A strategic alliance will supply One Agency members with tools to navigate upcoming anti-money laundering compliance changes and streamline property settlements.
One Agency has partnered with Riverstone Partners and its platform, TheAgencyPortal, as the first Australian real estate group to secure a preferred supplier agreement with the company.
The partnership will see over 170 licensees issued with secure, technology-driven solutions to proactively manage upcoming compliance requirements and streamline property settlements.
From 1 July, Anti-Money Laundering and Counter-Terrorism Finance (AML/CTF) reporting requirements will apply to real estate agents in a bid to curb financial crime.
As part of the partnership, One Agency members will receive access to a subscription-free AML compliance platform that delivers low-cost, bank-grade checks.
To further guide agents through the transition, Riverstone Partners will also deliver in-person AML planning sessions nationwide at discounted rates for members.
The sessions will be facilitated by co-author of the Australian Transaction Reports and Analysis Centre (AUSTRAC) starter kit for real estate, Neil Jeans, delivering a tailored program in line with AUSTRAC requirements.
One Agency said Riverstone was selected for its specialised approach in financial services for the industry, including settlement risk management and AML compliance.
“Their methodology integrates regulated legal oversight with secure technology, ensuring that compliance is intrinsically designed into their systems, ensuring that all processes are both enforceable and fully auditable,” it said.
One Agency CEO and founder Paul Davies said the group was committed to selecting reputable network partners that enhanced the way its members ran their businesses.
“Being the first network to secure this nationwide agreement ensures our group has the exact tools required to confidently navigate the approaching AML obligations, as well as the future of real estate transactions and processes,” he said.
In addition to compliance, the partnership will also bolster the network’s daily operations with Riverstone Partners’ range of tools, including AgencySettlements, built inside TheAgencyPortal.
AgencySettlements removes the need for traditional sales trust accounts and reduces settlement administration with embedded legal oversight, rigorous identity verification and secure fund handling.
Riverstone Partners CEO Lucas McEntee said the partnership will be an asset for One Agency members by helping them boost efficiency and navigate compliance changes.
“This collaboration allows us to provide a wide audience of innovative professionals with a fundamentally safer way to handle transactions, removing risk, delay and liability from their agencies while driving their businesses forward,” McEntee said.
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