Some Essential Details About Estate Agents Money Laundering Checks
Money laundering and financial crimes are quite common in the estate agency industry. That is the reason some estate agencies have to enroll with the relevant authority for anti-money laundering compliance to ensure these authorities can do a few 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. To prevent any delays in the process; it is advisable to demonstrate that enough client due diligence was done before a sale.
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. 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 will help in identifying suspicious sales of property. 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.
Good-quality estate brokers money laundering checks save a good deal of money and effort, plus they supply definite agents or pass choice in a matter of minutes. Additionally, it reduces the price and risk of the purchaser sending crucial initial identification documents through the mail. These tests also confirm and capture paper documents which raises the confidence in the ID tests. If the date of birth appears in the data, it will also be captured in the check.
Most times, when regulators impose fines, it is not because estate agents have undertaken the necessary checks, but because the estate agents cannot provide it. With the ideal applications, the agent can create an AML report which delivers a whole audit of this road.
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. 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.