OTM signs compliance deal to help agents avoid AML fines
Portal's software division has integrated with AML platform Thirdfort as compliance becomes one of the biggest concerns for many agents.
OnTheMarket’s software division has integrated with anti-money laundering (AML) platform Thirdfort.
AML is now one of the major compliance concerns for sales and letting agents with penalties for non-compliance running into millions of pounds annually as HMRC steps up enforcement requirements.
AML CHECKS
This integration, accessible within the TecCRM platform, streamlines AML checks with results and documents stored within TecCRM.
Clients can complete ID verification using the Thirdfort app which reads and validates digital signatures from e-passports and various identity documents issued by governments worldwide.
The verification process aligns with HM Land Registry‘s Digital ID Standard and international addresses can be verified across 23 jurisdictions using Experian data.
The Thirdfort solution includes PEPs and sanctions screening, with real-time data updates and an option for ongoing 12-month monitoring.
OPEN BANKING
Source of Funds checks are simplified through government-backed Open Banking and a Source of Funds questionnaire adds context to the verification process. The Thirdfort integration extends to handling Right to Rent checks through the TecLet platform.
Alan Blockley of OnTheMarket Software, part of the OnTheMarket Group, says: “The integration of AML solution Thirdfort within the TecCRM platform builds on our commitment to providing our users with access to best in class compliant solutions across our suite of products.”
Patrick Brierley, Partnerships Manager at Thirdfort, adds: “We are delighted to integrate our compliance products with OnTheMarket Software and to be able to provide our mutual clients with, what we believe to be, the leading digital ID and source of funds service available in the market today.”
