Reapit and Thirdfort Join Forces to Streamline Compliance for Letting Agents Ahead of New Regulations
Neil Cobbold – Commercial Director, Reapit
In a strategic move to bolster compliance within the property sector, client due diligence platform Thirdfort has announced a partnership with Reapit, a leading end-to-end technology provider. The collaboration aims to assist estate and letting agents in seamlessly managing identity verification, sanctions screening, anti-money laundering (AML) checks, and source of funds assessments.
Addressing Upcoming Compliance Challenges
This partnership comes at a critical time as letting agents prepare for stringent new sanction reporting regulations set to take effect on May 14, 2025. Under the Sanctions and Anti-Money Laundering Act 2018, letting agents will be designated as ‘Relevant Firms,’ necessitating rigorous sanction checks on clients and mandatory reporting of any breaches to the Office for Financial Sanctions Implementation (OFSI). Failure to comply could result in severe penalties, including fines up to £1 million and potential imprisonment for up to seven years.
Integrated Compliance Solutions for Agents
By integrating Thirdfort’s advanced know-your-customer (KYC) solutions directly into Reapit’s platform, the partnership aims to streamline compliance processes, ensuring agents can efficiently meet regulatory obligations. Key benefits of this integration include:
- Automated AML and sanction checks conducted seamlessly within the Reapit platform.
- Real-time alerts notifying agents when a client appears on a designated person list, enabling swift action.
- A unified workflow, reducing the need for duplicate data entry across multiple platforms, thus saving time and minimizing human error.
- A comprehensive audit trail, ensuring agents can demonstrate compliance to regulators effectively.
Industry Leaders Weigh In
Olly Thornton-Berry, Co-founder of Thirdfort, emphasized the importance of this integration:
“Our new partnership with Reapit provides agents with the essential tools to stay ahead of evolving AML and KYC requirements. Through this best-in-class integration, we will continue enhancing the Reapit user experience while streamlining compliance and reducing risk for agents.”
Dr. Neil Cobbold, Commercial Director at Reapit, highlighted the increasing regulatory pressures:
“With ongoing rental reforms, new legislation, and a rise in financial fraud, compliance requirements are tightening. The stakes for non-compliance are high, with the risk of substantial fines and even imprisonment. Partnering with Thirdfort ensures our customers have robust support to navigate these challenges, keeping them compliant and future-ready.”
Learn More at Fusion’25
Agents keen to explore this partnership further can attend Reapit’s upcoming Fusion’25 product release event webinar, where Thirdfort will be featured. To learn more about the partnership, agents can register for the webinar here.
