Compliancy expert Legal Eye has launched a new product to help agents ensure they are properly following all rules and regulations.

Its new Compliance Gap Analysis product claims to ensure required standards are met by estate agents.

A comprehensive Compliance Gap Analysis will identify potential areas for improvement by comparing actual performance with expected performance.

Legal Eye will work remotely over 1.5 days to audit a wide range of risk and compliance policies including anti-money Laundering, anti-bribery, GDPR and health and safety. A written report confirming any corrective action required will be provided with any advice being clear and practical.

The details will be based on the Estate Agents Code of Practice for Residential Estate Agents in accordance with the Property Ombudsman Scheme for UK branches only.

Legal Eye said in a statement: “Identifying potential areas for improvement by comparing actual performance with expected performance will flag up any areas of threat which could result in heavy fines.

“Essential advice and support around regulatory obligations and industry requirements will be given. This is vital to help adapt processes and procedures, understand the risks such as AML regulations and the consequences of non-compliance.

“To be alerted to potential money laundering threats and vulnerabilities will allow a firm to be proactive to avoid costly fines and a damaged reputation.”