5 reasons to digitise anti-money laundering checks
Property is high-risk when it comes to anti-money laundering. So it’s essential for any sales or letting agent to understand their responsibilities.
We’ve previously looked at the importance of anti-money laundering (AML) compliance. But in a busy agency environment, how can you keep on top of all your obligations?
The answer lies in technology. Like most regulatory requirements, AML compliance can feel like a burden. Not anymore. With the right proptech solutions in place, you’ll meet the requirements easily.
Drawing on the expertise of our proptech partner SmartSearch, here are five ways new technology can take the legwork out of AML compliance.
1. No more re-keying customer data
Having to re-key data into a separate system to run compliance checks is not only a huge waste of time and resource, but it’s risky too. The more times you input client data, the higher chance of error.
By integrating SmartSearch’s verification system into Alto, there’s no need to re-key any data. Customer information is automatically passed from Alto to SmartSearch, before the results are sent back to Alto.
2. Create a digital identity for complete protection
Smart customer verification platforms combine credit reference data with public sources. This builds a composite digital identity that’s near impossible to fake. With technology you’ll meet your legal AML requirements in seconds, helping to protect your agency against fraud and money laundering.
3. Improve the reliability of anti-money laundering checks
Manual verification is open to error. SmartSearch’s electronic verification uses global data sources, facial recognition and selfie technology to determine both the authenticity and ownership of the ID.
It’s a reliable and secure process with a clear audit trail.
4. Save time
ID information can be uploaded and verified, at the same time as screening for sanctions and PEPs. It speeds up the entire process and confirms the customer identity in seconds.
5. Improve customer experience
As an added benefit, electronic verification removes the need to collect physical ID documents. You can run remote checks, so there’s no need for applicants to make a trip to the office – saving everybody valuable time.
All you need is the applicant’s name and address and a result is produced in seconds.
Want to learn more about the benefits of our AML integration?
Go to Alto Agenda and keep up with all the latest Alto features, functionality and partnerships as they’re released.
Alternatively, chat with one of our experts by booking a face-to-face demo today.