks-This is What You Ought to Know
It is a well-known fact that the estate agency industry is prone 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.
You can get in touch with a business which could help you implement the checks with a lot of ease if you have not yet registered with the authorities concerned and are worried about complying with the rules. 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. But, presently, there are fewer people willing to part with important identity documentation and the quality of fake documents is becoming more convincing thus it is becoming harder to know what is legit and what is fake. Estate agents who do not have sufficient AML controls risk prison terms or even paying huge fines to the authorities. As a result of this, the top estate agents are employing electronic means to verify the identity of folks and also to make certain there’s an audit trail which proves that they have undertaken all the checks that are needed.
The best electronic verification is quite useful in identifying suspicious sales of land. It offers access to various independent data sources to provide you with a cost-effective and reliable identity test. It supplies checks data sets of different quality and against the whole digital roll.
You will save lots of time and money and get a clear pass or refer decision within a few seconds if you use good-quality estate brokers money laundering checks. Additionally, it reduces the price and risk of the purchaser sending crucial 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.
Frequently, when authorities impose penalties, it isn’t since estate agents have mastered the mandatory checks, but because 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 hire experts to help you in complying with the new AML regulations if you have no idea how to go about it. You can request referrals from your family or friends that have used the services of such experts or search for them on the internet.