The Guild is offering member agents a service which will allow them to verify the legitimacy of their clients to conform with anti-money laundering requirements.
It has partnered with ID business Credas to offer a contract-free, pay-as-you-go AML and identity verification service.
Credas recently conducted research amongst letting and estate agents which found that an average of four business days a month is spent on AML checks.
The Guild describes this as “a big administrative burden for businesses and that time could be better spent doing what they do best, which is selling and marketing properties.”
The core of the service is app-based facial recognition technology, which is compatible with all mobile devices; there is also a portal to track identity checks, which will be branded to members’ individual agencies.
The Guild says customers can verify their identity in three steps - first, they take a selfie, take a photo of the ID document, and then take a second selfie whilst copying a simple action. “This confirms the user is completing the verification in real-time” says the Guild.
Guild chief executive Iain McKenzie says the system is “a fantastic product ... saving time and money for members, while ensuring they are compliant with AML and GDPR.”