Calmony relaunches client accounts for letting agents with Griffin

Calmony is excited to announce the relaunch of its client accounts for letting agents, now supported by Griffin, a regulated bank. This partnership marks a major step forward in Calmony's efforts to address the challenges letting agents face in managing and securing client funds.

Enhanced AML compliance

A key feature of this update is the ability for agents to open individual client accounts on the Calmony platform, with funds securely held by Griffin. These accounts are specifically designed to address anti-money laundering (AML) issues in the lettings industry, with automated checks for unregistered agents to ensure compliance. By utilising Griffin's onboarding system, Verify, and its continuous transaction monitoring, Calmony can successfully tackle AML challenges and associated risks.

Officials from Calmony explained that this collaboration not only allows agents to maintain compliant client accounts, but to also manage all the operational aspects of their client accounting effectively. It has been a challenging few years for agents trying to open and keep client accounts, with some agents forced down the route of expensive outsourcing. Banking-as-a-Service provided by fully regulated banks is solving a real problem for letting agents and the proptech industry.

Also speaking on this relaunch, the leadership at Griffin said they are happy to support the relaunch of Calmony’s Client Account product. This is one more win for the proptech industry, ensuring agents can confidently meet regulatory requirements while focusing on delivering exceptional service to their clients. Griffin provides bank accounts for holding client money in compliance with the Client Money Protection (CMP) regulation.

Account equipped with FSCS protection and compliance

While Calmony provides the client accounting platform and support for the letting agent, monies deposited are held with Griffin, a regulated bank. Eligible deposits held with Griffin are protected by the FSCS for up to GBP 85,000.

Letting agents onboarded via Calmony’s platform have a contractual relationship with Griffin who is responsible for opening a bank account in the letting agent’s name. Griffin will also issue the annual Bank Safeguarding Letter required by Client Money Protection (CMP) schemes to ensure full compliance with the 2019 Client Money Regulations.

Agents who are not HMRC registered can still apply to open these Client Accounts. Griffin will carry out KYC and CDD checks on their landlords prior to opening these accounts.

Calmony’s client accounts for letting agents are now live, marking a significant milestone in the evolution of financial solutions for letting agents. Letting agents are welcome to apply for access.