Case Study with Sarka Wilde of Distinct Properties
Case Study with Sarka Wilde of Distinct Properties
Distinct Properties, an esteemed estate agency based at the edge of North Cotswolds and North Oxfordshire, has revolutionised its operational efficiency and client service through a strategic partnership with Smart Compliance for anti-money laundering (AML) checks. Sarka Wilde, the founder of Distinct Properties, shares the significant changes and improvements brought about by this partnership in a discussion with our very own Sam Offley.
Challenges Faced Before Smart Compliance
Before integrating Smart Compliance, Distinct Properties encountered several issues that hindered its operations:
Time Consumption: The AML process was painstakingly slow, requiring extensive time to gather and verify IDs and ensure adherence to HMRC regulations.
Operational Inconveniences: Clients often had to physically visit the office for ID verification, causing delays in the sales process.
Training and Data Security: Consistently training staff and securely storing data was a constant challenge.
Reasons for Choosing Smart Compliance
Sarka identified key reasons for opting for Smart Compliance:
Efficiency: The AML checks are processed swiftly with Smart Compliance, significantly reducing delays in finalising sales.
Compliance Updates: Smart Compliance keeps up to date with HMRC guidelines
Financial Assurance: The Lifetime Membership provided by Smart Compliance may cover abortive fees if sales fall through, which is a frequent occurrence in the industry.
Reduced Administration: The automation of AML checks removes a lot of the manual effort and time required, enhancing overall efficiency.
Benefits Seen Since Using Smart Compliance
Since the adoption of Smart Compliance, Distinct Properties has observed remarkable benefits:
Streamlined Processes: The integration of Smart Compliance into their workflow has smoothed and expedited operations, saving about 30 to 60 minutes per sale.
Enhanced Customer Experience: Clients appreciate the convenience of completing checks from home and the financial security against failed sales.
Increased Commitment: Charging for AML checks has effectively filtered out non-serious buyers, boosting the quality and speed of transactions.
Feedback and Recommendations
Despite initial hesitations about charging for AML checks, client feedback has been overwhelmingly positive. Sarka strongly recommends other estate agents to adopt Smart Compliance, highlighting its user-friendliness, risk-free trial, and efficient customer support. She notes, “It’s a no-brainer. The benefits, convenience, and efficiency it brings are unmatched.”
The journey of Distinct Properties with Smart Compliance is a testament to how an end-to-end AML solution can transform operations, enhance customer satisfaction, and ensure compliance in Estate Agency. This partnership has resulted in faster sales, reduced administrative burdens, and increased peace of mind for both the agency and its clients. As Sarka emphasises, “Just try it; there’s no risk, and the advantages are clear. You will find it an incredibly easy and effective tool to use.”
Watch the full Interview below
Smart Compliance Celebrates Preferred Supplier Partnership with Relocation Agent Network (RAN)
Smart Compliance is excited to announce our partnership with the Relocation Agent Network (RAN) as a preferred supplier. This partnership is a continuation of a collaboration that began last year, resulting in Smart Compliance being awarded the Best Supplier Award in November 2023, as chosen by RAN’s network of 650 estate agents.
A Shared Vision
At Smart Compliance, we are committed to making a positive contribution to the industry. Our partnership with RAN aligns perfectly with this commitment, thanks to their dedication to supporting their members in growing their businesses.
Insights from Experience
Amy Shields, our Commercial Director, offers a unique perspective from her twelve years as both an estate agent and a RAN member. “My experience with RAN has shown me the value of being part of such a supportive network. It assists agents in providing stand out service, enabling them to promote their ability to help clients with moves to or from any location in the UK, ultimately helping them win more instructions.”
A Future of Collaborative Success
Richard Durrant, Managing Director of RAN, shared his thoughts on the collaboration, “Choosing to partner with Smart Compliance was influenced not only by their status as voted the best supplier within our network in 2023, but it’s also their exceptional service and support to our members that truly stand out. We have some exciting plans for how they will support our network throughout this year.”
Introducing ‘Coffee and Compliance’
In the spirit of collaboration, we are excited to introduce fortnightly webinars exclusively for RAN members. Hosted by Sam Offley of Smart Compliance, the ‘Coffee and Compliance’ sessions will provide a forum for members to address any AML enquiries. Members should keep an eye out for more details landing in their inboxes soon!
Document Submission and Certification Requirements
As an Estate Agent, it is essential to know which documents are required to establish
client identity and comply with Anti-Money Laundering (AML) regulations. This guide will walk you through the necessary steps and the documents you need to obtain from your clients in these situations.
Proof of identity (photo ID)
For clients who opt out of Credas, you should request one of the following Photo ID documents:
- Passport
- Driving Licence
Proof of address documents
For proof of address documents, it’s any of the documents from the pools below
Documents for clients without photo ID
In cases where your client does not have an in-date or valid Photo ID, you should request one document from each of the below pool of documents, as outlined in the Joint Money Laundering Steering Group guidance.
Certification Requirements
We require Photo ID documents to be certified within the last 12 months and proof of address documents to be dated and certified within the last 3 months. The certification should include the specific wording as per the UK Government website:
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’
Authorised Individuals for Document Certification
Documents may be certified by any of the following professionals:
- Estate Agents
- Bank Clerks
- Chartered Accountants
- Solicitors/ Lawyers
- Notaries
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)
- Date of Certification
AML Requirements for other Circumstances
Probate Documents
An executor or personal representative managing an estate is required to provide the following documents:
- A copy of the grant of probate (If a will was left)
- Or letters of administration (if no will was left)
Or
- A copy of the signed will, witnessed, with all pages included,
- AND a copy of the death certificate
Power of Attorney
If your client is acting as power of attorney, they are required to provide the following documents:
- A signed copy of the Lasting Power of Attorney for ‘Property and Financial Affairs,’ which has been registered with the OPG, includes all 15 pages, and witnessed,
Or
- A signed copy of the Enduring Power of Attorney which has been registered with the OPG, and witnessed
Assistant
If an individual is acting on behalf of the seller/purchaser and no power of attorney is in place, we will require:
- An ‘assistant letter,’ which has been handwritten, signed, and dated by the seller/purchaser, confirming the individual can act on their behalf for the sale/ purchase of said property. The letter must name the individual acting on their behalf and the property they are assisting with.
Change of Name Documents
Should we require Change of name documents to help in verifying the identity of your client, we will require:
- A copy of the Marriage certificate confirming the change from one name to another
Or
- A copy of the Deed Poll Certificate confirming the change from one name to another
Or
- A copy of the Decree absolute
- AND birth certificate confirming the change from one name to another
Introducing Agent Membership
A Big Thank You to Our Partnering Agents.
Introducing Agent Membership!
We’re thrilled at Smart Compliance to unveil Agent Membership, an exclusive service upgrade aimed at expressing gratitude to our partnering agents. Effective immediately, we are delighted to offer a complimentary Lifetime Legal membership to all Estate Agents as a token of thanks for their ongoing partnership.
Unparalleled AML Solutions
Smart Compliance is the UK’s only end-to-end AML solution, with an HMRC guarantee, provided to estate agents at no cost. Agents are already reaping the benefits of this service, which not only saves time and reduces risks but also offers the potential for an additional income stream, should they choose to explore it.
A Word from Our Commercial Director
Amy Shields, Commercial Director at Smart Compliance, is enthusiastic about the Agent Membership: “We are always looking to enhance relationships with our clients and provide additional value, and this is a way in which we can thank our partnering agents. Our parent company, Lifetime Legal, was born from the belief that everyone should have access to legal assistance when they need it – so why should that not extend to our agents? Those who work with us know all the additional benefits of the membership, and now they can benefit from them too!”
Exclusive Benefits of Agent Membership
The Agent Membership offers a range of benefits:
- A complimentary standard or mirror will
- Unlimited access to legal advice
- Mover Protection, offering up to £2570 in compensation if a property transaction fails due to unforeseeable events *
Additionally, we have expanded our offerings for both agents and clients with the introduction of a benefits portal, providing rewards and discounts on hundreds of well-known brands across food, shopping, and holidays.
A Call to Action for Estate Agents
Agents not yet utilising Smart Compliance are encouraged to discover more about our enhanced end-to-end service and Agent Membership benefits by scheduling a call with one of our Partnership Managers today!
*Terms and conditions apply.
Smart Compliance 2023 Facts
February marked our first anniversary! Curious about our progress? Watch the video below. It’s filled with milestones and important stats from our journey so far.
The Limitations of Technology in Anti-Money Laundering
The Limitations of Technology in Anti-Money Laundering
The UK property market is vulnerable to money laundering due to the large amounts of money involved in property transactions, making it an attractive target for criminals. Estate agents recognise and embrace the potential of technology as a part of the solution to this problem; however, when it comes to combating money laundering in the property industry, relying solely on technology is not enough.
Understanding Tech’s Role and Limitations
Using technology in AML processes can enhance efficiency and accuracy in identifying and verifying clients’ identities, address verification, PEPs, and Sanctions checks. Smart Compliance uses this tech as the first line of defence against money laundering, saving time and resources for both estate agents and their clients.
However, due to the complex nature of regulatory requirements, technology alone is insufficient, requiring a more comprehensive and human approach. Property transactions can become complicated, for example, when involving offshore companies or multiple intermediaries, which require a broader strategy for AML. This is why an end-to-end service or fully managed AML solution isn’t just nice to have; it’s a necessity, whether implemented in-house or outsourced.
The Importance of Enhanced Due Diligence (EDD)
One of the critical areas where technology falls short is in executing enhanced due diligence (EDD) measures. It involves gathering additional information beyond standard customer due diligence to verify the identity of individuals or entities and assess the nature of their transactions. For instance, obtaining documents such as marriage certificates, verifying probate documents or looking into company sales or purchases. While technology can automate many aspects of due diligence, certain tasks remain challenging to accomplish without human intervention and physical gathering of documentation.
Why Full-Service Matters
Based on our experience, more than half of the seller cases we handle on a daily basis need Enhanced Due Diligence (EDD), an area where only human expertise will do. When a case escalates to EDD, our specialists step in, liaising directly with agents’ clients to collect the information required, enhancing the customer journey, and ensuring compliance. From implementing our system in your agency, assisting with policies and risk assessments, to guiding you through audits, it’s all part of the service we offer.
A Word from Our Commercial Director – Amy Shields
Amy Shields, Commercial Director at Smart Compliance, highlights the risk of relying solely on technology, ‘At Smart Compliance, we understand the appeal of technology in tackling AML, but relying on tech checks isn’t enough for full AML compliance. With over 55% of our sellers’ cases requiring enhanced due diligence, it’s clear that an end-to-end solution is required, whether through an in-house process or by outsourcing. I speak with agents daily who are concerned about a HMRC audit and unsure if they are in compliance with HMRC’s AML guidelines. – I love being able to support these agents and work with them as a partner in their business.’
Technology has transformed AML efforts, making processes faster and more efficient. But the thoroughness required, especially for EDD, demands a mix of technology and knowledge. It cannot replace the human element in conducting due diligence, such as verifying identity documents and assessing transactional risks. That’s exactly what Smart Compliance provides. We ensure your agency not only meets AML requirements but does so with confidence and ease.
Celebrating another year of partnership with Propertymark
Celebrating another year of partnership with Propertymark
We are thrilled to announce that Smart Compliance and Propertymark are once again joining forces for another year of collaboration. As an Industry Supplier for Propertymark, this partnership signifies our joint commitment to providing invaluable support and guidance to estate agents navigating the complex landscape of Anti-Money Laundering (AML) compliance. Last year, our webinar was a fantastic success, offering estate agents assistance in preparing for an HMRC audit and answering many AML questions that the guidelines do not cover. We are planning two more webinars in 2024, in addition to supporting Propertymark at their conferences.
Propertymark’s Perspective on the Collaboration
Jason Lee, Head of Commercial at Propertymark comments, “Forging key working relationships that both complement each other, and drive key strategic objectives forward is an essential aim for the Propertymark team. It’s fantastic to partner with Smart Compliance, as legislation and industry best practice becomes ever more complex. We are very much looking forward to working closely across the next twelve months to help ensure the property industry has comprehensive access to concise and structured information essential for their success.”
Spotlight on 2024 Events
One of the standout events on our calendar this year is Propertymark One, scheduled to take place at the ExCeL on 14th June. We are excited to announce that we will be exhibiting at this event and look forward to meeting agents and assisting them with any AML questions they may have. Additionally, we look forward to the regionals that are taking place across the country. So far, we have confirmed our support at events in Exeter, West Midlands, West Country, Northeast, South Coast, and Yorkshire. If you are planning to attend, please do drop by our stand and meet the team.
Commercial Director’s Take on the Partnership
Amy Shields, Commercial Director, attended the conferences last year and reflects, “Aligning with Propertymark was an easy decision because of their commitment to supporting agents with compliance. The agents we meet at the conferences are always keen to learn more about how we can support them with AML compliance and are committed to doing all they can to adhere to the guidelines. I also really enjoy the speakers and the additional insights they provide, which truly add value to being an Industry Supplier.”
Commitment to Empowering Estate Agents
As we embark on another year of partnership, Smart Compliance and Propertymark are dedicated to empowering estate agents and ensuring they have the resources and assistance required to meet AML requirements. Navigating the intricacies of AML compliance is a shared endeavour. We understand the challenges that estate agents face in meeting their responsibilities. Through our collaboration with Propertymark our aim is to provide practical guidance and offer a clear path to effective compliance through webinars and at their events.
Smart Compliance Celebrates the Well-Deserved Promotions of Two Key Leaders
Smart Compliance Celebrates the Well-Deserved Promotions of Two Key Leaders
In an exciting development at Smart Compliance, we are thrilled to announce the well-deserved promotions of two individuals who have been pivotal in our journey: the promotion of William Sendall to Operations Director and Rachel Searley to Membership Director.
William Sendall: A Journey from Compliance Manager to Operations Director
William’s career at Smart Compliance has been a remarkable journey of growth and expertise. Since joining our parent company, Lifetime Legal, in October 2015, he has shown a consistent trajectory of professional development. Starting as a Member Services and Compliance Manager, William has become a pivotal figure within the company. His promotion in January 2020 to Head of Regulated Services was a testament not only to his proficiency in anti-money laundering and legal compliance but also to his exceptional leadership skills. His international advanced certificate in anti-money laundering is just one of the many qualities that make him stand out. Under his guidance, the team has excelled in ensuring our clients’ AML compliance. His promotion to Operations Director is a natural progression, recognising his vast experience and the value he brings to our team and services.
Rachel Searley: From Will Writing Executive to Membership Director
Rachel’s story is equally inspiring. Since joining the company in October 2016, her progression through the ranks has been nothing short of remarkable, reflecting her commitment and versatility. Initially serving as Head of Estate Planning, she later advanced to Head of Membership and Legal Operations. In her current role as Head of Operations, Rachel has been instrumental in steering the company’s day-to-day activities. Her educational background in criminology and criminal justice, combined with her advanced certification in will preparation, brings a unique perspective to Rachel’s work and a comprehensive understanding of the legal landscape. Rachel’s promotion to Membership Director is a well-deserved recognition of her dedication and skill.
A Word from Our CEO – Rob Sendall
“Our company’s growth and success are a direct result of the dedication and expertise of our team. The promotions of William and Rachel are well-deserved and reflect their exceptional contributions to our company. They embody the spirit of innovation and commitment that we highly value at Smart Compliance. As we continue to grow, I am confident that their leadership will guide us to new heights of excellence.”
A Testament to Growth and Excellence
These promotions are more than just acknowledgements of William and Rachel’s individual achievements; they symbolise the commitment to leadership and excellence that is deeply ingrained in the culture of Smart Compliance. As we continue to grow, the expertise and direction of such individuals are invaluable, guiding our company towards further success and development. William and Rachel are shining examples of professional growth and commitment. Their promotions are a testament to their hard work and dedication – we wish them all the success in their new roles!
Thomas Morris’s Success Story: A Case Study on the Impact of Mover Protection
Thomas Morris’s Success Story: A Case Study on the Impact of Mover Protection
Estate agents are constantly seeking innovative ways to offer value and build trust with their clients. One such approach is offering Mover Protection, a benefit provided free of charge to buyers and sellers for a trial period after their AML checks with Smart Compliance. Our Commercial Director, Amy Shields, explored this innovative approach in a detailed conversation with Simon Bradbury, Managing Director at Thomas Morris, who shared his valuable insights and experiences.
Background on Mover Protection:
Mover Protection is a solution designed to provide peace of mind for both buyers and sellers in the often-unpredictable property market. This product is a key benefit included in the 3-month complimentary Lifetime Legal membership, which is gifted to clients upon the successful completion of Anti-Money Laundering (AML) checks with Smart Compliance. It provides financial protection by covering various costs, up to £2,570, including legal, marketing, estate agency, and survey fees, in the event of a property sale or purchase falling through no fault of the client. *
Offering Mover Protection as a follow-up to AML checks can differentiate an estate agency in a competitive market. This unique combination of legal compliance and financial protection can be a key selling point, attracting clients who value thoroughness and security in their property transactions.
Thomas Morris’s Journey with Smart Compliance
Thomas Morris has been at the forefront of embracing Smart Compliance, having utilised the service since the summer of 2022. Before this transition, their process involved conducting electronic AML checks and performing enhanced due diligence manually. Simon Bradbury recalls the initial apprehension among the staff regarding the idea of billing clients for AML checks. Nevertheless, following a shift in perspective and a phase of cultivating confidence, he acknowledges the change in approach: “Most people have no issues about paying for things upfront if they see proper value in it. And that’s the proper value.”
Successful Mover Protection Claims
Thomas Morris has recently seen nine Mover Protection submissions from their clients, with three of these claims, all from first-time buyers, being successfully processed. The total compensation has amounted to over £2,500, a considerable figure that has undoubtedly created a positive impact on those clients. Simon Bradbury considers the broader implications of this, noting not just the financial advantage for the clients but also the enhanced reputation it brings to Thomas Morris. He remarks, “Just think about those three first-time buyers. What will they think of Thomas Morris? Honestly, we are reflecting in your glory. There’s no PR that can buy an experience like that, where people receive hundreds of pounds back.” As of the current year, Smart Compliance has settled 88 percent of all Mover Protection claims. **
Leveraging Mover Protection as a Unique Selling Point
Simon Bradbury emphasises the importance of strategically positioning Mover Protection in their client presentation process. He highlights how Mover Protection is introduced during the fees section, tying it to the agency’s lower-than-average cancellation rates and transparent approach to legal requirements and fees. “We pride ourselves on being bold, straightforward, and transparent – qualities not typically expected from estate agents. This approach means a lot to us, and we believe it sets us apart. While other agents may not mention it, our Mover Protection product is a key differentiator. In today’s estate agency market, unique selling points are rare, but this is a service that, at present, none of our competitors offer. It represents excellent value.”
Conclusion: Mover Protection as a Key Differentiator
Mover Protection is more than just a financial safety net; it’s a testament to an estate agency’s dedication to client satisfaction and trust. As Simon Bradbury’s experience with Thomas Morris demonstrates, integrating Smart Compliance can significantly enhance an agency’s value proposition, setting a new standard in the property industry. As Simon Bradbury states, ‘They get a nice professional experience. They get their AML checks done, they get their Lifetime Legal membership with the Mover Protection, and their free standard or mirror Will if they want it. So, it just makes us guys look good’. Watch the full interview below:
* Following a complimentary 3-month period there is the option to continue membership for £7.99 per month with no tie-in.
**Refunds are made at the sole discretion of Lifetime Legal. Terms and Conditions apply.
Boosting Client Trust & Reputation – The Power of AML Compliance in Estate Agency.
Boosting Client Trust & Reputation:
The Power of AML Compliance in Estate Agency.
The reputation of estate agents and the trust of their clients are crucial to success. Clients entrust estate agents with one of their most valuable assets – their homes – and it’s this trust that drives repeat business and referrals. However, maintaining and enhancing that trust depends on operating with integrity, transparency and compliance.
Smart Compliance is the next level in anti-money laundering (AML) services, created especially for estate agencies. It’s not just an online ID check; it’s an end-to-end AML service designed to ensure estate agencies fully meet all regulatory requirements. Beyond just basic checks, Smart Compliance carries out full enhanced due diligence, recognising that over 60% of sellers’ cases need an extra layer of investigation. With the support of our dedicated legal compliance advisors, we ensure that agencies are aligned with the latest regulations. This not only streamlines compliance processes but also significantly reduces the chances of errors. We are the UK’s only provider with an HMRC AML compliance guarantee. By reducing risk, we offer peace of mind, setting us apart from others.
Increased Efficiency
By delegating AML responsibilities to Smart Compliance, agents can ensure thoroughness in compliance whilst freeing up more time for essential business activities, such as nurturing client relationships. By offloading tasks like data collection and document retrieval to Smart Compliance, the AML burden is significantly reduced. Enhanced due diligence involves investigations and documentation to satisfy regulations – this is the part that no technology can handle, but it’s what we do for you. All the paperwork is compiled into a compliance pack for the sale or purchase.
Improved Accuracy and Better Risk Management
Our team of experts is committed to delivering the highest level of service to support our clients, greatly reducing the risk of errors. In the property sector, even a small mistake can have significant consequences. By ensuring accuracy in compliance processes, estate agents can build trust with their clients and maintain a strong reputation. Additionally, should HMRC issue a fine due to an oversight on our part, we’ll cover the cost. You’ll have assurance knowing that your business is complying with HMRC guidance and AML regulations, allowing you to nurture client loyalty through superior service and reliability.
Personal Service
We guide your clients through the AML process while ensuring you are kept in the loop, handling all the AML checks that technology is needed for, but more importantly the parts that technology can’t handle. This is all delivered with a personalised, customer-focused approach. Standing out as an agent can often be challenging. Demonstrating legal requirements and compliance can bolster confidence in your professionalism and expertise as a local agent. This approach may gain you more trust, especially if other agents have overlooked or downplayed its importance – underscoring the fact that you prioritise your clients’ protection.
John Brewer MNAEA from Move Property Sales & Lettings, a client of Smart Compliance, shares: ‘Smart Compliance is an integral part of our business, positioning us as a leading professional agency. Our commitment to compliance not only highlights our professionalism but also reinforces our promise to protect our buyers and sellers, resulting in enhanced client loyalty and an increase in word-of-mouth recommendations.’ He adds, ‘Initially, I was apprehensive about implementing charges for this service. However, I have not had any report of vendors or buyers having an issue with the fee. In fact, they perceive the Movers Protection as fantastic value. Without hesitation, I would recommend Smart Compliance to any agency.’
In conclusion, estate agents looking to enhance client trust and uphold a strong reputation, integrating Smart Compliance is an obvious choice. By utilising the end-to-end AML service, estate agents can streamline their compliance procedures, ensure accuracy, and mitigate potential risks. Smart Compliance not only ensures you meet regulations but serves to strengthen client confidence and solidify your reputation.
