Estate Agents Money Laundering Checks-This is What You Ought to Know
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 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. 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.
Formerly, it might not have been strange to ask for asking for documentary evidence in paper form. 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 large monetary penalties and even prison terms for real estate brokers who don’t have enough AML controls. 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 will help in identifying suspicious sales of property. You will get an identity check which is reliable and relatively cheap as it provides access to different independent data sources. It supplies checks data sets of different quality and against the whole digital roll.
Good-quality estate agents money laundering checks save a lot of money and time, and they offer a clear refer or pass decision in a matter of seconds. 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 ideal applications, the agent can create an AML report which delivers a whole audit of this road.
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 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.