A property and legal tech platform backed by Zoopla founder Alex Chesterman has launched an AML compliance platform for estate agents.
Thirdfort, which launched its web and mobile customer onboarding app into the property market in April, says its news service offers ‘ultra secure’ AML compliance for agents, combining Open Banking, data analytics, biometric and cryptographic technology to automate AML checks.
This will enable both sales and letting agencies to verify their clients securely, remotely and quickly at a time when the industry faces ever more stringent money laundering regulations from HMRC.
The app, which is already used by the NHS and Home Office, identifies clients through document validation, selfie photo and ‘liveness’ testing, as required by HMRC, and allows for real-time checks of all major Know Your Client (KYC) databases, including ongoing PEPs and sanctions monitoring.
Thirdfort says its platform is already used by more than 500 property conveyancers and estate agents including Mishcon de Reya, Thomas Legal and Penningtons Manches Cooper.
Olly Thornton-Berry (main picture, left), co-founder and MD, says: “Money laundering is a growing risk within the property sector and HMRC are hot on the heels of those who fall foul of their regulatory obligations.
“This is no longer simply a box ticking exercise and we’ve all seen what happens when corners are cut. Identity fraud not only wastes time, but leaves agents and firms open to reputational damage, fines, and even outright bans.
“Using Thirdfort means agents can negotiate in confidence, secure in the knowledge they are fully compliant and dealing with genuine buyers and sellers, and our objective is for Thirdfort to become the new standard in fraud prevention and AML.”
Pic: Thirdfort founders Olly Thornton-Berry and Jack Bidgood.