Credas Technologies has set a new record in volume. Its estate agency customers are now carrying out an AML check every five seconds via its platform.
Credas’s customers include Connells, Purplebricks, Strike, Minerva, DigitalMove, IAMPROPERTY, Lifetime Legal and DezRez to name just a few.
It’s estimated that 40% of all estate agents’ digital AML checks are now made via Credas. It’s big business and the huge volume is attributed to a combination of the buoyant property market resulting in more transactions and an increasing awareness by agents of their obligations to ensure that sellers and buyers are verified as per the Anti-Money Laundering Regulations.
In tandem, the Credas app is now number 7 in the iOS app store chart for free business apps alongside LinkedIn and Uber and has surpassed 100,000 reviews.
Tim Barnett, CEO of Credas Technologies says: “These milestones are testimony to the increased levels of compliance to anti-money laundering that estate agents are now subject to by way of tightening legislation and also reflect a property market that is ever stronger and still shows no sign of retreat.
“Our numbers reflect the fact that Credas is the most used AML app in the UK estate agency sector and also highlights the growing comfort that agents and conveyancers now have with technology-led compliance, especially via mobile. Our process saves these stakeholders significant time, saves them money and ensures that they don’t leave gaps in their compliance responsibilities which would otherwise leave them exposed to enforcement by HMRC”.