Trial of AML app to be launched

The trial of a new Anti-Money Laundering app is set to go ahead by the end of the year.

Aiming to provide identity verification and compliance with new regulation, the app will be launched by NAEA Propertymark, who are in search of members to take part in the trial.

At the end of June, the Fourth Anti-Money Laundering and Terrorist Financial Directive was implemented, meaning that the responsibility for checks on both sellers and buyers now lies with the estate agent.

As well as registering with the HMRC, agents are required to have a dedicated money laundering reporting officer, in addition to a senior staff member who is responsible for compliance.

A month after its implementation, masterclasses are being offered by NAEA over the rest of the year.

The launch of the app will run alongside this, set to be released in the autumn. Known as the ‘NAEA Propertymark Passport’, the app will use artificial intelligence in combination with biometrics to establish the identity of an individual and warn users of any money laundering risks.

Commenting on the 4AMLD and the app’s trial was Mark Hayward. The chief executive of NAEA Propertymark stated: “For a long time we have been leading the call for guidance and clarity on sales agents’ obligations to carry out customer due diligence on buyers, so we were pleased to see this in the Fourth Anti-Money Laundering Directive.

“We’re continually developing new ways to help agents to comply, and our masterclasses across the country will help ensure that members understand their obligations.

“The launch of the NAEA Propertymark Passport in the autumn will also support members, and we’re excited to be able to share further details of this very soon.”

Today's Conveyancer