Editor: In September, Purplebricks warned shareholders that it was in discussion with HMRC over its anti-money laundering procedures and that there could be a potential cost.
If estate agents want to defeat criminal activity, they must be willing to incorporate more specialised regulatory technology (regtech) into their processes.
Regtech that features advanced ‘augmented intelligence’ solutions can significantly ease the legislative burden for businesses. These solutions use hundreds of terms in multiple languages to perform real-time searches on the surface and deep web, as well as other key global databases, for information to onboard new customers and monitor existing ones.
This technology provides vital information to enable risk judgements by compliance staff. Regulated firms in the real estate sector are thus able to identify customers and beneficial owners, uncovering any links they may have to suspect businesses, ‘bad actors’ or high-risk third parties.
This will ensure estate agents meet due diligence obligations efficiently and reliably – avoiding the risk of financial penalty.
Jane Jee, chief executive, Kompli-Global