Thirdfort has partnered with Reapit to help estate and letting agents manage their ID, sanctions, anti-money laundering (AML) and source of funds checks.
The new partnership comes at a crucial time for the industry, ahead of new sanction reporting rules for letting agents as of 14 May 2025.
Letting agents will be classified as ‘Relevant Firms’ under the Sanctions and Anti-Money Laundering Act 2018.
As such they must conduct sanction checks on clients while ensuring they report any breaches to the Office for Financial Sanctions Implementation (OFSI).
CRIMINAL CONSEQUENCES
Failure to comply could lead to fines of up to £1 million and potential criminal prosecution with up to seven years in prison.
Thirdfort’s know-your-customer (KYC) solutions will be able to integrate directly into Reapit’s platform, helping estate and letting agents carry out AML and sanction checks without leaving Reapit.
Ahead of the new sanction reporting rules, this enhanced Thirdfort integration will provide estate and letting agents with Automated AML and sanction checks – directly within Reapit’s platform
Real-time alerts will also show if a checked client appears on a designated person list, so agents can take action if needed
RIGHT TOOLS
Olly Thornton-Berry, Thirdfort’s co-founder, says: “Our new partnership with Reapit will help ensure that agents have the right tools to stay ahead of AML and KYC requirements.
“Our best-in-class integration will continue to evolve, enhancing the Reapit user experience while streamlining compliance and reducing risk for agents.”
RULES ARE TIGHTENING
Dr Neil Cobbold, Reapit’s Commercial Director, adds: “With ongoing rental reforms, new legislation, and rising financial fraud, regulatory bodies are tightening KYC and AML rules.
“The consequences of getting it wrong are significant including fines and possible prison time.
“Having a leading strategic partner like Thirdfort supporting our customers is more important than ever. Reapit is confident that this partnership will not only help agents tackle current challenges, but also keep them ahead of future compliance demands.”
