Commercial real estate, because of its nature, is inevitably bound not only with frequent high-value transactions, tons of paperwork including contracts, leases and escrow documents, but also with managing and verifying hundreds of individuals and organizations which are a part of the business; each agent has to be included in a secure identity system to keep your business safe.
Also registered agents and business owners must put anti-money laundering measures in place. The most efficient way to do it, is to use real estate identity verification tools that automate and accelerate manual efforts in customer and vendor onboarding.
Real estate deals involve serious transactions. If you want to comply with requirements, you should follow the Know Your Customer regulations. Customer due diligence measures are essential in fighting financial fraud and money laundering from businesses operating illegally in commercial property sales and leasing. A trusted commercial real estate business identity verification solution gives you an unquestionable insight into whether potential customers are legitimate buyers or owners of properties or scammers.
Screening new customers and vendors for sanctions, watchlists, and PEPs can help you reduce the threat of money laundering. If you want to maximize the potential of your real estate agency, you should create complete and enriched customer profiles based on multiple attributes. Those attributes can be used to assess risk during the customer onboarding processes and ongoing monitoring.
As a real estate professional, your business depends on trust. You need to have a means which helps to separate genuine prospects from fraudsters. This type of information is crucial for protecting yourself, your employees, and your company. It’s also essential for you to understand how to avoid the risks connected to each transaction.
Proptech is a term that describes the modern approach to real estate business, where technology plays a key role in optimizing the way people search, buy, and manage properties. Implementing a property technology in your real estate business may benefit all parties involved – from tenants and property managers to agents, buyers, and sellers. As most operations in the proptech industry are performed online, KYC verification has become an integral part of the proper functioning of all of the KYC processes.
In the real estate industry, you have to collect all information about your customers and counterparties and keep them up to date. Therefore, implementing identity verification during the onboarding process can be a real revolution for your business. New customers or tenants should be able to sign up for an account easily. Automated due diligence helps you capture the information that matters and provides an end-to-end solution for managing the onboarding process
Identity verification can help you to build a long-term trust-based relationship with your customers, establish the best security and compliance practices and protect your business. The result is that the new customer journey can be seamless and quick. In addition to meeting compliance needs and serving your clients efficiently, using identity verification solutions ensures security and privacy.
Using an identity verification service that offers both KYC and AML compliance quickly confirms whether your customers are who they say they are. Our Live-Verify, Auto-Verify, and Self-Verify tools are professional software that enables you to run a video-based identity verification. Our solutions are a powerful fusion of artificial intelligence, machine learning, and the human factor. With identity verification solutions, you can significantly reduce the time it takes to verify your clients’ identities while still taking into account your regulatory requirements.
With identity verification, you can filter potentially high-risk transactions involving real estate brokers, agencies, and companies that buy and sell properties on behalf of their owners, tenants, landlords, and property managers. You also reduce manual effort by implementing an automated system that eliminates human error and compliance risk around money laundering.
Fully-Verified was created as answer to its founders collectively losing over $150 000 to various types of fraud in their eCommerce businesses.