The Guild is offering member agents a service which will allow them to verify the legitimacy of their clients to conform with anti-money laundering requirements.
It has partnered with ID business Credas to offer a contract-free, pay-as-you-go AML and identity verification service.
Credas recently conducted research amongst letting and estate agents which found that an average of four business days a month is spent on AML checks.
The Guild describes this as “a big administrative burden for businesses and that time could be better spent doing what they do best, which is selling and marketing properties.”
The core of the service is app-based facial recognition technology, which is compatible with all mobile devices; there is also a portal to track identity checks, which will be branded to members’ individual agencies.
The Guild says customers can verify their identity in three steps - first, they take a selfie, take a photo of the ID document, and then take a second selfie whilst copying a simple action. “This confirms the user is completing the verification in real-time” says the Guild.
Guild chief executive Iain McKenzie says the system is “a fantastic product ... saving time and money for members, while ensuring they are compliant with AML and GDPR.”
A PropTech firm has launched a new facial recognition feature to...
The former managing director of Countrywide’s estate agency division has joined...
Anti-money laundering platform (AML) Credas Technologies has launched a material information...
Most agents are falling foul of anti-money laundering (AML) rules by...
The predictions game can be tricky. Sometimes you just don’t know...
Leading UK property auctioneer Bond Wolfe has broken through the £100...
Uncertainty triggered by the new Labour Government and taxation concerns that...
In today's rapidly evolving property market, the focus on reducing transaction...
.png)
An exciting new collaboration between TVPN, EstateApps and Paul Long is...
By Mike Bilboe, Face For Business Buying or selling a home can...
LSL Estate Agency Franchising is home to one of the UK’s...
.png)
Who are you and what does it say on...
Who are you and what does it say on...
Who are you and what does it say on...
Join the conversation
Be the first to comment (please use the comment box below)
Please login to comment