Estate Agents Money Laundering Checks-This is What You Ought to Know
We are all aware that estate agency sector is more likely to financial crime and money laundering. 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 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. To prevent any delays in the process; it is advisable to demonstrate that enough client due diligence was done before a sale.
Formerly, it might not have been strange to ask for asking for documentary evidence in paper form. But now there are fewer individuals willing to give out vital identity documentation, and the standard of bogus records is growing more convincing thus it’s getting more difficult to understand what’s legit and what’s fake. Authorities are imposing high financial penalties and even prison terms for real estate agents who do not have sufficient AML controls. For this reason, the best estate brokers are utilizing electronic means to check the identity of people and also to make sure there’s an audit trail which demonstrates they’ve done all of the necessary checks.
The ideal electronic verification will aid in identifying questionable sales of land. You will get an identity check which is reliable and relatively cheap as it provides access to different independent data sources. It gives checks against the whole digital roll and data sets of different quality.
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. It also lowers the cost and risk of the buyer sending critical 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, 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 right software, the agent can produce an AML report automatically which offers an entire audit of the trail.
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 can find such experts online or ask for recommendations from people that you know have used their services.