Coadjute has completed the rollout of its AI-powered anti-money laundering platform two months ahead of schedule as estate agents face updated compliance requirements from HMRC.
The property technology provider announced in April that existing customers would be migrated to the new platform over six months, but has completed the process in four.
The rollout means all Coadjute AML customers now have access to its AI-powered Digital Assistant Clara alongside the company’s UK-based compliance team.
Its completion follows HMRC’s July update to anti-money laundering guidance, requiring estate agency businesses to review their existing compliance procedures and ensure they remain aligned with the latest requirements.
MANAGED AML
Coadjute operates its AML proposition as a managed service rather than providing agents solely with software to undertake checks themselves.
The service covers standard AML checks alongside more complex source of funds, source of wealth and enhanced due diligence cases.
Its new platform is designed to give agents greater visibility over the process, including the progress and status of individual checks, while the underlying compliance work is handled by Coadjute.
Clara provides additional AI-based support around the clock alongside the company’s compliance specialists.
REGULATORY BURDEN
Dan Salmons (main picture), Chief Executive Officer of Coadjute, says: “The smartest use of AI isn’t giving estate agents another tool, it’s giving them their time back.
“Completing this rollout two months early means every Coadjute customer now has access to our next-generation platform and Clara. More importantly, it comes at exactly the right time.
“HMRC’s latest guidance means agents once again need to understand what has changed and make sure their processes reflect it. As a fully managed service, that’s our job: we take care of the complexity and the work needed to stay compliant.”
He adds: “Estate agents should be winning instructions, helping people move and building relationships with customers – not spending hours investigating AML cases or interpreting regulatory guidance.”
Coadjute says the model is intended to reduce the operational workload associated with AML as regulatory requirements continue to evolve.
