AML platform adds material information tools

Anti-money laundering platform (AML) Credas Technologies has launched a material information function, helping estate agents to get ahead of the latest rule changes announced by Trading Standards. 

The long-awaited Parts B and C of The National Trading Standards Estate and Letting Agency Team (NTSELAT) information rules were released last week. 

The latest information follows the release of Part A which covered requirements on council tax bands and rates, property price or rent, and tenure information for sales.

Part B focuses on information that should be covered for all homes, such as building materials, utilities information and parking, while Part C is only required for homes with restrictive covenants. 

The NTSELAT has stated it will be monitoring take up on the portals over the next 12 months, however, in anticipation, Credas Technologies has already designed its latest technology offering to help the property sector get ahead of the game. 

The firm’s brand new MI function can be quickly and easily accessed by a seller via the Credas mobile app or browser to complete the required information.

Estate agents will be able to get a copy of property title deeds, as well accessing a complete seller compliance pack with information including MI, IDV, AML and Land Registry, all from the same platform in a single click. These fully customisable seller compliance packs can then be shared with potential buyers.

Tim Barnett, chief executive of Credas Technologies, said: “The industry has met the latest announcement on material information with a mixture of excitement and apprehension.

“Estate agents are already stretched thin when it comes to the sheer volume of paperwork they are required to complete and many will view these latest requirements as yet more red tape to negotiate. 

“Of course, the flipside is that the better provision of material information is beneficial for all involved and so regardless of how long-winded the latest regulatory advice may seem, it’s better to address the issue sooner rather than later. 

“In anticipation of this latest evolutionary step within the home selling process, we’ve been hard at work developing our newest product offering. Our material information function is the latest addition to our industry leading AML offering and is designed to be a low-cost solution that takes the burden of material information off both sellers and estate agents alike.”

Credas Technologies will be hosting a webinar on 20th December focusing on the latest compliance requirements for 2024.