Latest News

Is your client money really protected?

06 December 2018

If money is taken out of your client account without your knowledge, is that a crime? I’m sure as a member of Propertymark and subscriber to their CMP scheme your answer is going to be “Yes, of course it is!”. Read More...

Propertymark 2018 property market analysis

03 December 2018

As we near the end of 2018, we have taken a look back at our sales and lettings data, to reveal trends from the past year. Read More...

NAEA Propertymark launches new tool to combat money laundering

Wednesday 28 February 2018

NAEA Propertymark has launched Propertymark Passport, a new member benefit which will enable members to verify customers' identities and support compliance with HMRC Regulations around Anti Money Laundering.

How many agents can honestly say they are fully trained in authenticating documents?

Faced with the prospect of assessing the authenticity of numerous types of identity documents from countries across the world, agents need a specialist tool in their armoury. This is where the Propertymark Passport comes in.

Using biometric checks similar to those used at UK Border Control, the Propertymark Passport has been developed by artificial intelligence company Trust Stamp to support agents in assessing the authenticity of identity documents, regardless of their type or country of origin.

Estate agents begin the process by inviting their prospective buyers and sellers to take 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.

A Trust Stamp product in use in the banking sector has already led to cases where criminals using several identities have been highlighted and reported to the police.  

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.”

To support members in their anti money laundering compliance and help them become comfortable with the Propertymark Passport checks, we are making this new benefit available to members completely free of charge for a six month period.

To find out more about the Propertymark Passport and register as a user please visit propertymark.pro