Rightmove launches on-line anti-money laundering checks for members
Rightmove, the UK's number one Property Website, today announced the launch of a new on-line, Anti-Money Laundering and Identity Check system for its 11,200 estate agency members.
This is the first product in a programme of 'membership benefits' that is being developed by Rightmove for its agents. The on-line service has been developed in conjunction with Callcredit, one of the fastest growing and leading providers of on-line business information services in the UK.
There is a regulatory requirement for all estate agents to positively identity their vendor clients and carry out an anti-money laundering check following the introduction of the Money Laundering Regulations in 2004 and orders amending the Proceeds of Crime Act 2002 and the Terrorism Act 2001. Further legislation comes into force later this year, which will tighten the regime still further.
The new service allows agents to carry out a simple, on-line electronic check to positively identify their clients and satisfy the regulations. This on-line service avoids the need for agents to ask vendors to produce their passports and driving licenses - and cuts out all the associated costs and risks of copying these documents and returning them to the customer.
In addition, the new system stores all of the data securely allowing instant access by the agent. The electronic checks can be used throughout the home buying process, including in house financial advisers and agent's conveyancing links.
Commenting on Rightmove's decision to launch a programme of membership benefits, Miles Shipside, Rightmove's Commercial Director said:
"Rightmove is in a great position to help its members, by offering them services that take advantage of our bulk buying power. Agents face an ever growing burden of regulatory requirements and paperwork with all the costs that go with this. We already have helpful technology in place for our members with our market leading Rightmove Plus system, and we plan to offer them more facilities and help through this portal in the future."
Talking about the initiative, Graham Lund, Deputy Managing Director at Callcredit said:
"As one of the UK's leading providers of ID verification services, we are delighted to be working with Rightmove in offering this service to all of their members, both large and small. The penalties for non compliance with the Money Laundering regulations are heavy, and it is vital for estate agents to have a comprehensive system that also meets the requirements of The Data Protection Act.
We can help them achieve all of this with a very simple on-line solution at a very competitive price. An estate agent can be up and running within minutes."
Miles Shipside added:
"Agents have a lot on their plates at the moment with HIPs just around the corner and the Government about to impose much more stringent regulation on the whole industry. We believe that our members will welcome cost effective help that allows them get on with the business of selling houses."
Rightmove's new service is based on Callcredit's CallML service, which is already used by over 800 FSA regulated businesses across the UK.