Why tenancy & AML compliance is a serious matter
Adam Pigott, CEO of Openbrix (tlyfe Ap) and owner of FCC Paragon recently pointed out that HMRC seems to specifically focus on real estate operators, with nearly half of the annual amount of fines being handed out to this sector.
He comments, ‘To adhere to the new legislation, you’ll need to verify the identity of tenants and landlords, check that they don’t appear on the UK’s financial sanctions list, report any suspected money laundering or suspicious financial activity and, most significantly, monitor and report all tenancy agreements, regardless of rental value
In today’s regulatory landscape, businesses across various sectors must adhere to stringent Anti-Money Laundering (AML) regulations to prevent financial crimes such as money laundering and terrorist financing. Which is why our company FCC Paragon offers a comprehensive AML Check Service designed to help businesses meet these obligations efficiently and effectively.’
Why AML checks are essential
AML checks serve as a critical defence against financial crimes. They enable businesses to identify and mitigate risks associated with money laundering and terrorist financing. Non-compliance with AML regulations can lead to severe penalties, including substantial fines, legal repercussions, and reputational damage. By conducting thorough AML checks, businesses not only comply with legal standards but also contribute to the integrity of the financial system.
AML check technology
FCC Paragon utilizes cutting-edge technology to deliver a robust AML Check Service:
- Comprehensive Database Checks: Employs a wide range of corroborative and primary checks to ensure thorough vetting and verification.
- Real-Time Monitoring and Updates: Continuously monitors data changes to keep businesses compliant with the latest regulations.
- High Levels of Data Security and Privacy: Implements stringent measures to protect sensitive information.
Features and Benefits
- Regulatory Compliance: Assists businesses in meeting all AML regulations, providing peace of mind and legal protection.
- Quick and Efficient ID Confirmation: Delivers pass/refer results in under one minute for buyers, vendors, landlords, and tenants, expediting the verification process.
- Sanctions and Politically Exposed Persons (PEP) Checks: Screens against government sanctions lists and identifies PEPs to minimize financial crime risks.
- User-Friendly Online System: Accessible 24/7/365, the system boasts high UK matching rates, ensuring reliability and efficiency
- Cost-Effectiveness: Offers affordably priced electronic AML checks that quickly identify individuals involved in money laundering, reducing business risks.
How It Works
- Provide Details: Enter the individual’s or entity’s information into FCC Paragon’s secure online platform.
- Conduct Checks: The system performs multiple checks, including identity verification, sanctions screening, and financial risk assessment.
- Receive Report: Obtain a detailed report with a pass/refer result, typically in under one minute, facilitating swift decision-making.
Industries Served
FCC Paragon’s AML Check Service caters to a diverse range of industries, including:
- Financial Services
- Real Estate
- Legal Firms
- Corporate Sector
- Recruitment Agencies
Each industry faces unique AML compliance challenges, and FCC Paragon offers tailored solutions to meet these specific needs.
Why choose us?
- Expertise and Experience: With years of experience in AML compliance, FCC Paragon provides unparalleled knowledge and service.
- Tailored Solutions: Customizes services to align with your business and industry’s specific requirements.
- Award-Winning Services: Recognized for excellence, reflecting a commitment to quality and compliance.Testimonials
“I am really impressed with the service; FCC are by far the best referencing company I have used.” — Lettings Manager, Hawkesford James
“We have been using FCC exclusively since we opened our agency 14 years ago. Their detailed reports are far superior to most other referencing agencies.” — Director, Dawn Sandoval Residential
Getting started
To learn more about FCC Paragon’s AML Check Service or to sign up, please visit the contact page.
Andrew Stanton CEO Proptech-PR
Andrew Stanton Founder & Editor of 'PROPTECH-X' where his insights, connections, analysis and commentary on proptech and real estate are based on writing 1.3M words annually. Plus meeting 1,000 Proptech founders, critiquing 400 decks and having had 130 clients as CEO of 'PROPTECH-PR', a consultancy for Proptech founders seeking growth and exit strategies. He also acts as an advisory for major global real estate companies on sales, acquisitions, market positioning & operations. With 200K followers & readers, he is the 'Proptech Realestate Influencer.'
- Andrew Stantonhttps://proptech-x.com/author/andrew-stanton/
- Andrew Stantonhttps://proptech-x.com/author/andrew-stanton/
- Andrew Stantonhttps://proptech-x.com/author/andrew-stanton/
- Andrew Stantonhttps://proptech-x.com/author/andrew-stanton/
