Reapit and Thirdfort have partnered with a view to simplifying compliance ahead of new sanction reporting rules for letting agents
The partnership between Thirdfort, the client due diligence platform, and Reapit, the end-to-end technology provider for the property sector, aims to help estate and letting agents easily manage their ID, sanctions, anti-money laundering (AML) and source of funds checks.
The new partnership comes ahead of new sanction reporting rules for letting agents as of 14 May 2025.
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.
Ahead of the new sanction reporting rules, this enhanced Thirdfort 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
+ A workflow that aims to avoid duplicating client data across multiple platforms, saving time and reducing the risk of human error
+ A comprehensive audit trail to demonstrate compliance to regulators
Olly Thornton-Berry, Thirdfort’s co-founder, said: “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.”
Dr Neil Cobbold, Reapit’s commercial director, added: “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.”
