As AML reforms dominate the conversation, a constant question is: Why should a buyer and seller have to do a KYC check with every professional involved in the same transaction?
That has changed and it is a big win for the customer!
TheAgencyPortal. in partnership with Equifax, can now share KYC checks at no cost to conveyancers involved in your sale when using TheAgencyPortal. This is available to all conveyancers Australia-wide.
"We know agents' primary concern is the best consumer experience, that’s what we deliver” said Riverstone Partners CEO Lucas McEntee, “AML compliance is essential, but duplication isn't." Improved, more efficient and smooth customer experiences sit at the heart of TheAgencyPortal.
For vendors and buyers this means they do not need to complete checks multiple times or pay for multiple checks, at wildly varying prices.
You can now share verification results including:
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Equifax identity verification (KYC)
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Politically Exposed Person (PEP) screening
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Sanctions screening
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Know Your Business (KYB) verification where applicable
For vendors and buyers this means they do not need to complete checks multiple times or pay for multiple checks, at wildly varying prices.
Removing repetitive compliance conversations while maintaining strong verification standards, everybody wins. Buyers enjoy a simpler experience, agencies spend less time on administration, and conveyancers receive trusted compliance information at no cost.
The initiative is being delivered through Riverstone Partners' KYC Sharing Network, which forms part of the broader AgencySettlements ecosystem. It reflects a simple idea: compliance should travel with the transaction, not restart every time a new professional becomes involved.
As customer experience becomes more and more important when winning work in a tight market, these little things make a world of difference.
For agencies and conveyancers, it removes duplicated compliance work while helping meet AML obligations more efficiently.
As the property industry adapts to Australia's new AML landscape, reducing duplicated compliance may become just as valuable as meeting the regulations themselves.
AgencyAML, on TheAgencyPortal, has no subscription fees and no contract. KYC checks are from $6/check and KYB - $19/check. For more information visit TheAgencyPortal today or call us on 1300 001 371