The property sector is becoming an increasingly regulated market and complying with money laundering and immigration legislation is a top priority. Regulators are conducting proactive investigations and firms need to ensure they are fully compliant and exhibiting best practice. Firms that cannot prove they are adhering to the rigorous regulation will be levied with large fines that in turn can have a real and negative impact on their market reputation, also undermining the efforts made to engender customer loyalty and confidence.
Despite the increasing regulations, the property sector still needs to ensure that the customer onboarding experience is as streamlined as possible. Letting agents and estate agents need to perform identity checks quickly and efficiently to allow them to rapidly onboard new customers and improve the overall engagement experience.
Are you confident you are keeping up with your compliance needs and maximising your potential for profit?
Money laundering is a major problem within the property sector. Estate agents must do anti-money laundering (AML) checks on house vendors, and even savvy estate agents are carrying out due diligence checks on buyers as well. They need to fully understand the parties involved in the transaction, and be able to do this quickly and efficiently.
“Right to Rent” was implemented by the government in February 2016, across the UK, due to changes in the Immigration Act (2014). Private landlords and letting agents now must check that all new tenants have the right to reside in the UK before renting out their properties to them. Under the new rules, landlords who fail to check a potential tenant’s immigration status can face criminal sanctions, including penalties of up to £3,000 per tenant.
Contego simplifies and improves the customer onboarding process by taking the pain out of AML and “Right to Rent” checks. Contego is a due diligence platform that checks people, companies and ID documents in real-time. We work within the property sector for both leading UK estate agents and tenant referencing companies, performing detailed checks and helping them comply with Money Laundering and “Right to Rent” legislation.
By working with a wide range of commercial data suppliers and law enforcement agencies, Contego is able to offer comprehensive checks on tenants, landlords, buyers and sellers. The breadth of data is greater than that offered by any single data supplier, and all of the data is available in one system, delivered via a single API to provide a comprehensive, holistic view of people, companies and ID Documents, unlike any other individual provider.
A lot to take in? Get in touch and we can answer all your questions. For more information, call us on:
01235 375 000 or email us at firstname.lastname@example.org and we will be happy to assist you.