Thirdfort, an app-based solution that lets conveyancers verify client ID and source of funds in minutes, has launched a new compliance platform for estate agents.

The web and mobile app offered by the property and legal fintech combines open banking, data analytics, biometric and cryptographic technology, to automate anti-money laundering (AML) checks, letting agencies verify their clients remotely.

The company says that the specialist platform has been developed in response to the increasingly strict due diligence requirements falling upon estate agencies.

Alongside its open banking capability, Thirdfort incorporates well-established verification technology.

The app identifies clients through document validation, selfie photo and liveness testing, as required by HMRC, and allows for real-time checks of all major know your client (KYC) databases, including ongoing PEPs and sanctions monitoring.

The move builds upon Thirdfort’s strategy to become an established solution for KYC and AML compliance within the residential property market.

The digital ID and AML startup has ramped up investment in product development, following a series of seed funding rounds that have secured over £4m in backing from various digital entrepreneurs, including Alex Chesterman, founder of Zoopla, Cazoo, and LoveFilm.

The business is earmarking further expansion to support not just conveyancers and estate agents, but the brokers and lenders who also duplicate much of the KYC and AML process.

Olly Thornton-Berry, co-founder and managing director of Thirdfort, said: “Money laundering is a growing risk within the property sector and HMRC are hot on the heels of those who fall foul of their regulatory obligations. This is no longer simply a box ticking exercise and we’ve all seen what happens when corners are cut. Identity fraud not only wastes time, but leaves agents and firms open to reputational damage, fines, and even outright bans.

“Thirdfort exists to remove risk so that people can move fearlessly, transforming the process for property professionals and their customers. We’re using cutting edge technology to help agencies of all sizes effortlessly protect against fraud and comply with HMRC regulations.

“Using Thirdfort means agents can negotiate in confidence, secure in the knowledge they are fully compliant and dealing with genuine buyers and sellers, and our objective is for Thirdfort to become the new standard in fraud prevention and AML.”