As office brokers became subject to the Money Laundering Act, online platform Yta.se used Roarings services to turn compliance into a competitive advantage. This is how.
Having been included in industries covered by the Money Laundering Act in Sweden, office brokers suddenly faced a new challenge in AML compliance requirements. For co-working office spaces and brokers in the nische, this entailed new processes and tools to be implemented among other things.
Swedish-based Yta.se, who act as an intermediate broker between companies and co-working spaces, was no exception to the new rules and regulations.
“In the beginning it wasn’t very clear how we should approach the AML regulations. The Association of Swedish Real Estate Agents (Mäklarsamfundet) didn’t provide much information or background as to how brokers should adapt and we weren’t sure our company, with a very specific niche, was subject to the regulations at all.” Says Viktor Söderström, CEO at Yta.se.
“Once we got through the fuzziness of information that we received, we started looking for solutions to implement, in order to support the new processes that were required. That’s where Roaring came in as an option.”
"Viktor Söderström, CEO at Yta.se"
As inspections from The Swedish Estate Agents Inspectorate (FMI) increased in numbers last summer, due to an update to regulations, time was of the essence for Yta.se.
Starting out using the Roaring Web App was therefore a solid option to ensure compliance, before using APIs as the business scales, to automate the process.
“We started using the web app to support our AML process, where we conduct screenings on the tenants as well as the co-working companies, both before agreements are made and as an ongoing due diligence measure afterwards.”
“Roaring provided us with a technical platform, enabling us to solve our immediate issue in a simple and user-friendly way via the web app, as well as scaling with the help of the APIs.”
As well as ensuring compliance and making sure their business relationships are risk free and sustainable, Yta.se provides great value to their partners and customers through the due diligence process. Viktor believes this makes the compliance process a competitive advantage, rather than a necessary cost.
“When an agreement is made between a tenant and a co-working space, with us in between so to speak, everyone can sleep at night knowing that the relationship is solid from a risk perspective. This makes us a safe and secure partner to work with.”
“With Roaring, everything has been smooth sailing from day one. Easy to get started, support all the way through, and all the data we need in one place!” Viktor concludes.
Yta.se is a tech company who provides an online platform where companies can find office spaces to rent based on their individual needs. Yta has, so far, helped fast-growing companies like Mentimeter, Desenio and Doktor24 find new offices. In 2021 the company had a turnover of 20 million SEK.