Three companies have joined forces to launch a new AML and Know Your Client compliance platform that promises to drastically reduce the often lengthy process of onboarding clients.
It also comes as HMRC cracks down on the property industry and the wider economy in a bid to curb money laundering.
The software will be initially only available to estate agents and has been created jointly by client onboarding specialist eLegal, leading ethical digital identity platform Yoti, and global KYC and AML data provider Arachnys.
As agents will be aware from several high-profile cases involving Purplebricks and Countrywide, HMRC has been focusing on fining agents for non-compliance with AML rules and regulations within their branches.
Ince, the company behind eLegal and the lead organisation in the alliance, says agents too often find the AML/KYC onboarding process fragmented, time-consuming and leaves them exposed to potential costly non-compliance fines.
It also claims that many resort to Google searches to check out buyers, sellers and tenants and that its system minimises human error.
The Ince service combines a range of functions including checking sanction lists, identity, Ultimate Beneficial Ownership, complex case referral and a full audit trail of all processes.
Mark Tantam, Managing Partner, UK and Global Head of Consulting at Ince, says: “Our collaboration with eLegal, Yoti and Arachnys addresses the existing need in the market for a fully integrated solution that involves both advisory and action-based services.
“This prevents critical gaps in the digital KYC process, saving time and money whilst protecting reputations.”