KYC and AML for Estate Agencies

With the Money Laundering Regulations that affect estate agencies ever evolving, it is vital that businesses remain compliant with latest Directives or risk penalties that in some instances could reach €5 million or 10% of annual turnover – enough to drive some into bankruptcy.

The most basic essence of these regulations is to Know Your Customer (KYC).  This should be as straightforward as confirming that customers are who they say they are, and that their funds and reasons for buying and selling property are legitimate and lawful.

The CIS platform is designed to offer a range of different checks, allowing the client to choose from a predefined set, or build their own suite of checks that suit their individual needs.  Clients can access the service via either the web portal, or through an integrated API.  This means that CIS gives the client a choice to perform manual checks themselves or automate the process for batch checking.

CIS has the flexibility needed to suit any size of business, and brings the security of knowing that your company is compliant with AML and KYC regulations.
 

Industry Legislation

Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

The Money Laundering Regulations 2017 are designed to reduce the impact of organised crime and prevent the transfer of money to support funding for terrorist organisations in the UK and around the globe. The regulations aim to ensure that companies have sufficient information to know exactly who their customers are.

They have undergone a number of revisions, including 4MLD and most recently 5MLD, which expanded the scope of the legislation to include certain lettings agents, and made changes to the due diligence that must be completed on customers.

Click for legislation source


Why choose Capita Identity Solutions?

Capita Identity Solutions has continued to lead the way in technological innovation within the identity verification market sector. We are partnering with world leading technology providers and multiple Credit Reference Agencies with the aim of delivering market leading resilience and a choice of data provider - ensuring increased match rates and alternative methods when traditional KYC checks fail.

We are growing our international data footprint with the intention of becoming a global provider, all whilst working to increase platform usability and stability for our ever-growing global client base.

In the long term, Capita Identity Solutions will continue to explore new technologies and opportunities. Development to the platform will ensure that as the selection of checks grow, clients will continue to be offered a world class service that is always at the cutting edge of identity verification.

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The Benefits of CIS

 


Accurate 2+2 ID verification
UK & International verification
Reduce on-boarding risks
GDPR compliant
Streamline your business process
Innovative solutions designed to increase match rates when traditional KYC checks fail
Easy to use platform which can be easily integrated with existing websites
Offer you choice of data references
PEP’s & Sanctions Monitoring
Retain AML Verification for audits and regulatory visits
Excellent pricing without compromising on quality of product or service


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