The Directive came into effect on 26 June 2017, making money laundering via the property market more difficult. The new service will simplify the process of identification checks on buyers for NAEA Propertymark’s 11,500 members, and ultimately reduce the influx of corrupt money into the property market.
Estate agents will invite prospective buyers and sellers to begin the process by taking a photo of themselves, their ID and proof of address on their phone, which will form the basis of the legally required identity checks. This can take place during the viewing itself, and means buyers travelling from afar do not have to make another trip to the agent’s office for the check.
Mark Hayward, Chief Executive, NAEA Propertymark said: “We’ve been leading calls for guidance and clarity on estate agents’ obligations to carry out customer due diligence for a long time now, and have been supporting our members with masterclasses to assist them with the European Fourth AML Directive. This new service, available for NAEA Propertymark members only, aims to streamline the process, save time for buyers and agents, and most importantly, make it easier for agents to spot any issues during identity checks.”