Thirdfort has launched Secure Share, a new feature offering shareable reports designed to reduce the repetition of compliance checks in property transactions.

The risk management platform, which combines Know Your Client (KYC), Anti-Money Laundering (AML) and Source-of-Funds (SoF) verification, is aiming to help tackle needless duplication in property transactions with its latest launch.

Currently, during a property transaction, consumers can be asked to repeat the same KYC and AML checks – sometimes up to eight times, according to Thirdfort.

This needless repetition slows down property transactions and creates a poor experience for consumers. Even when reports are shared across those involved in the transactions, this is usually handled over email, which is insecure and runs the risk of interception by malicious parties.

In an attempt to overcome these issues, Thirdfort is offering simple and secure report sharing for both property professionals and their clients.

In line with the principles of the government’s Digital Identities Trust Framework, this new function is the first of its kind to facilitate the secure sharing of KYC and AML reports, keeping all sensitive client information safe on Thirdfort’s platform.

The buyer or seller can instruct their professional adviser to share a report with other advisers involved in the transaction, such as their solicitor, estate agent, or mortgage broker. As a result, Secure Share helps to create a faster, more seamless process for all involved.

Olly Thornton-Berry, co-founder and MD of Thirdfort, said: “At Thirdfort, we’re continuing to innovate our platform to offer regulated professionals and their clients seamless and secure compliance when buying or selling a property.

“Conveyancers, estate agents, and mortgage brokers operate in a competitive market. With our new Secure Share function, property professionals can offer a superior experience by asking clients to complete their KYC and AML verification only once across the lifecycle of their transaction.

“By tackling the needless repetition of verification tasks, Secure Share significantly cuts the time needed to complete a transaction, making them faster and more efficient for all involved.”