Client accounting platform LettsPay have announced a new product to help their letting agents and property managers navigate increasing compliance requirements around money laundering.

Clients of LettsPay can now complete landlord ID verification via their platform with white labelled SMS and emails sent to landlords automatically and results including  an assessment of risk undertaken and automatically updated into the platform.

There is a nominal fee per check although no commitment required on monthly numbers undertaken. In addition, new LettsPay clients will receive 100 free checks as part of their setup fee.

Robust solution

Matthew Gibbard, Commercial Director at LettsPay (main image) said: “With banks requiring letting agents to be registered with HMRC for Money Laundering supervision and Client Money Protection (CMP) mandatory across the sector, the need for a robust ID verification solution is crucial.

“Many agents are currently carrying these out via a range of third party suppliers. The LettsPay product is a cost effective, “bank grade” solution that fits seamlessly within their existing platform.”

Registered with the FCA, the LettsPay platform already integrates with a growing number of CRMs and can manage payments to contractors, deposit accounts and HMRC as well as improving arrears management and landlord and tenant communication.

The firm expects to process over £1.5 billion in rental payments during 2025.