Reapit and Thirdfort have joined forces to help estate and letting agents simplify compliance with new rules.
Starting on 14th May 2025, letting agents will be recognised as ‘relevant firms’ under the Sanctions and Anti-Money Laundering Act 2018.
This means they must check clients against sanctions lists and report breaches to the Office for Financial Sanctions Implementation (OFSI).
Failure to comply could mean fines up to £1m and prison sentences up to seven years.
Thirdfort’s know-your-customer solutions will be integrated into Reapit’s platform, allowing agents to conduct checks without leaving the system.
This integration will enable estate and letting agents to perform automated checks directly within Reapit’s platform, receive real-time alerts if a client appears on a sanctions list, and maintain a comprehensive audit trail for regulators.
It also aims to eliminate data duplication and reduce human error.
Olly Thornton-Berry (pictured), co-founder of Thirdfort, said: “Our new partnership with Reapit will help ensure that agents have the right tools to stay ahead of AML and KYC requirements.
“Our best-in-class integration will continue to evolve, enhancing the Reapit user experience while streamlining compliance and reducing risk for agents.”
Dr Neil Cobbold, commercial director at Reapit, said: “With ongoing rental reforms, new legislation, and rising financial fraud, regulatory bodies are tightening KYC and AML rules.
“The consequences of getting it wrong are significant including fines and possible prison time.
“Having a leading strategic partner like Thirdfort supporting our customers is more important than ever.
“Reapit is confident that this partnership will not only help agents tackle current challenges, but also keep them ahead of future compliance demands.”
