Ray White Case Study: Finding An End-To-End AML Compliance Solution

Ray White case study

“Tic are experts in the AML space and are flexible in providing a complete solution”

Treena Drinnan, Chief Agency Officer, Ray White

Find out how estate agent Ray White found a flexible, end-to-end solution to manage their compliance obligations across nearly 200 offices and hundreds of members.

With a large member network and branches situated all around the country, Head of Agency Operations, Graeme Fraser knew how important it would be to provide the right infrastructure and support to ensure compliance under both the AML/CFT Act and the REA Act 2008.

Ray White wanted to ensure they comprehensively met all their AML obligations, while their vendors could still onboard quickly and accurately, with security of information guaranteed.

The challenge

Ray White are one of the most well-known faces in real estate across Australasia. As a fourth generation, family owned business with an expanding network of franchises their depth of experience in real estate continues to grow.

With thousands of properties listed with Ray White every year, and high satisfaction scores from customers it was extremely important to Ray White that they could continue to provide the strongest level of service while managing AML obligations.

Understanding the complexities of AML requirements and a desire to provide a quick and easy solution for members and customers, Ray White recognised that outsourcing was the right approach to take.

The solution

Ray White wanted a seamless, end-to-end solution to enable their members to save time and get on with the business of selling properties. It was also important to create a consistent experience for vendors, which was easy to access and provided quick results to enable the property to be listed.

With this criteria in mind, Ray White began conversations with tic company in 2018 prior to the Act taking effect in January 2019 (for Real Estate). There were ongoing meetings between Ray White’s head of agency operations, lawyers, and tic company. These meetings served to provide a better understanding of what would be required to implement processes for network members.

It was recognised that to reduce costs and risks, tic company would work alongside Ray White to formulate a Designated Business Group (DBG). This would allow the burden of key AML processes such as record keeping, customer due diligence and compliance processes to be shared.

“The great thing about the DBG solution is that it provides a high level service to our network members and clients and we remain compliant at the same time.”

Treena Drinnan, Chief Agency Officer.

In the beginning, form submissions were transmitted via mobile devices by agents to manage verification, but It was clear a strong technical solution was required. Tic Company worked alongside Ray White to develop the AMLOnline portal which revolutionised the way members were able to manage their due diligence and compliance activities.

The portal is continuously improved with technological advancements and members enjoy the ease with which data can be stored and captured, instant results from identity checks, and real-time access and transparency.

Most importantly members are reassured by the high level of privacy and security provided – a mandatory requirement for securing vendors and clients confidence.

In addition, Ray White recognised the benefits and cost savings to be had by using tic company as a complete outsourcing solution. Relying on tic company to provide ongoing support, expert advice, and training, as well as review and management of their risk assessment and compliance programme. Expertise is also provided for trickier cases with dedicated field officers on hand to provide assistance and help with AML challenges, such as SARs submissions.

The future

As a company always wanting to create  great experiences for members and vendors, Ray White have an ongoing commitment to invest in their people, technology and processes. They wanted a partner who could embrace this ethos and continue to work with tic company to refine their AML solution.

Currently work is underway to integrate tic company’s online portal with Ray White software so AML verification can be housed in one centralised place. No more double handling of data and a real-time view of listings and processes.

The results

The creation of the DBG covers all levels of customer due diligence, ongoing support is easily accessible together with assistance for annual reporting and audits.

There have been significant cost savings for members, and expert advice and guidance provides the certainty that members will be safe from non-compliance.

Speed to market, fast accurate results, and transparency is a key requirement of Ray White members, so the fast turn around time of most cases is a great result for all concerned. More complicated cases are supported by the tic company team, leaving members to focus their time on vendors and listings. This results in a very low occurrence of exceptions or delays.

“We remain confident in the solution provided by tic company for our members and clients. It is a seamless end-to-end solution.”

Treena Drinnan, Chief Agency Officer.

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