New agency AML product aims to reduce risk of fines

Sales progression service ASAP has launched a new anti-money laundering (AML) product to help agents comply with due diligence requirements and minimise any risk of being fined for inadequate processes. 

The product, Comply ASAP, includes a full biometric and address verification, ID document authenticity checks, and a suite of AML checks.

At the same time as supporting compliance, the new service also helps agents to provide a smooth and well-connected client experience, supporting faster transaction times. For agents using ASAP’s recommended network of solicitors, there is a further advantage as they will accept the same ID check. This avoidance of duplication saves client’s time and money.

Richard Megson, managing director at ASAP, said: “Regulation enforcement is really taking centre stage, and rightly so given the alarming figures constantly emerging.

“We are focused on streamlining the whole sales process by enabling faster transaction times and supporting an improved client experience. We have always offered AML checks, but in the wake of recent findings and based on our knowledge of agent processes, knew that the time had come to take this service to the next level.

“Forgeries have become ever more sophisticated – meaning they are far harder to detect. The leading-edge software can easily detect if documents have been falsified – imperative if an agent wants to ensure they have carried out their due diligence.”