A PropTech firm backed by Zoopla founder Alex Chesterman has launched a new anti-money laundering (AML) tool for estate agents.
Thirdfort has launched a new compliance platform for agents that uses Open Banking, data analytics, biometric and cryptographic technology to automate anti-money laundering checks.
Olly Thornton-Berry, managing director of Thirdfort, said: “Money laundering is a growing risk within the property sector and HMRC are hot on the heels of those who fall foul of their regulatory obligations.
“This is no longer simply a box ticking exercise and we’ve all seen what happens when corners are cut. Identity fraud not only wastes time, but leaves agents and firms open to reputational damage, fines, and even outright bans.
“Thirdfort exists to remove risk so that people can move fearlessly, transforming the process for property professionals and their customers. We’re using cutting edge technology to help agencies of all sizes effortlessly protect against fraud and comply with HMRC regulations.
“Using Thirdfort means agents can negotiate in confidence, secure in the knowledge they are fully compliant and dealing with genuine buyers and sellers, and our objective is for Thirdfort to become the new standard in fraud prevention and AML.”