Mio answers ID and AML queries with industry compliance expert, Michael Day

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Guest blog by Mio, the sales management and sales progression platform for estate agents.

More and more estate agents are falling foul of HMRC’s ID and AML regulations. Not only are agencies increasingly being hit with fines for breaches, with a £3.2m fines handed out over 2022-2023, but they’re also putting themselves and their buyers at considerable risk in the face of soaring identity fraud cases.

The award-winning sales management hub mio takes a deeper dive into ID and AML compliance with Michael Day MBA FRICS FNAEA FARLA, from Integra Property Services an expert in training and compliance, to explore what estate agents should do to stay compliant and why it’s good for business, in an exclusive video series.

The ID and AML video series reveals:

  • The difference between proof of funds and source of funds, and how it can make the difference to financial fraud being committed.
  • What risk assessments agents need to carry out to ensure they are compliant.
  • What ID & AML requirements are mandatory for estate agents to follow.
  • Why estate agents need to be registered – and reregister – with HMRC.
  • How digital checks are more sophisticated and foolproof than traditional paper-trail ones.
  • What agents need to know about upfront charging in relation to CPR.
  • The types of digital ID & AML checks available to estate agents.
  • The importance of procedure and training for compliance regulations and legislations.
  • Why Land Registry checks are an important way to verify who and what you should be dealing with.
  • How Title Check solutions such as Veya, provide vital insights to better equip agents to market and transact properties.

Michael Day commented, “Money laundering compliance for estate agents is often thought of as being about ID, but that is far from the full story. I still find that there is a little bit of a reluctance and lack of understanding in some places, around how much more they have to do, particularly around assessing and managing risk and in documenting actions.”

With ever increasing regulations, penalties for non-compliance and the escalation of financial crime in the UK, estate agents must take every measure to protect themselves, their businesses and their clients, as Nick Ball, Sales Director at mio added: “Estate agents must ensure they understand and have systems in place to prevent fraud with robust ID and AML checks, and avoid costly sanctions by the HMRC, which could even result in a prison sentence.”

“With such high stakes, I would encourage estate agents to take time to watch our video series and make use of our resources, to better understand what’s required and to get in touch with our team here at mio to find out how our digital solutions put agents in control of their sale from day one, right up until completion.” 

Estate agents can watch mio’s ID & AML videos with Michael Day, and access other useful related resources, by clicking here.

ID and AML checks, powered by Thirdfort Standard, are the latest addition to the mio sales management hub. mio supports estate agents from the very start of sales process through to completion, with a range of integrated services and products all in one convenient easy to use digital platform. These range from a Sellers Information Pack (SIP), including a HBSG approved digital Property Information Form (PIF), Land Registry insights and Title Checks from Veya, to a single chain view, integrated sales progression platform with Consumer App.

mio delivers estate agents the tools to make client onboarding, sales progression and compliance simple, while speeding up the sales process, generating additional income and improving the customer experience.

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