BREAKING PROPERTY NEWS – 02/03/2022

Daily bite-sized proptech and property news in partnership with Proptech-X.

 

Sanctions a reminder to estate agents to review risk assessment procedures

Recent sanctions against Russia serve as a reminder to estate agents that they must ensure they are going through the process of reviewing all client identity information. If the potential buyer is from a country listed on the financial sanctions register, it could spell trouble for those involved.

This is according to Paul Offley, Compliance Officer at nurtur.group, the parent company of The Guild of Property Professionals and Fine & Country. Offley adds that agents should be checking financial restrictions on a regular basis as part of their Anti-Money Laundering (AML) process.

“With regard to financial restrictions things are moving very quickly, so agents need to apply more frequent on-going monitoring to make sure they are following the correct procedures with the most recent information. If they haven’t already done so in the wake of the current events, agents should be reviewing their initial risk assessment. Be aware that UK Government have taken steps to effect restrictions from undertaking financial transactions involving the Central Bank of the Russian Federation, the Russian National Wealth fund and the Ministry of Russian Finance. It is vital to review all transactions and take the necessary steps if you believe you have a specific case,” says Offley.

He adds that all client identity information should be checked against the UK Sanctions List. “If need be, request additional identity information to ensure you do not have a false-positive identification and you can more accurately rule out the possibly that the individual or entity is from a country on the UK Sanctions List.  HM Treasury’s Office of Financial Sanctions Implementation (OFSI) also provides a consolidated list of all persons and entities that are subject to sanctions which are effective in the UK.”

Offley continues: “If an individual or entity you are dealing with matches the information on the consolidated list, the transaction must be suspended, and the matter should be reported to either your money laundering reporting officer or your money laundering compliance officer.”

Agents will need to keep a record of the fact that they have gone through the correct procedures and performed the appropriate checks.

“Making use of the digital platform such as movebutler from iamproperty will help agents to show the evidence required as part of their compliance with AML procedures. Apart from identifying any potential PEP or financial sanctions positions, these procedures also include identifying the legal owner of a property, a complete risk assessment on all sellers and buyers, appropriate and timely identification checks, and that the agent has kept accurate records. It is important that agents are able to show they have performed their due diligence and taken the necessary steps should they find themselves dealing with an individual or entity that appears on the sanctions list,” Offley concludes.

 

Inventory Base has new winning solution for property and compliance reporting

With compliance increasingly dominating each and every process within the lettings sector; Inventory Base has designed a perfect solution ‘Conditional logic’ which helps property managers and suppliers who are at risk of falling foul of legislation.

Protecting them against missing key information markers, losing valuable data by not capturing it in time or producing insufficient evidence resulting in lost deposit disputes and increased complaints.

Inventory Base is a multi-award-winning software and reporting platform, delivering more functionality, better systems, processes and standardised templates across the property industry.

Their latest innovation – Conditional Logic – is the next step in the revolution of data capture automation for property managers, agents, inventory providers and risk managers not just in the property sector but across all industries.

Conditional Logic will help minimise these risks by working with the user to save time, increase efficiency whilst reducing human error, enabling templates to designate rules and procedures based on data captured during the reporting process.

This innovative upgrade to how property and related reports are utilised will allow managers to set instructions and workflows that react to a specified question and or response, or embed additional behaviour determined by “if this… then that…” rules (IFTTT).

Steve Rad, Managing Director of Inventory Base says: “Proptech is all about adding value, helping rather than hindering, so any new feature or concept must have a range of tangible benefits that simplify or enhance a process or function.

“We’re constantly striving to develop innovative and long-lasting features that make a real difference to our users. This latest development of our software, Conditional Logic, is a real game changer, it saves time spent on admin, it adds intelligence into the reporting process and focuses the user’s ability to deliver time efficiencies both on-site and when back at the workstation.

“But more importantly, it reduces human error by automating information capture and follow-up all while helping to secure the clients confidence in the users data and processes.”

Inventory Base’s conditional logic in action

How the system works is clients who use Inventory Base’s service are provided an intelligent, streamlined workflow, and can set required fields, photos and videos. Then depending on the response captured, prompt for additional comments or photographic evidence. Also show or hide sections within the report when certain options are selected so only relevant, required inputs are shown. Keeping the users workflow specific, organised and time efficient.

The service is universal as clients can automate follow up actions: create action reports to manage urgent repairs or issues. Instantly collect and share data such as  fire safety alarms results, property keys, sensor data for emissions or any other vital and or useful information.

It allows the export of information back to the property or to third party systems. Reducing the need for training as the user is guided throughout the reporting process.

Steve Rad, Managing Director of Inventory Base further comments: “We’re excited to see the multitude of ways it will be used. With the introduction of Conditional Logic, users (clients) will be able to increase the flexibility, consistency and ease-of-use of reporting and information capture with templates that add even more customisation, without the need for additional manual input. All this enables users to simplify training and management of staff and concentrate on revenue generating tasks, rather than being bogged down by costly and time consuming, outdated processes.”

Andrew Stanton

CEO & Founder Proptech-PR. Proptech Real Estate Influencer, Executive Editor of Estate Agent Networking. Leading PR consultancy in Proptech & Real Estate.

You May Also Enjoy

Home and Living

Restoring the Past: How to Expertly Repair Wooden Windows with PM Windows Ltd

Why Wooden Windows Deserve a Second Life Wooden windows are a hallmark of classic British architecture, offering timeless beauty, warmth, and craftsmanship rarely matched by modern alternatives. Whether adorning a Georgian townhouse or a Victorian terrace, their charm lies in both their aesthetics and their heritage value. However, timber windows are not immune to the…
Read More
Breaking News

Slight rise in house prices as market maintains strength

Halifax House Price Index • House prices increased by +0.3% in April vs -0.5% in March • Average property price now £297,781 compared to £296,899 in previous month • Annual rate of growth at +3.2% up from +2.9% in March • House prices remarkably stable over last six months, down by just £48 • Northern…
Read More
bank of england interest rate
Breaking News

Industry Reacts to Bank Rate Cut

Nathan Emerson, CEO of Propertymark: “Today’s news will no doubt be extremely welcome for many, especially given current economic uncertainties. International bodies have recently stated they expect interest rates to fall in the UK as the year progresses. Overall, we hope to see interest rates further continue their downward trajectory over the course of 2025. …
Read More
Rightmove logo
Breaking News

Rightmove reaction to Bank Rate cut

Matt Smith, Rightmove’s mortgage expert says: “The much-anticipated second rate cut of the year has arrived, and with some lenders having taken their time to pass on the benefits of the expected Bank Rate cut, I think we may now see further reductions in the coming days and weeks. A fresh round of mortgage rate…
Read More
Breaking News

Zoopla crowns Glenrothes the most popular affordable town for families as one in three fear being priced out of their ideal area

New Zoopla research pinpoints Glenrothes in Scotland, with an average three-bedroom home value of £136,900, as the most attractive option for families seeking affordability All of the towns in the top ten are located in Scotland and Wales, apart from Dartford and Swanley in the South East Three-bed homes in the most popular affordable towns…
Read More
Breaking News

UK government admits almost no evidence nature protections block development

Environmental lawyer says it’s deeply frustrating that the Government is pushing major changes to conservation law without supporting data or research Whitehall analysis provides no data or research to support the government argument that environmental legislation holds up building. Ministers say the new bill will speed up housing developments and large infrastructure projects by allowing…
Read More