ID-Pal transforms real estate industry with advanced PEPs and Sanctions screening solution

London, 13 June 2023: ID-Pal transforms the real estate industry with its cutting-edge, advanced PEPs and Sanctions screening solution.

ID-Pal, global leading provider of identity verification solutions, announces the release of its cutting-edge PEPs (Politically Exposes Persons) and Sanctions screening solution, designed specifically to benefit the real estate sector. With this innovative offering, ID-Pal aims to streamline compliance processes, enhance security, and mitigate risk for real estate professionals.

In recent years, the real estate industry has faced increasing regulatory scrutiny and compliance challenges. The identification and verification of individuals involved in property transactions have become critical to ensure transparency, prevent money laundering, and comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. ID-Pal’s PEPs and Sanctions screening solution is a game-changer that addresses these industry challenges head-on.

ID-Pal’s PEPs and Sanctions screening leverages advanced technology and data intelligence to provide real-time identification and verification of individuals engaging in real estate transactions. By cross-referencing against comprehensive databases of global PEPs and sanctioned individuals, the solution instantly flags any potential risks or compliance issues. This enables real estate professionals to make informed decisions, maintain regulatory compliance, and safeguard their reputation.

Key benefits of ID-Pal’s PEPs and Sanctions Screening solution for the real estate sector:

• • Real-time Identity Verification: The solution utilises cutting-edge technology to automatically verify the authenticity of customers’ identities and documents, ensuring compliance and reducing the risk of fraudulent activity.
  • Enhanced Compliance: The solution ensures adherence to PEPs and AML regulations by conducting robust due diligence on individuals involved in real estate transactions. It significantly reduces the risk of inadvertently engaging with PEPs or sanctioned individuals, thereby protecting businesses from potential legal and reputational damage.
  • Streamlined Workflow: With ID-Pal’s user-friendly interface and seamless integration capabilities, real estate professionals can effortlessly integrate ID Pal’s identity verification solution into their existing systems via API or SDK. The automated process minimizes manual effort, saves time, and optimises operational efficiency.
  • Comprehensive Global Coverage: ID-Pal’s solution provides access to an extensive database of PEPs and sanctioned individuals from around the world. This broad coverage ensures that real estate professionals can identify potential risks associated with clients or counterparties, regardless of their geographic location.
  • Real-Time Risk Assessment: The solution instantly identifies PEPs and sanctioned individuals during the onboarding process, enabling immediate risk assessment. This enables real estate professionals to make informed decisions promptly, preventing potentially harmful transactions.
  • Secure and Reliable: ID-Pal is ISO 27001 certified which means it maintains an information security management system (ISMS) aligned with international best practices for the protection of sensitive information throughout the verification process.
  • Comprehensive audit trails: Generate comprehensive audit trails and reports to demonstrate compliance with regulatory requirements and provide evidence of due diligence efforts.

Colum Lyons

Colum Lyons, CEO of ID-Pal, said:

“We excited to introduce ID-Pal’s PEPs and Sanctions Screening solution to the real estate sector.

“Our aim is to empower real estate professionals with an efficient, reliable, and compliant solution that simplifies their due diligence processes.

“By leveraging our cutting-edge technology and platform, they can confidently ensure they remain compliant whilst mitigating any risks involved with global PEPs and sanctioned individuals.”

Kindly shared by ID-Pal

Main article photo courtesy of Pixabay