KYC Verification: Helping Estate Agents with Onboarding

Although the extent of money laundering in the UK real estate sector is unknown. Illegal activity has been growing over time. 
Due to this, anti-money laundering legislation in the industry has undergone several updates recently. In order to avoid paying huge penalties & punishments, estate agencies must abide by the changing requirements. Many agencies are shifting to using KYC verification to make customer verification safer and smoother. 

How Do AML & KYC Work? 

To reduce the risk of money laundering and terrorism financing, anti-money laundering measures are in place. Financial institutions are expected to monitor their clients to stop money laundering. They need to notify the appropriate regulators of any financial crime they notice. In a previous blog post here, we looked into the history of money laundering. 
KYC verification is a step in confirming a customer's identification. Organizations must do KYC checks in most regulated markets in order to authenticate a person. While KYC is a subset of AML that entails businesses confirming the identity of their clients. AML is an umbrella phrase for the variety of regulatory processes enterprises are required to have in place. 
There should be constant feedback between AML programs and the KYC procedure. A subset of AML, KYC use to improve compliance performance and customize an AML program to the specific needs of a company. 
Before beginning a business connection, qualifying organizations must confirm the identity of their clients; normally, customers are asked for identification documents as proof of identity. Businesses can comply with legislation and significantly lower the financial, reputational, and strategic threats from other entities by undertaking extensive KYC & AML checks. 

What Checks Are Required by Estate Agencies? 

Transparency International said that individuals with dubious wealth purchased £4.4 billion worth of UK real estate in 2019, adding that this figure was likely just "the tip of the iceberg." 
Since buying and selling real estate is a frequent way to facilitate the movement of "dirty money,". Estate agents are top targets for money launderers. Corrupt elites continue to purchase properties on the UK market through intricate networks of foreign corporations. They mask the true goal and source of financial transactions. 
The National Risk Assessment of Money Laundering and Terrorist Financing report raised the money laundering risk rating for estate agents in December 2020. This happened as a result of the authorities noticing the rise in foreign buyers and the foreign money flowing into the UK real estate market. Although a lot of estate agents don't deal with client money, their connections to both buyers and sellers of real estate can give them vital information to spot questionable deals. 

Laws against Money Laundering: 

A variety of laws are intended to stop the flow of illicit funds. Through the UK it needs to follow by all estate agents operating in the country. These include the Terrorism Act of 2006, the Proceeds of Crime Act of 2002, the Criminal Finances Act of 2017, and the Money Laundering Regulations of 2017. 
The UK government and its law enforcement agencies view real estate transactions as a serious danger to money laundering. Estate agents must therefore comprehend and confirm exactly who their customers are in accordance with the Money Laundering Regulations 2017 and possess documentation proving they have finished KYC checks, verified identities, and conducted risk assessments. 
These checks help regulators verify that estate agents abide by the law and prevent the UK real estate market. It helps to stop and abuse of money laundering or the funding of illegal activities. The National Crime Agency must be notified if an estate agent becomes concerned about the actions of a potential client or a current client. 

Screening of individuals: Increasing Regulations and Importance 

The KYC-individual Chain's screening features are especially pertinent to a wide range of businesses. While looking to confirm the identification and evaluate the risk factors of people. When they onboard as clients or contract service providers. 
Our end-to-end workflow solution makes it possible for customers to sign up with real ease. While yet adhering to international KYC/AML laws. 
The Financial Action Task Force (FATF) has established global anti-money laundering (AML) standards and financial regulations. It goes beyond traditional financial institutions (FIs). 
It affects Virtual Asset Service Providers (VASPs), including fintech firms, neobanks, cryptocurrency exchanges and brokerages, and Defi providers. The majority of jurisdictions now require these businesses to carry out thorough KYC on all new hires. 
Therefore, KYC-individual Chain's verification capabilities can be the answer for your organization. If you need to adopt KYC/IDV as part of your Customer Due Diligence (CDD) and onboarding process or just want to be sure that your clients are who they say they are. 

Conclusion: 

AML & KYC solutions satisfy and adhere to all regulatory standards while assisting with faster, more effective, and accurate customer verification. 
Compared to conventional identity verification methods, you may enroll up to 68% more clients using a single global API. A customizable 360-degree solution with one straightforward integration that is scalable and safe. 

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