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.
Head Office: 450 Brook Road,
Reading, RG2 6UU
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