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Property platform offers agents free AML checks

OneDome is offering free digital know-your-customer (KYC) and anti-money laundering (AML) checks for estate agents using its various home buying services. 

The service, encompassing identity verification, document authentication, live video face matching, and comprehensive AML screening and is available to all client onboarding processes.

It promises estate agents a significant reduction in compliance costs, potentially saving thousands annually, and simplifies the onboarding process with a detailed digital report and risk assessment.

Babek Ismayil, chief executive of OneDome, said: “The cost of KYC and AML checks disproportionately affects smaller agents due to volume. 

“Through our platform's high volume of checks, we benefit from favourable rates, enabling us to offer them for free to the agents we collaborate with.”

It comes as research by AML platform SmartSearch found 42% of regulated firms are reporting a rise in financial crime attempts, while more than a quarter say they have already been a victim.

At 48%, almost half of legal professionals, solicitors and conveyancers reported a rise in financial crime attempts in 2023 compared with 34% the year prior, while estate agents and other property professionals reported the biggest increase, jumping from 17% in 2022 to 37% in 2023.

Martin Cheek, managing director of SmartSearch, said: “As the gatekeepers of the UK’s financial system, regulated firms in these sectors are on the frontline in the ongoing fight against financial crime. As attempts increase and more criminals look to exploit weaknesses to launder money and legitimise illicit funds, regulated firms must remain proactive and ensure their compliance processes are robust enough to withstand such attempts.

“For those firms that have already become a victim of money laundering or financial crime, I cannot think of a higher priority this year. As the threat level has risen, many firms have taken the opportunity to implement a digital compliance strategy, utilising the latest technology, along with real-time data to transform this onerous task into a seamless part of client onboarding and ongoing monitoring.”


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