Prime Highlights:
- · The UK real estate industry launches PCVdigital, the first property-focused digital platform for Anti-Money Laundering (AML) compliance.
- · The platform helps agents save time, reduce risks, and ensure consistent compliance across all branches.
Key Facts:
- · HMRC issued over £3.2 million in fines last year to agents for AML non-compliance.
- · PCVdigital is available to all property professionals, from small agencies to large multi-branch firms.
Key Background:
The UK real estate sector has made a major move to improve compliance with the launch of PCVdigital, the country’s first property-focused Anti-Money Laundering (AML) digital platform. Created by property expert Martin Carey and tech specialist Adam Smith, the platform helps property agents handle compliance more efficiently amid increased checks from HMRC.
PCVdigital arrives at an important time, as HMRC has stepped up investigations into poor AML practices in the property sector. Over the past year, agents have been fined more than £3.2 million for issues like failing to register for AML supervision or not naming a responsible person for HMRC obligations. New rules now also require letting agents to report any suspected breaches of financial sanctions to the Office of Financial Sanctions Implementation (OFSI).
The platform makes the AML process easier and faster, helping agents show they meet HMRC requirements. It combines Know Your Customer (KYC) and AML checks, lets agents interact with clients using their own branding, and provides secure, clear reports. By reducing manual work, it saves time and costs while ensuring a consistent process across all branches.
“Many agents rely on third-party tools for AML compliance, which leaves them at risk of inconsistent processes and data security issues,” said Martin Carey, a property professional with over 30 years of experience. “PCVdigital is designed to deliver a property-specific solution that simplifies compliance, protects personal data, and ensures a consistent process across the business.”
Adam Smith, who has extensive experience in developing secure online platforms, added, “With GDPR and data security increasingly under scrutiny, agents need a system that manages customer information safely. Our platform keeps personal data safe while providing verified AML records directly to the agent’s CRM.”
The platform alerts agents to any issues, reminds them about expiring documents, and keeps records of completed transactions. This lets agents focus on their work while staying compliant easily and safely.
PCVdigital is now available for all property agents, from small agencies to large firms, offering a reliable solution to a long-standing problem in the UK property market.
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