Buying and selling property is a common method of money laundering. There is a risk of money laundering of millions of dollars by buying and selling a property. Real estate agents have to comply with AML regulations to prevent money laundering and terrorist financing. According to AML regulations, each Real Estate Agent have to register with HM Revenue and Customs (HMRC) for Anti-Money Laundering (AML).
Real estate agencies are regulated by HMRC. Real estate agencies are required to conduct a series of checks to prevent money laundering and financing of terrorism. HMRC has published guidance about preventing financial crimes for real estate agencies. Real estate agencies report suspicious transactions that they detect during the controls to the National Crime Agency (NCA). Regulators impose significant penalties on Real Estate Agents that do not provide AML controls.
In recent years, there has been a significant increase in AML regulations implemented by HMRC against real estate agents. With this increase, regulators are expected to increase the supervision of real estate agencies. Our artificial intelligence-supported AML solutions help real estate agents meet AML requirements. Real Estate Agents can perform the necessary AML checks during the sale of the property within seconds. With the customer due diligence report, Real Estate agencies can determine the risk level of the buyer and seller.
Sanction Scanner provides your AML control results as GDPR compliant reports. These reports are stored in the system for a long time. Real estate agencies can access their past queries through the system within seconds. Real estate agencies can present these reports as evidence during audits. This evidence protects real estate agencies from various penalties.
Sanction Scanner meets the end-to-end AML requirements of real estate agencies. Sanction Scanner always uses real-time data.
A fast customer onboarding process that complies with AML regulations is essential for both businesses and customers. Businesses can search for old customers or new customers in the AML & PEP data of Sanction Scanner from more than two hundred countries and perform a fast and secure customer onboarding process. This case study provides information on how Sanction Scanner helps financial institutions ensure AML and KYC compliance while customer onboarding processes.