BLOG: Automation is transforming the AML processes for estate agents

As we all embrace the new digital era state agents face increasing challenges maintaining anti-money laundering (AML) compliance but a new wave of experts are leveraging automation to transform the landscape.

Estate agents and other property firms and can streamline their AML processes by adopting advanced automation and configurability which will result in significant time and resource savings.

OPERATIONAL EFFICIENCY

Automation brings estate agents unprecedented AML efficiency. By leveraging a fully automated workflow, businesses can align their AML processes with their existing internal operations, enabling seamless integration across different business functions.

These automated workflows eliminate manual efforts, reducing the risk of human error while enhancing operational efficiency. Tasks such as data collection, analysis, and reporting are streamlined, saving valuable time and resources.

CUSTOMISING WORKFLOWS

By using custom risk profiles and watchlist screening configurability, property firms can adapt their processes to the specific risk profiles of both homebuyers and sellers.

This level of customisation optimises compliance efforts, ensuring regulatory adherence while efficiently managing high-risk clients that might be on sanction or PEP (politically exposed person) lists.

Configurable watchlist screening facilitates a seamless customer journey for legitimate clients, improving customer onboarding experiences, as well as for existing customers with portfolios.

CAPABILITIES

The property industry requires tailored solutions for effective AML compliance. Bespoke workflow options empower businesses to create rules-based applications and assign tasks based on specific triggers.

This automation provides timely outcomes and actions, simplifying the decision-making process for estate agents and property firms. Moreover, automating processes such as watchlist screening allows for a smoother customer onboarding experience, benefiting both clients and the compliance process. With a fully-configurable solution, property firms can customise their AML operations to align with their unique needs.

Advanced search configuration capabilities allow businesses to identify high-risk clients more efficiently while streamlining the onboarding process for genuine customers.

By utilising custom watchlists tailored to their specific business requirements, property firms can proactively mitigate compliance risks and maintain regulatory compliance. This level of control ensures a compliant and secure environment for all stakeholders involved in property transactions.

BENEFITS

In the rapidly evolving landscape of AML compliance within the property market, automation and configurability offer game-changing approaches to the way firms work.

By leveraging fully automated workflow capabilities and extensive search configurability, property firms can customise their AML processes while focusing on their core operations. The result is enhanced efficiency, improved customer onboarding experiences, and reduced compliance risks.

Embracing these technologies empowers estate agents and property firms to thrive in the evolving compliance landscape while maintaining their commitment to regulatory standards.

Automation is revolutionising AML compliance estate agents across the UK. Embracing automation allows firms to navigate the evolving compliance landscape with confidence, ensuring a secure environment for stakeholders involved in property transactions.

Fraser Mitchell (main picture) is Technical Director at SmartSearch