Estate agents can now use UK-certified digital identity services to meet AML identity verification duties, after Government guidance confirmed that Trust Framework-approved checks are valid for customer due diligence.
Seyfi Günay (main picture), Chief Revenue Officer at AML platform SmartSearch, says the update gives estate agents clarity over the role of digital identity in compliance.
He adds: “This removes a critical barrier that has held back adoption. While many regulated businesses already use digital onboarding journeys, uncertainty about whether digital identity checks fully satisfy MLR requirements created hesitation, particularly among smaller firms without in-house compliance expertise.
Clarity
“What’s particularly significant is the breadth of sectors this affects. The Money Laundering Regulations apply to everyone from banks and investment firms to estate agents, art dealers, and high-value goods traders. All of them now have clarity that certified digital identity solutions meet the standard.”
Günay warns, however, that although the guidance is a positive step, he urges estate agents not to treat digital ID as a “silver bullet”.
If your file cannot show your reasoning and your process is not consistent, a slick identity check will not save you.”
Commercial Director of Smart Compliance, Amy Shields explains, although “digital ID can help confirm who someone is, faster and with less back and forth, it does not understand context, and context is where risk lives in property transactions.
“The liability still sits with the regulated business. If your file cannot show your reasoning and your process is not consistent, a slick identity check will not save you.”
You can read the full text of the Government’s update here.
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