In a bid to streamline compliance processes and bolster security in the real estate industry, ID-Pal, a provider of identity verification solutions, has launched its PEPs (Politically Exposed Persons) and Sanctions screening solution.
The release comes at a time when increasing regulatory scrutiny and compliance challenges continue to pervade the real estate sector.
Identification and verification of individuals involved in property transactions have become crucial to maintain transparency, prevent money laundering, and adhere to anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. ID-Pal’s solution is set to tackle these industry challenges head-on.
Using advanced technology and data intelligence, ID-Pal’s PEPs and Sanctions screening solution offers real-time identification and verification of individuals partaking in real estate transactions.
The system cross-references comprehensive global databases of PEPs and sanctioned individuals, immediately flagging potential risks or compliance issues.
Consequently, real estate professionals are equipped to make informed decisions, maintain regulatory compliance, and protect their reputations.
The solution offers numerous benefits for the real estate industry. Among these, it provides real-time identity verification and robust due diligence, ensuring compliance and reducing the risk of fraudulent activity.
Furthermore, the interface allows for seamless integration into existing systems, streamlining workflows, and optimising operational efficiency.
The PEPs and Sanctions screening solution also affords comprehensive global coverage, accessing an extensive database of PEPs and sanctioned individuals worldwide.
Coupled with real-time risk assessment and ID-Pal’s ISO 27001 certification, the solution safeguards businesses from potential legal and reputational damage, while ensuring sensitive information is protected throughout the verification process.
Colum Lyons (pictured), CEO of ID-Pal, said: “Our aim is to empower real estate professionals with an efficient, reliable, and compliant solution that simplifies their due diligence processes.
“By leveraging our cutting-edge technology and platform, they can confidently ensure they remain compliant whilst mitigating any risks involved with global PEPs and sanctioned individuals.”
