Did you know a streamlined approach to your AML compliance could save you £2,500 per year?
Our clients find that by switching from manual ID checks to digital IDV they reduce the amount of time spent on CDD by 128 hours per year and almost £2,500 in staff costs.
The housing market is a prime target for criminals who are looking to launder money obtained through illegal activities. As such, estate agents need to be vigilant when conducting AML checks to ensure their business isn’t unwittingly abused by launderers. The necessary checks, however, can be time consuming to complete, as attested to by independent estate agent, James Du Pavey.
“We have always had a strict approach to our AML process and procedures – to ensure we have the highest level of compliance possible. However, we consistently found our checks to be laborious.”
When James Du Pavey partnered with Credas they found that by using our biometric ID verification not only did they strengthen their due diligence, they also saved 32 staff hours every month across their three branches, by letting tech help with the heavy lifting during the AML processes.
That’s an average of almost 11 hours saved per branch each month, totalling 128 hours per year. But the time saved isn’t the only benefit to a better AML compliance approach, albeit it may be the most valuable.
With the average estate agent earning £19 per hour, the 128 hours saved each year also equates to a notable cost saving of £2,432 in staff wages.
All time saved with such technology, which includes automated ID verification, also frees up staff to work towards far more beneficial activities, which adds a further commercial benefit to the time and costs already saved via a streamlined approach to AML compliance.
AML compliance is a vital component in all estate agency businesses and it’s also a legal requirement. It can, however, eat up an awful lot of the working day and this is valuable time that could be attributed to far more beneficial, rewarding and, ultimately, profitable work.
Implementing a professional AML compliance platform not only reduces the time and effort spent but it also improves compliance and removes the danger of human error on the part of the agent.
This allows Estate Agents to rest safe in the knowledge that their AML measures are as robust as possible, giving them more time to work towards commercial interests to the benefit of their agency.