PropTech service Calmony has relaunched its client account service for letting agents, this time linked to CMP-compliant bank Griffin.
Agents have historically had challenging issues with managing and holding client money because of growing anti-money laundering red tape imposed by banks and building societies.
Calmony says it’s resolved these issues and its new service not only addresses AML regulations but also automates some of the checks associated with compliance.
Adam Moulson, chief commercial officer at Griffin, says: “This is one more win for the PropTech industry, ensuring agents can confidently meet regulatory requirements while focusing on delivering exceptional service to their clients.”
While Calmony provides the client accounting platform and support for the letting agent, monies deposited are held with Griffin with deposits protected for up to £85,000.
Letting agents onboarded via Calmony’s platform have a contractual relationship with Griffin who is responsible for opening a bank account in the letting agent’s name. Griffin will also issue the annual Bank Safeguarding Letter required by Client Money Protection schemes to ensure full compliance with the 2019 Client Money Regulations.
