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.
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, asking for documentary proof in paper form may not have been odd. 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. 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 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 provides checks against the entire electronic 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. These tests also confirm and capture paper documents which raises the confidence in the ID tests. 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. The agent can create an AML report which delivers a whole audit of the trail with the ideal software.
To comply with the new AML regulations, estate agents must deal with internal reviews of their preparations which could include things like altering their present systems and controls. 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 request referrals from your family or friends that have used the services of such experts or search for them on the internet.