AML compliance done digitally through proper identity verification

13 May 2024 5027 Views

Estate agents and lettings agents have a legal obligation to protect themselves from money laundering and as such you must recognise the risks and protect yourself as best you can. A process of customer due diligence (CDD), good record-keeping and an awareness and reporting of suspicious activity is crucial.

As part of the CDD process, identity verification or know your customer (KYC) is essential but old fashioned processes are cumbersome and time-consuming.

There’s a better way.

Reducing admin on all fronts

Automating digital identity verification not only helps to better protect your business from bad actors  , data issues and potentially even facing fines from the HMRC, but also makes the process more seamless for you and your potential customer – whether they are looking to buy or rent through you.

Just think of the time saved for your clients. The traditional choices are presenting documents in branch (remember how bad   that used to be when you wanted to open a bank account) for verification or to get them certified by a justice of the peace. Verification can be a time-consuming and inconvenient task for agents and customers alike. This is an even greater challenge of course when the customer is remote or overseas.

Improving the customer experience

At APLYiD our cutting-edge onboarding solution, which is used by 1,000s of customers globally, revolutionises Anti-Money Laundering (AML) compliance and Know Your Customer (KYC) procedures by using facial recognition and data for digital identity verification.

This seamless compliance process takes less than 60 seconds  for customers to complete via their mobile. It’s so simple it can be done in their pyjamas on the sofa, with a nice cup of tea (or a glass of wine) watching television.  (We actually polled this and Brooklyn 99, Sex In The City, Clarkson’s Farm and Deal or No Deal came up as TV shows of choice when customers are using our verification process. Interesting!)

Verification is a simple process using our tech. We send a personalised text to kickstart the check. The customer takes a photo of their ID document (we cover more than 16,000 ID types globally) to capture their data and then takes a selfie on their mobile.

And that’s it. Job done. The process is complete in less than 60 seconds. If you don’t believe us, then put it to the test yourself to see just how quick and simple it is.

This speeding up of the process improves relationships on both sides, since there is now no need to manually form-fill, chase documents or wait for face-to-face meetings which could previously delay things for weeks, giving both you and your customers more time.
You’re welcome!

Delivering business-boosting results

This ease of use and acceleration of process is also proven to reduce customer drop-offs by reducing lead times and customer abandonment. At APLYiD one of our real estate clients saw a reduction of abandonment rates to almost zero and a 200% reduction in lead times.

Such technology also helps to improve confidence in AML compliance while maintaining regulatory standards – since verification information is now easily accessible digitally and backed by technology such as biometrics to ensure that it’s thoroughly robust. The AML check includes verification of address, name and date of birth against major credit organisations.

By streamlining and fortifying your customer verification processes through digital identity verification you can ensure security and efficiency in financial transactions, but you can also save money.

We believe that the speed and simplicity of our automated systems makes APLYiD the most cost-effective and best value method of performing AML compliance checks available in the market today.

We also offer a free demo so that you can verify how quick and easy it is for yourself to implement digital identity verification in your AML and KYC process.

Of course, you might be thinking it all sounds too good to be true and that this is just sales waffle. Of course, there’s a bit of a sales pitch but only because we are so confident in what we do! Call us, email us, or even send us a note via carrier pigeon and we will gladly show you how quick and easy it is. And, if you sign up in May, we are offering Land Reg checks for eligible customers for a year, for free.

Can’t be all that bad. Right?