Yoti, Sumsub partnerships to power biometric onboarding for UK real estate sector
The digital onboarding process raises various concerns about security, efficiency, and regulatory compliance as it is applied to new application areas like conveyancing. Two new solutions, backed by biometrics from Yoti and Sumsub respectively, are aimed at the real estate business and seek to alleviate these concerns by promising fast, safe, compliant onboarding.
Yoti, Ince and Arachnys launch AML-compliant digital onboarding
Ince, a UK-based law firm and provider of KYC services has launched an AML-compliant digital onboarding solution to fight money laundering, writes Legal Futures. The onboarding platform is aimed at allowing estate agents to digitally verify and onboard their clients without risking anti-money laundering regulatory breaches. The platform is the result of a collaboration between Ince’s digital onboarding subsidiary eLegal, digital ID platform Yoti, and AML data firm Arachnys.
Ince is also looking into expanding the solution to clients in the cryptocurrency and art trading industries.
Ince UK Managing Partner and Global Head of Consulting Mark Tantam stated, “Estate agents can go through all these procedures, and engage with the law firm if there are any problem areas, digitally.” Tantam also noted that while the pandemic has not necessarily increased the number of money launderers, but that it has allowed them to enjoy greater anonymity.
“I’m not saying that estate agents should be engaging purely digitally with their clients, but for some transactions, it provides a pretty seamless way to meet their legal requirements. People using a tool like this are probably already following the correct AML procedures but this should cut down the cost and allow them to do more in the time available,” he added.
Sumsub selected by UK property investment platform
UK-based property investment platform Propetly has selected Sumsub’s identity verification solution for an all-in-one technical toolkit to meet its KYC, KYB and AML requirements with selfie biometrics.
Sumsub’s technology enables Propetly to verify each user’s digital identity in two to three minutes during onboarding, which could help it disrupt an industry in which it says efficiency has improved by only 4 percent in the past 30 years. Customers submit identity documents and video liveness checks for a process Sumsub describes as people-friendly, that meets UK regulatory requirements.
“Our aim is to make buying and selling properties quicker than traditional, long-established methods. We want our investment platform to be safe, efficient, and accessible for anybody,” explains Brian Cartwright, managing director at Propetly. “Sumsub helped us achieve this by complementing our solution with effortless user verification that reduced onboarding to just a few minutes. That’s why Sumsub was the only choice to support us through our mission and further growth.”