Thirdfort, the know-your-customer and anti-money laundering provider, has joined Reapit’s AppMarket ecosystem.

The new partnership will enable Reapit AgencyCloud customers to onboard clients, with secure electronic ID and AML checks, designed to ensure properties can be listed faster.

With Thirdfort, estate and letting agents can choose from a basic PEPs and sanctions screening, UK address match, and document verification, or opt for a more comprehensive electronic ID verification for when clients need to verify themselves remotely.

Thirdfort’s ID and AML verification helps agents comply with HMRC regulation. With just a few clicks, agents can initiate ID and Proof of Funds verification, allowing buyers and sellers to complete their checks remotely.

Thirdfort features include technology to automate ID and anti-money laundering verification, allowing estate agents to verify client’s ID and proof of funds.

AML is a significant issue challenging the UK property industry. HMRC reported in October last year that 68 estate agencies had been fined a total of £519,645 for not complying with AML requirements. Additional research reveals that estate agents still account for the largest number of AML fines issued by HMRC since the introduction of AML regulation in 1993, with the industry accounting for nearly half (45.4%) of fines issued.

Mark Armstrong, Group CEO, Reapit, said: “I am very pleased to welcome Thirdfort as an App Partner on the Reapit AppMarket ecosystem. Thirdfort’s cutting-edge solution to automate ID and AML verification will enable our customers to save time and costs while ensuring compliance with AML regulations, and we are excited to see the benefits this app will bring to our users.”

Teddy Ludmer, head of partnerships at Thirdfort, added: “The compliance burden for estate agents is ever-growing, as evidenced by recent fines. This exciting partnership offers a solution: some of the UK’s top estate agents can now speed up their KYC and AML processes, enabling properties to be listed and sold more quickly.”