Money laundering prevention for real estate agents
The comprehensive KYCnow solution adapts to the money laundering risk in relation to the contractual partner, the business relationship, and the transaction. In addition, you receive a location-independent, efficient, and cost-effective KYC process.
A balancing act: money laundering prevention and seamless customer service for real estate agents
As a real estate market expert, you face numerous challenges today, particularly regarding compliance with anti-money laundering regulations. Pre-contract due diligence and ensuring a safe and trustworthy real estate transaction are crucial – and all of this must be done as efficiently and cost-effectively as possible.
In this context, automated Know Your Customer (KYC) software is more than just an option – it is essential.
Money laundering legislation stipulates that real estate agents are obligated to thoroughly vet their clients to minimize the risk of money laundering, fraud, and other illegal activities. These obligations are time-consuming and complex.
Manually conducting KYC procedures is not only tedious but also prone to human error. Furthermore, traditional manual processes can hinder workflow and tie up valuable resources.
From fines to reputational damage: The consequences of non-compliance with money laundering regulations in the real estate sector
The national risk analysis by the Federal Ministry of Finance describes the real estate sector in Germany as the most vulnerable industry for money laundering. It is therefore not surprising that real estate agents are also subject to increasingly stringent scrutiny by their regulatory authorities.
Those who fail to fulfill their obligations must expect fines, some of which can be substantial. In addition, there is the reputational damage, as they are publicly shamed for any negligence or offenses.
Here's what our customers say
KYCnow is a joint venture between SCHUFA and fino. Benefit from the highest data quality and a direct interface to over 380 million national and international company and business customer records, as well as 68 million national personal data records.
"The KYC process has always required a significant investment of resources and time. In the fight against money laundering, we now need solutions that enable obliged entities to act quickly and reliably. The KYCnow solution withstands these scrutiny requirements and provides ad hoc assistance to obliged entities."
"Real estate agents face hefty fines if they fail to properly identify their clients. The KYCnow solution can help our members operate in compliance with the law and regulatory requirements. Fines can be avoided."
"When querying and processing data, quality and security are the key attributes. With KYCnow, we have created a cross-industry KYC solution that, for the first time, also addresses natural persons, and we are already setting the pace in the field of identity verification and risk assessment. As SCHUFA, we have made the fight against money laundering our mission and, with KYCnow, provide a KYC solution for all obliged entities."
Automated KYC procedures for real estate agents: Save time, reduce risks
With KYCnow powered by SCHUFA, we have created a digital solution for real estate agents that allows you to fulfill your customer due diligence obligations in a streamlined, efficient, and secure manner. A cumbersome and error-prone "documentation form" is now a thing of the past. The future belongs to the digital KYCnow file.
With our solution, we offer you an inexpensive and reliable method to screen customers before concluding a contract while fully meeting compliance requirements.
Our software enables you to accelerate the verification process, improve risk assessment, and place your business practices on a solid legal foundation.
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Fast and comprehensive customer screening before contract signing.
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Early detection of risks.
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Identification documents are digitally scanned and securely stored.
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Maximum transparency in customer verification.
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Automated processes for complying with money laundering regulations.
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Minimizing the risk of money laundering or fraud.
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Reduction of manual effort and susceptibility to errors.
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Always work in compliance with the law.
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Fulfill due diligence obligations in a cost-effective manner.
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Strengthening trust with customers and business partners.
KYCnow: Your solution at a glance
KYC file in 60 seconds
Automated creation of a digital KYC file including risk assessment in just 60 seconds.
Beneficial owners
Reliable identification of the beneficial owners of a company.
Documents
Provision of identification documents (e.g., extract from the commercial register).
ID
Reading and exporting identification documents for natural and legal persons.
Name Screening
Screening of individuals and beneficial owners against over 1.200 PEP and risk lists.
Sanctions list check
Daily checks of all relevant persons against national and international sanctions lists.
Choose the KYCnow package that suits you best.
Whether you're an individual or a company: with KYCnow you can fulfill your anti-money laundering obligations efficiently and digitally. Choose the right package for your needs.
Frequently Asked Questions
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