PropCo is excited to announce the launch of our new Sanctions Check feature, integrated directly within the platform and powered by our trusted partner, Calmony This robust solution empowers letting agents to conduct comprehensive sanctions checks whilst ensuring full compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements, helping your agency maintain regulatory standards with minimal operational friction.
Why Sanctions Checks Matter More Than Ever
Effective 14 May 2025, UK letting agents are now classified as ‘relevant firms’ under financial sanctions regulations. This means heightened scrutiny and more stringent obligations to verify tenants, landlords, guarantors, and contractors against the UK Sanctions list. Non-compliance could result in significant penalties, legal repercussions, and reputational damage. PropCo’s Sanctions Check feature is here to help you navigate these changes seamlessly.
What’s Included in the Sanctions Check Feature?
PropCo’s new Sanctions Check feature is designed to provide comprehensive compliance coverage across key areas. Here’s a breakdown of each component:
(I) Centralised Compliance for All Stakeholders:
Easily manage sanctions checks for applicants, tenants, co-tenants, guarantors, landlords, and contractors — all from a single interface. Each record now includes dedicated compliance fields, making it simple to consolidate and track checks in one secure location.
(II) Clear Compliance Tracking:
Track the status of each compliance check with timestamped logs that confirm when the check was completed and whether it passed. Additionally, each record identifies the source of the check, whether it’s conducted through Calmony*, in-house, or other integration partners, ensuring a clear audit trail for governance and regulatory reviews.
(III) Effortless Document Management:
Upload and categorise supporting documents directly to individual records, streamlining access to compliance evidence during audits.
(IV) Bank Verification Fields for AML Compliance:
PropCo now includes fields for AML verification, allowing agents to flag whether stored bank account details are the primary payment source. If not, agents can securely record alternate bank account details, with sort code validation, to maintain AML compliance.
(V) Seamless Sanctions Register Checks (OFSI):
Verify individuals against the UK Sanctions list effortlessly with one-click checks powered by Calmony. Add notes, mark check dates, and receive ongoing alerts to maintain continuous monitoring and ensure regulatory compliance.
Real-Time Verification with Calmony*
Our new Sanctions Check feature is enhanced through direct API integration with Calmony*. All sanction checks initiated through Calmony* automatically sync back to PropCo, ensuring that records are consistently updated and accessible in one place.
With automated tracking, document uploads, and continuous monitoring, PropCo empowers your agency to maintain a comprehensive compliance trail effortlessly.
Key Benefits for Letting Agents
Running all these checks – Right to Rent, PEP, and sanctions checks through a single platform streamlines the process, ensuring consistent data management and reducing compliance risks. It enhances reporting accuracy and minimises risks. Peace of mind – one platform, all checks. What’s more?
- Time Efficiency: Reduce manual compliance processes by up to 75%
- Risk Mitigation: Automated alerts help prevent compliance oversights and potential sanctions breaches
- Audit Readiness: Maintain organised, easily accessible compliance records
- Stakeholder Management: Comprehensive checks for all parties in one place
- Regulatory Confidence: Stay aligned with the latest financial sanctions regulations
Ready to Simplify Compliance?
Stay ahead of evolving regulations and protect your agency from compliance risks. PropCo’s Sanctions Check feature is now live and ready to transform how you manage AML, KYC, and sanctions checks. For more information or to schedule a demo, contact us today.
