New agency AML service pledges to pay fines for own errors

A new product to help agents meet their anti-money laundering (AML) responsibilities has launched.

Lifetime Legal has unveiled Smart Compliance, which advises agents on AML policies, risk assessments, and procedures before providing identity and ownership checks on all sellers and purchasers.

It also provides enhanced due diligence for more complex cases, including probate sales, company sales, trustees, and complex overseas corporate structures.

The managed service gives agents access to a team of specialist AML analysts who provide support and commit to paying any HMRC fine imposed due to a Smart Compliance error. 

Agents can also offer their clients increased financial security throughout their move by providing them with a complimentary three-month Lifetime Legal membership that includes its Mover Protection product.

If a sale or purchase falls through due to no fault of their clients, they may be eligible for a refund of up to £2,570  - £720 for a sale and £1,850 for a purchase.

Clients will also receive a complimentary standard or mirror will as well as access to legal advice.

Rob Sendall, chief executive of Lifetime Legal, said: "Businesses need a reliable compliance partner.

"In recent years, Government legislation has increased the burden on estate agents, demanding higher levels of due diligence, which increases their costs, reduces profitability, and diverts them from generating revenue.

"Property professionals recognise that they have a moral and legal obligation to abide by the strictest anti-money laundering regulations. 

“However, with ever-changing guidelines and hefty financial penalties, they need a reliable compliance partner to protect them from risk.”