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, 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 large monetary penalties and even prison terms for real estate brokers who don’t have enough 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 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 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. 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. 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.