The Office of Financial Sanctions Implementation (OFSI) has issued new guidance, confirming that letting agents, both commercial and residential, are […] The post New Sanctions Rules to Reshape the Commercial Rental Sector appeared first on Credas ..read more

If you need help with understanding Enhanced Due Diligence, you’ve come to the right place. In this essential guide, we’ll […] The post An Essential Guide to PEPs, Sanctions & Enhanced Due Diligence in 2024 appeared first on Credas ..read more

Our new Know Your Business Reports (KYB), available from the 30th September, will enable businesses to seamlessly run checks on […] The post Credas launch new KYB-2-KYC solution appeared first on Credas ..read more

Digital accessibility is a hot topic for PropTechs and the wider property industry, and getting this right should be a top priority to ensure inclusivity across all prospects, clients and customers.  For many members of society, using a website or app for products and services is an easy journey.  But for those people who do not have access to a smartphone, or have hearing, sight, or physical disabilities, digital access can be much more challenging. Currently, there are 16 million people with a disability, many of whom have difficulty accessing smartphone and tablet apps.  Res ..read more

Why you need to verify someone’s identity Over the last decade, how we shop, work, and live has dramatically changed. Advancements in technology have meant we interact more online, through emails, through the phone, and less in person. These technological advancements have helped speed up tedious and drawn-out tasks. A few taps on a phone have replaced the need to walk into your bank to get a statement. While these changes have brought many benefits, they have also introduced new risks and opportunities for criminals to exploit. While these changes have brought many benefits they also introduc ..read more

Many letting agents think that anti-money laundering legislation doesn’t apply to them, since they aren’t involved in buying and selling property. However, Anti-Money Laundering (AML) regulations can and do apply to rental properties in certain situations. Therefore, agents must comply with these rules to prevent fraud or other illegal activity. Are you a letting agent and aren’t sure where to begin with AML rules? Don’t worry – we’re here to help. In this article, we’ll explain when and why AML regulations apply to letting agents and give you the information you need to keep your agency AML c ..read more

Right to Rent legislation According to the Immigration Act 2014, Landlords or Letting Agents in England must carry out proper due diligence to confirm that their tenants have the legal to adobe in the UK known as Right to Rent checks. The responsibility for carrying out Right to Rent checks falls primarily on landlords. This legal obligation requires landlords to verify the immigration status of all adult tenants to ensure they have the right to rent property in the country. However, landlords can delegate this responsibility to letting agents through a written agreement. If such an agreement ..read more

Each year the UK Financial Intelligence Unit (UKFIU) reports on the number and outcome of Suspicious Activity Reports (SARs) submitted by businesses across the UK. In 2022-23, there were 859,905 reports submitted, down 5% compared to the previous year across all sectors. SARS within the Property sector Our analysis of the UKFIU Annual Statistical Report 2022-23 reveals that the number of SARs reported by independent legal and conveyancing professionals has dropped by 13.18% year on year, while those submitted by Estate Agents have increased by 21.7% year on year In 2022-2023, Legal Firms subm ..read more

Customer Due Diligence is a requirement of anti-money laundering legislation as well as good practice for all businesses dealing with large sums of money. But what exactly is Customer Due Diligence? How can you ensure you carry it out effectively and according to the relevant legislation? We’ll answer those questions and more in this simple guide to customer due diligence in the property sector and beyond. What Is Customer Due Diligence? Customer due diligence, also known as CDD, is a system of checks to help you get to know a client you’re working with. It’s about ensuring your customers aren ..read more

It has been over three years since HMLR introduced Safe Harbour, which provided conveyancers and landlords with a digital identity standard to protect them from property fraud. Many conveyancers have widely adopted the standard, but why have we yet to see a similar scheme for the entire homebuying chain? Despite the Government’s efforts to drive compliance within the market, including the publication of Good Practice Guide 45 (GPG 45), which sets out how to verify someone’s identity confidently, many still need clarification on what they should be doing. For already overstretched property pro ..read more