Coadjute, a PropTech company backed by Lloyds Banking Group, NatWest and Nationwide, has launched “Clara”, a digital assistant for anti-money laundering (AML) checks used by estate agents.
Money laundering remains a significant issue in the UK property market, with an estimated £10bn passing through it each year. Regulations aimed at tackling the problem have increased compliance requirements for estate agents.
Coadjute provides AML services through a platform and a UK-based compliance team. Clara is a new feature within that system. It is designed to guide buyers and sellers through AML checks, explain requirements, and help collect and upload documents.
The assistant interacts with users in real time, requesting additional information where needed to complete checks. It is integrated into Coadjute’s platform and draws on its compliance processes.
All AML checks completed through the platform continue to be reviewed and approved by a qualified compliance professional.
Coadjute says the system can support users outside standard working hours, including those in different time zones.
Clara is part of a wider update to the company’s platform, which includes tools for estate agents and conveyancers to monitor risk indicators, adjust evidence requirements and track case progress.
The updated platform is being rolled out to existing users over the next six months and is available to selected new customers.
Dan Salmons, CEO of Coadjute said: “We wanted the next generation of Coadjute’s platform to use AI not to replace people, but to work seamlessly with them. Clara makes the process so easy and intuitive for buyers and sellers – especially those who aren’t ‘tech savyy’ – and the many new features of the platform all help estate agents and conveyancers achieve really high levels of AML compliance without the burden. It’s transformative”.
Phil Spencer, broadcaster and Coadjute ambassador, added: “Coadjute have come up with a real game-changer here. Estate agents are on the front-line of the battle against money laundering, and the new version of their platform is going to be a massive help. Home buyers and sellers are really going to love Clara, she makes the whole process so easy, she’s really quite astonishing”.
Read the orginal article: https://propertyindustryeye.com/proptech-firm-launches-digital-assistant-for-estate-agent-aml-checks/?utm_source=rss&utm_medium=rss&utm_campaign=proptech-firm-launches-digital-assistant-for-estate-agent-aml-checks
