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TODAY'S OTHER NEWS

NAEA to stage anti-money laundering classes and trial new app

The National Association of Estate Agents is rolling out a series of masterclasses to prepare members for the European Fourth Anti-Money Laundering Directive - and it wants some agents to trial a new app to help fight against money laundering.

One of the key points in the directive is the extension of the customer due diligence process to both the seller and buyer, and NAEA Propertymark says the masterclasses - to be held over the next six months - will focus on this.

Additionally, in partnership with the US-based Technology Company - part owned by the US National Association of Realtors - the NAEA is developing an app which, it says, “leverages artificial intelligence with biometrics to provide intelligent identity authentication and risk analysis with multi-layer compliance monitoring and reporting tools.”

The association is also to trial the new technology with a number of agents shortly, with more information and a full release to all members taking place in the autumn.

“For a long time we’ve been leading the call for guidance and clarity on sales agents’ obligations to carry out customer due diligence on buyers, so we were pleased to see an emphasis on [this] in the Fourth Anti-Money Laundering Directive” says Mark Hayward, chief executive of NAEA Propertymark.

NAEA Propertymark members can find out further details about the regulations here and find out more about attending a masterclass here.

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