CRM and agency technology provider Reapit has announced a partnership with due diligence platform Thirdfort.
The new partnership comes just ahead of new sanction reporting rules for letting agents On May 14.
Ahead of the new reporting rules, this integration will provide estate and letting agents with automated AML and sanction checks directly within Reapit’s platform; real-time alerts if a checked client appears on a designated person list, so agents can take action if needed; what is described as “a seamless workflow that avoids duplicating client data across multiple platforms”; and an audit trail to demonstrate compliance to regulators.
Olly Thornton-Berry, Thirdfort’s co-founder, says: “Our new partnership with Reapit will help ensure that agents have the right tools to stay ahead of AML and KYC requirements. Our best-in-class integration will continue to evolve, enhancing the Reapit user experience while streamlining compliance and reducing risk for agents.”
Neil Cobbold, Reapit’s commercial director, adds: “With ongoing rental reforms, new legislation, and rising financial fraud, regulatory bodies are tightening KYC and AML rules. The consequences of getting it wrong are significant including fines and possible prison time. Having a leading strategic partner like Thirdfort supporting our customers is more important than ever. Reapit is confident that this partnership will not only help agents tackle current challenges, but also keep them ahead of future compliance demands.”
Under the new rules, letting agents will be classified as ‘Relevant Firms’ under the Sanctions and Anti-Money Laundering Act 2018. As such they must conduct sanction checks on clients while ensuring they report any breaches to the Office for Financial Sanctions Implementation (OFSI).
Failure to comply could lead to fines of up to £1 million and potential criminal prosecution with up to seven years in prison.
