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Our simple, cost-effective solution makes anti money laundering for estate agents easy. We stay on top of the most recent AML regulations, keeping property firms compliant at all times, so you can focus on your business.
Selling and buying property is an ideal cover for criminals attempting to “wash” illicit funds, so property firms are often targeted by those who carry out financial crime, making this sector especially vulnerable to money laundering.
SmartSearch offers an efficient end-to-end AML solution. With our unique electronic platform, you can verify both individuals and businesses, and perform screenings for sanctions and PEPs, at the touch of a button. You can even access all these services while you’re out on a viewing, with our fully integrated app, so AML for estate agents has never been more convenient
SmartSearch Guarantees AML compliance for estate agents
AML regulations are consistently updating to reflect the changing tactics of those who perpetrate financial crime – keeping on top of regulatory requirements can be both tricky and time-consuming.
The SmartSearch system evolves right alongside regulations from the FATF and the FCA. We adapt our technology and product offerings to ensure there are never any gaps in compliance for estate agents and property firms.
Outsourcing to SmartSearch has been one of the best decisions we have made. It has enabled us to rest easy that we are monitoring our clients and applicants correctly and are fulfilling all our legal requirements with regards to money laundering legislation and due diligence. Lesley Sorbie
Outsourcing to SmartSearch has been one of the best decisions we have made. It has enabled us to rest easy that we are monitoring our clients and applicants correctly and are fulfilling all our legal requirements with regards to money laundering legislation and due diligence.
From the moment that I spoke with a representative I felt that this company would be able to provide me with the type of service that I had been looking for to satisfy the requirements of Client Due Diligence in my industry […] Of all the companies we have looked at, SmartSearch suited us best not only because of the user friendly interface but the support and back up you get is first class James Moran Winkworth South Kensington
From the moment that I spoke with a representative I felt that this company would be able to provide me with the type of service that I had been looking for to satisfy the requirements of Client Due Diligence in my industry […] Of all the companies we have looked at, SmartSearch suited us best not only because of the user friendly interface but the support and back up you get is first class
Yes – anti money laundering checks for estate agents and other property firms are required by law, as they’re included in the list of DNFBs which are considered susceptible to money laundering. This is because the buying and selling of property is a prime opportunity for financial crime, and the cash flow involved in these transactions is often exploited as a means of “washing” illegally obtained funds.
Estate agents and property firms should ask for proof of identity early on in the proceedings, whether the client is selling or buying a house. They are legally obliged to confirm the identity of clients is legitimate, as part of their KYC checks for AML compliance. This is in line with legal requirements from the FATF, and guidelines from the FCA.
Following guidance from the Property Ombudsman, Estate agents are legally obliged to ask for proof of funds, which includes confirming the monetary amount and checking that these funds have a legitimate source. This allows estate agents to confirm that the funds are not the proceeds of illicit financial activity, like money laundering.
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