In the ever-changing property market, it’s becoming increasingly important for estate agents and conveyancers to work together. Working together makes things run smoother and helps to get clients into their homes faster.
When Know Your Client (KYC) and Anti-Money Laundering (AML) verification processes have barely changed in recent years, its essential teams from all sides reduce friction and improve client experience by sharing ID and (AML reports.
But what are the benefits of such reports for estate agents, conveyancers and their clients and what do agents and lawyers need to consider when sharing AML reports?
Why share ID and AML reports?
There are several reasons for estate agents and conveyancers to share ID and AML reports.
First, efficiency and speed: Shared reports eliminate redundant paperwork and streamline the verification process. This translates into faster property transactions, reducing the time from offer to completion.
Second, identify risk earlier: Collaborative sharing of ID and AML reports enhances risk assessment, helping both estate agents and conveyancers identify potential issues early in the process and take preventive measures.
Third, enhanced trust and transparency: Shared information fosters trust between parties and ensures transparency throughout the transaction. This can be a significant factor in building positive relationships with your clients and their providers.
Last but not least, a better client experience: The Department for Digital, Culture, Media & Sport says that a first-time buyer with a mortgage will repeat ID checks five times during the home buying process. This process has barely changed in recent years. Now, by sharing ID and AML reports, agents and conveyancers can solve this problem and remove the endless repetition of clients needing to provide the same information, time and time again, to different professionals involved in the transaction.
Considerations before sharing
Before agents and conveyancers share reports, there are a number of things they should do and understand.
Firms must prioritise the security of all shared information. This means ensuring that the method used for sharing reports adheres to robust encryption and compliance standards. For instance, when agents or conveyancers share reports using Thirdfort’s Secure share, client information is held in a secure portal so it can’t be intercepted.
In addition, firms should obtain clear consent from clients before sharing anything. Clients require transparency about how their data will be used and protected.
Last, agents and conveyancers should communicate. Some clients may need to be educated about the benefits. Some may need their concerns to be addressed. Firms should aim to address benefits and concerns in their client care information.
The practice of sharing ID and AML reports between estate agents and conveyancers is a significant step towards creating a more connected and efficient ecosystem. It helps solve the problem of needless duplication in ID and AML verification.
Embracing this collaborative approach not only aligns with the evolving digital landscape but also positions property professionals as pioneers in delivering seamless and secure services.
By building bridges through shared reports, estate agents and conveyancers can spend more time fighting fraud, not each other.
Olly Thornton-Berry is co-founder and MD of Thirdfort
