Guest blog by Smart Compliance, a fully managed end to end solution ensuring Estate Agents meet their AML obligations.
In the ever-evolving landscape of Anti-Money Laundering (AML) compliance, estate agents face a significant burden. Despite the availability of technology solutions designed to streamline the process, the challenges persist. Smart Compliance, the leading provider of fully managed HMRC guaranteed AML compliance solutions in the UK, has recently unveiled some eye-opening statistics. Let’s delve into the key insights revealed by Smart Compliance and explore their approach to addressing these compliance challenges.
A gruelling task: enhanced due diligence and executor transactions
According to Smart Compliance’s findings, a staggering 55% of AML checks conducted on behalf of buyers and sellers require referral to their Enhanced Due Diligence team. These referrals demand specialised expertise to navigate the stringent regulatory guidelines set by HMRC. Notably, 15% of the referred cases involve transactions with executors and grants of probate. These intricate cases demand meticulous identification of all parties involved, as well as a thorough examination of court documents, wills, and certificates.
Complex corporate structures and limited companies add to the workload
Additionally, Limited Companies, Trusts, and Complex Corporate Structures account for an additional 6% of the referred volume, further complicating the due diligence process. Smart Compliance’s team of experienced professionals diligently performs these checks daily, ensuring thorough scrutiny and adherence to regulatory requirements.
The technology dilemma: opt-outs and traditional methods
Interestingly, Smart Compliance has discovered that 6% of the overall referred volume still opts for traditional manual methods of compliance, foregoing the use of technology. This preference requires increased efforts on the part of Smart Compliance professionals to ensure meticulous checks are conducted.
Introducing the solution: Smart Compliance’s app in Reapit’s AppMarket
To streamline AML compliance procedures for estate agents, Smart Compliance have launched a free App available on Reapit’s AppMarket, directly accessible through the AgencyCloud CRM platform. This user-friendly App empowers estate agents to focus on their core business operations while ensuring ongoing compliance with regulatory requirements. With comprehensive features including enhanced due diligence when necessary and the ability to access property title deeds, estate agents can simplify their compliance processes. Additionally, all compliance data is automatically saved and readily downloadable in case of an HMRC audit.
Industry support and testimonials:
The significance of Smart Compliance’s efforts in alleviating AML compliance challenges for estate agents has been recognised by industry leaders. Mark Armstrong, Group CEO at Reapit, expresses confidence in the new App’s ability to enhance due diligence and meet compliancy requirements with efficiency. Steve Thompson, Director at Thomas Morris and an early adopter of Smart Compliance, emphasises the peace of mind and full compliance achieved through their solution.
Smart Compliance’s recent insights shed light on the burdens faced by estate agents in meeting AML compliance requirements. By launching their App in Reapit’s AppMarket, Smart Compliance has provided a practical solution to streamline the compliance process. With this new tool at their disposal, estate agents can focus on their core business operations while ensuring ongoing regulatory compliance. To learn more about Smart Compliance and their solution, visit their website at www.smartcompliance.co.uk for additional information.
