Significant sanction reporting rules are coming in May for letting agencies and Reapit and Thirdfort have teamed up to help them ‘tackle those challenges’ and keep them ‘ahead of any future compliance demands’, says Reapit’s Commercial Director Dr Neil Cobbold (main image, right)

Reducing risk

The changes mean letting agents will have to conduct sanction checks on clients while ensuring they report any breaches to the Office for Financial Sanctions Implementation (OFSI).

Failure to comply could lead to fines of up to £1 million and potential criminal prosecution with up to seven years in prison.

Thirdfort’s know-your-customer (KYC) solutions will integrate directly into Reapit’s platform, helping estate and letting agents carry out robust AML and sanction checks without leaving Reapit. This, the companies say, ensures agents can efficiently meet their compliance obligations.

The integration will provide:

• Automated AML and sanction checks – directly within Reapit’s platform
• Real-time alerts if a checked client appears on a designated person list, so agents can take action if needed
• A seamless workflow that avoids duplicating client data across multiple platforms, saving time and reducing the risk of human error
• A comprehensive audit trail to demonstrate compliance to regulators

Olly Thornton-Berry (main image, left), Thirdfort’s co-founder, says: “Our new partnership with Reapit will help ensure that agents have the right tools to stay ahead of AML and KYC requirements.

“Our best-in-class integration will continue to evolve, enhancing the Reapit user experience while streamlining compliance and reducing risk for agents.”

The consequences of getting it wrong are significant including fines and possible prison time.”

Dr Cobbold adds: “With ongoing rental reforms, new legislation, and rising financial fraud, regulatory bodies are tightening KYC and AML rules.

“The consequences of getting it wrong are significant including fines and possible prison time. Having a leading strategic partner like Thirdfort supporting our customers is more important than ever.

“Reapit is confident that this partnership will not only help agents tackle current challenges but also keep them ahead of future compliance demands.”