Platform with PCVdigital
– PCVdigital is the brainchild of property expert Martin Carey and reg tech specialist Adam Smith
– The smart platform will automate and significantly improve AML compliance for agent activities
– Over £3.2m of agent fines have been issued in the last 12 months by HMRC
– Platform significantly enhances customer data protection against a background of increasing GDPR and data breach risks
UK, 11 September 2025 – The real estate industry’s first property-focussed Anti Money Laundering (AML) digital platform has been launched by industry expert Martin Carey and reg tech specialist Adam Smith. The launch comes as the sector faces ‘unlimited fines’ by HMRC which have stepped up investigations into inadequate processes amid a rising concern in money laundering via property in the UK.
The platform – PCVdigital – automates and streamlines the AML process for property agents who must demonstrate to HMRC that they have a robust and compliant system in place. Whilst many agents will have a manual process, the PCVdigital platform adds a new unique level of capability to an agent’s toolkit, engaging customers in their own brand, de-risking the AML process with HMRC-compliant automated checks, saving administration time and cost, and providing transparent reporting at the click of a button.
In the past 12 months, HMRC has issued more than £3.2m in fines to agents for improper AML processes. Some fines were issued simply for failing to register or re-register a business for AML supervision. Regulations also require that a responsible individual be named with HMRC, meaning fines can be imposed personally as well as on the business. On 14 May 2025, new rules extended these obligations to letting agents, who must now report to the HM Treasury’s Office of Financial Sanctions Implementation (OFSI) if they have evidence, or even a reasonable suspicion, that a client has breached financial sanctions.
The agents most at risk of unlimited fines are those unable to demonstrate a robust, consistent, firm-wide process—or to provide evidence that their transactions have been handled properly. This applies across the board, from small independents to large franchises, multi-branch firms, and commercial specialists.
Martin Carey explains: “Currently many agents use a third-party tool to establish both Know Your Customer (KYC) and additional AML information, which means they are reliant on an external provider to do their job correctly, to protect their customer’s personal data and to manage a key client interaction. We believe this leaves agents at a high risk of not being compliant – either because the process isn’t consistent across the business or because they aren’t in control of their own risk evaluation. We set out to build a property-specific tool that delivers compliant AML and KYC checks and removes risk, saving time and cost. The platform can be implemented quickly and easily by property professionals of all shapes and sizes and, perhaps most importantly, gives them a consistent process that demonstrates compliance with HMRC at the click of a button.”
Agents have also previously come under fire for failing to comply with GDPR in the way they process personal information, manage their contact bases and communicating with individuals without proper consent.
Adam Smith adds: “GDPR and the security of personal information should be another huge concern for agents, especially given the recent high-profile hacking of ‘big name’ businesses such as Marks & Spencer and Jaguar Land Rover. Using a third party to collect and process customer information not only provides an often-poor experience for customers who don’t know to whom they are sending their personal information but also raises further risk of breaches of confidentiality. Those that manage personal data collection via email can quickly find their confidential customer data in the wrong place, and mistakes become more likely. Our system keeps personal information secure and means it does not have to be distributed, with output records available to an agent’s CRM holding only the confirmation that the AML checks are complete.”
“Many third-party AML services are focused on the financial sector and don’t account for the unique requirements of property transactions. Working with Martin we have built a platform that mirrors the steps that agents should take, automates that process, improves risk evaluation and reduces administrative tasks. This allows them to concentrate on their transactions, confident that compliance is managed safely and securely.Literally, all an agent needs to do is to add the customer email into their system, wait for the customer to respond through the platform, and then review the verified record created by the system. AI flags irregularities and reminds agents when documents are expiring, ensuring compliance is maintained. Completed transaction records can also be archived long-term as required.”
Martin Carey is an agent with over 30 years’ experience across all sectors. In his senior executive roles as an Equity Partner and Principal, he has transacted over £5bn of property investment transactions in his career. Adam Smith has over 30 years’ experience in developing online platforms and software systems, from the initial rollout of broadband services for businesses to building secure financial transaction platforms, with successful deployments in the UK and in developing countries.
