The National Association of Estate Agents says a new tool just launched will make it easier for agent members to comply with anti-money laundering regulations.
Propertymark Passport, developed with identity verification consultancy Trust Stamp, is aimed at making submissions under the European Fourth AML Directive quicker and easier for agents.
It works like this: agents invite prospective buyers and sellers to begin the process by taking a photo of themselves, their ID and proof of address on their phone, and this forms the basis of the legally required identity checks.
This can take place during the viewing itself, and means buyers do not have to make another trip to the agent’s office for the check.
“We’ve been leading calls for guidance and clarity on agents’ obligations to carry out customer due diligence for a long time now, and have been supporting our members with masterclasses to assist them with the European Fourth AML Directive. This new service aims to streamline the process, save time for buyers and agents, and most importantly, make it easier for agents to spot any issues during identity checks” says NAEA chief executive Mark Hayward.