Smart Compliance and Street Collaborate to Streamline Compliance Processes for Estate Agents
Smart Compliance and Street Collaborate to Streamline Compliance Processes for Estate Agents
Smart Compliance is excited to announce its collaboration with Street, the award-winning CRM for estate agents. This collaboration aims to empower agents by streamlining their compliance processes and enabling them to focus on their core business operations while ensuring ongoing adherence to regulatory requirements.
With the integration of Smart Compliance and Street CRM, estate agents can now access comprehensive compliance features directly through their CRM platform. This seamless integration eliminates the need for repetitive, manual data entry and allows agents to effortlessly manage compliance tasks within their existing software environment.
Amy Shields, commercial director at Smart Compliance, highlights the ease of integration, stating, “Our API is designed to seamlessly plug into agency software, providing a user-friendly experience for estate agents. With just a few simple steps, agents can unlock the power of Smart Compliance within their existing CRM system, saving time and ensuring compliance at every step.”
One of the key benefits of this integration is the comprehensive compliance pack offered by Smart Compliance. This pack includes enhanced due diligence, where necessary, and automatic storage of property title deeds. In the event of an HMRC audit, estate agents can readily download the compliance pack, providing peace of mind and swift access to all necessary documentation.
Heather Staff Co-founder of Street, expressed enthusiasm about the integration, stating, “We are thrilled to collaborate with Smart Compliance to offer this integration to our valued estate agent clients. By combining the power of Street CRM with Smart Compliance’s cutting-edge compliance solutions, we are empowering agents to streamline their operations and stay compliant effortlessly.”
Vicky Bibiris, managing director of estate agency Location Location, an early adopter of the integration, shared her positive experience, saying, “The integration has been a blessing for our agency. It has significantly reduced the time and effort spent on compliance tasks, allowing us to focus more on serving our clients and growing our business.”
Unlock the potential of this powerful solution to revolutionise your agency’s compliance processes and streamline operations. Visit street.co.uk to learn more about Street CRM
Helpful tips & guidance
Helpful tips & guidance
How you can help speed up the process
- Please put notes on the lead you pass
- If you have customer documents then mention that in the lead notes but do NOT send to Lifetime Legal, Smart Compliance yet
Make sure your customers are expecting our call and are aware they need to pay (if applicable)
- Ensure they have their ID to hand for our call
- Make sure they know we may ask for additional information if needed
Enhanced due diligence
We may ask your customer to provide further information or documentation. In those cases, your customer will be referred to the Enhanced Due Diligence (EDD) team. The EDD team will be able to resolve many queries without needing to contact your customer but in others they will need to gather more information.
When and how to send documents to EDD
- Please don’t send documents in advance, only when asked by our team
- When certifying documents, please use the correct wording (see How to Certify Documents)
- Please send document as separate PDF’s
- Please name the .pdf file before sending it to EDD – the correct format should name the .pdf as the 6-digit case reference number and what the document is. For instance, the file name should be in the format: “456789grantofprobate.pdf”
How to certify documents
We recommend getting a ‘rubber stamp’ made to save time and prevent queries. Each document must be signed and dated by the certifier, and must include the following:
- The certifier’s full name
- The certifier’s occupation, business address, and telephone number (and if possible, a business stamp)
- A certification statement in the following terms:
For Photo ID: “I certify that this is a true likeness of (title and full name) and a true copy of the original document”
For Proof of Address: “I certify that this is a true copy of the original document”
The Certified Photo ID must have been certified within the last 12 months. The Certified proof of address must have been issued within the last 3 months.
5 day alerts requesting your assistance
If after 5 days of being with the EDD team the case has not passed, the EDD team will contact the person who referred the customer (or someone nominated in the company) and ask for assistance in obtaining any outstanding documentation required to pass the case.
10 day case fails
If after 10 days of being with the EDD team (rare) the case has not passed – it will be marked as ‘Failed’ and a ‘Failed Pack’ will be sent to the person who referred the customer (or someone nominated in the company). In the pack will be the reasons why the pack has failed. No further action will be taken by the EDD team unless the correct outstanding items are obtained by us and sent to EDD.
Useful to know
- Customers who don’t use Credas facial recognition will automatically be referred to EDD therefore extending the time taken to secure a pass.
- Always check the Agent Portal/your system first and remember on the Agent Portal to click the little document icon to read more notes.
- Never email a compliance pack to a customer
Download this handy guide for future reference.
Introducing Smart Compliance’s New App in Reapit’s AppMarket
Smart Compliance Unveils Key Insights: 55% of Case Loads Require Enhanced Due Diligence, as 6% Opt Out of Technology
Estate agents are grappling with an alarming burden of Anti-Money Laundering (AML) compliance, despite the availability of technology solutions designed to streamline the process. Smart Compliance, the UK’s leading provider of fully managed HMRC guaranteed AML compliance solutions, has unveiled a startling statistic: over 55% of AML checks conducted on behalf of buyers and sellers are referred to their Enhanced Due Diligence team. This demanding process necessitates extensive expertise and specialisation to adhere to the stringent regulatory guidelines set by HMRC.
Of the referred cases, a significant 15% which are flagged for Enhanced Due Diligence, involve transactions with executors and grants of probate. These cases require meticulous identification of all parties involved, in addition to thorough scrutiny of court documents, wills, and certificates. An additional 6% of the overall referred volume comprises of Limited Companies, Trusts, and Complex Corporate Structures, further intensifying the workload. Experienced professionals on the Smart Compliance team diligently perform these checks daily.
Additionally, it has been found that 6% of the overall referred volume opt out of the use of tech preferring traditional methods of compliance, leading to increased efforts on the part of Smart Compliance professionals to ensure meticulous checks are conducted.
Recognising the need to streamline AML compliance procedures for estate agents, Smart Compliance has launched a new App in Reapit’s AppMarket, which agents can access directly through their AgencyCloud CRM. This App enables estate agents to focus on their core business operations while ensuring ongoing compliance with regulatory requirements. The comprehensive compliance pack, inclusive of enhanced due diligence, where necessary, and property title deeds, is automatically saved and readily downloadable in the event of an HMRC audit.
Mark Armstrong, Group CEO at Reapit, said: “AML compliance is one of the biggest issues keeping agents awake in 2023. Fortunately, Smart Compliance’s new app now available on Reapit’s AppMarket will help agents perform their due diligence and meet their compliancy requirements with seamless efficiency.”
Steve Thompson, Director at Thomas Morris, and an early adopter, added: “With increasing legislation and fines within our vulnerable sector, we were keen to have a belt and braces approach, that’s where Smart Compliance came in. We have peace of mind that we are fully compliant, paired with the fact that our app integrates into Reapit for ease of use.”
Find Smart Compliance in the Reapit AppMarket Here
Reapit technology is used by over 78,000 agents in more than 15,000 branches worldwide, with over a million properties under management. For more information, please visit www.reapit.com.
Lifetime Legal Launches Smart Compliance: The Guaranteed AML Solution for Estate Agents
Lifetime Legal has announced the official launch of Smart Compliance, a fully managed and guaranteed Anti-Money Laundering (AML) compliance solution for Estate Agents that ensures businesses meet their legal obligations for AML and provides various benefits, such as:
- Greater peace of mind
- Increased staff productivity
- Improved risk management
- Reduced risk of financial penalties
Comprehensive AML Due Diligence and Risk Assessment
Smart Compliance will advise Estate Agents on AML policies, risk assessments, and procedures before providing identity and ownership checks on all sellers and purchasers and enhanced due diligence for more complex cases, which account for about 60% of all transactions. These include probate sales, company sales, trustees, and complex overseas corporate structures. The managed service gives agents access to a team of specialist AML analysts who provide support and commit to paying any HMRC fine imposed due to a Smart Compliance error. Furthermore, Estate Agents can offer their clients increased financial security throughout their move by providing them with a complimentary three-month Lifetime Legal membership that includes ‘Mover Protection’. If a sale or purchase falls through due to no fault of their clients, they may be eligible for a refund of up to £2570 (£720 for a sale and £1850 for a purchase) *. They will also receive a Complimentary standard or mirror Will, as well as access to legal advice.“Businesses need a reliable compliance partner”
“In recent years, government legislation has increased the burden on Estate Agents, demanding higher levels of due diligence, which increases their costs, reduces profitability, and diverts them from generating revenue,” says Lifetime Legal CEO Rob Sendall. “Property professionals recognise that they have a moral and legal obligation to abide by the strictest anti-money laundering regulations. However, with ever-changing guidelines and hefty financial penalties, they need a reliable compliance partner to protect them from risk. This is where Smart Compliance comes in. Our specialist AML analysts work with Estate Agents to ensure compliance with current regulations, allowing them to remain safe, productive, and profitable.” Rob is delighted to welcome two new, highly experienced professionals to the team: Tony Gibson, who will be taking on the role of Managing Director, and Amy Shields, who has joined as Commercial Director. Together, Tony and Amy bring over fifty years of property industry insight to the company and are acutely aware of the work and risks associated with the AML process. Smart Compliance is the only managed solution of its kind that offers an HMRC compliance guarantee, making it an essential solution for all UK Estate Agents. Coverage of this press release was published in Estate Agent Today on 21 April 2023 *Terms and conditions apply.
Homes Partnership Streamlines AML with Smart Compliance
Adam Charlton, the Managing Director of Homes Partnership, a leading estate agency based in Crawley, shares his experience implementing Smart Compliance, AML for estate agents, in this insightful case study.
Prior to adopting the solution, they faced challenges with manual Anti-Money Laundering (AML) processes that were time-consuming and prone to errors.
Recognising the need for efficiency and risk mitigation, Homes Partnership decided to implement Smart Compliance during the COVID era when remote work and limited office operations were prevalent.
The discovery of Smart Compliance through their partnership with lifetime legal led to significant improvements in their compliance operations.
Benefits include time savings, enhanced due diligence processes, and the assurance of the HMRC guarantee, which provides peace of mind and support in case of audits or fines.
The positive feedback from clients, who appreciate the added protection and trust-building measures, further reinforces the value of Smart Compliance for Homes Partnership.
Overall, the implementation of Smart Compliance has revolutionised their compliance processes, boosting efficiency, reducing risks, and strengthening client relationships.
