Regulatory compliance for residential and commercial property businesses
PCVdigital delivers a complete customer validation service for residential and commercial property businesses providing estate agency services.
Property businesses providing estate agency services are required to comply with HMRC regulations. Our digital platform helps ensure your business is fully compliant with UK anti-money laundering (AML) and know-your-customer (KYC) requirements. Deployed as your uniquely branded digital service, you save time on-boarding your customers as you build high trust relationships them.
Professional – a digital platform providing a unique, individualised service for property businesses, built by an experienced team
Compliance – providing organisations with a business process that helps ensure they are aligned with regulations
Validation – delivering automated AML and KYC checking, helping ensure that organisations participate only in legitimate business transactions.
PCVdigital understands the challenges of regulatory compliance.
Because our team has built and run regulated businesses, we apply a practical approach to help ensure that AML and KYC information is easy to manage, and becomes an integral part of your business process.
That’s why we call it your Digital Assistant.
The Legislation
Residential and commercial property businesses providing estate agency services in the UK are required to comply with legal and regulatory obligations including those defined under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017) and obligations imposed by the Royal Institute of Chartered Surveyors (RICS).
These place various key requirements upon property professionals, with one being to undertake KYC checks to verify the identities of their customers. For corporate customers these checks need to be extended to enable identification of the Ultimate Beneficial Owner and/or those who have ultimate executive control.
Property professionals are regulated by HM Revenue & Customs (HMRC) to meet requirements of MLR 2017.
The requirements include periodically re-confirming the KYC information that is held about clients if there is an on-going business relationship.
