A real estate-focused anti-money laundering (AML) digital platform has been launched to automate and streamline the AML process for property agents.
The PCVdigital platform, which was created by industry expert Martin Carey and reg tech specialist Adam Smith, has launched at a time when the sector faces ‘unlimited fines’ by HMRC, which has stepped up investigations into inadequate processes amid a rising concern about money laundering via property in the UK.
The platform de-risks the AML process with HMRC-compliant automated checks, saves administration time and costs and provides transparent reporting at the click of a button.
Carey said: “Currently many agents use a third-party tool to establish both Know Your Customer (KYC) and additional AML information, which means they are reliant on an external provider to do their job correctly, to protect their customer’s personal data and to manage a key client interaction. We believe this leaves agents at a high risk of not being compliant – either because the process isn’t consistent across the business or because they aren’t in control of their own risk evaluation.
“We set out to build a property-specific tool that delivers compliant AML and KYC checks and removes risk, saving time and cost. The platform can be implemented quickly and easily by property professionals of all shapes and sizes and, perhaps most importantly, gives them a consistent process that demonstrates compliance with HMRC at the click of a button.”
Smith added: “GDPR and the security of personal information should be another huge concern for agents, especially given the recent high-profile hacking of ‘big name’ businesses such as Marks & Spencer and Jaguar Land Rover. Using a third party to collect and process customer information not only provides an often poor experience for customers who don’t know to whom they are sending their personal information but also raises further risk of breaches of confidentiality.
“Those that manage personal data collection via email can quickly find their confidential customer data in the wrong place, and mistakes become more likely. Our system keeps personal information secure and means it does not have to be distributed, with output records available to an agent’s CRM holding only the confirmation that the AML checks are complete.
“Many third-party AML services are focused on the financial sector and don’t account for the unique requirements of property transactions. Working with Martin we have built a platform that mirrors the steps that agents should take, automates that process, improves risk evaluation and reduces administrative tasks. This allows them to concentrate on their transactions, confident that compliance is managed safely and securely.
“Literally, all an agent needs to do is to add the customer email into their system, wait for the customer to respond through the platform, and then review the verified record created by the system. AI flags irregularities and reminds agents when documents are expiring, ensuring compliance is maintained. Completed transaction records can also be archived long-term as required.”
