A new product designed to help companies, such as estate agents, comply with new anti-money laundering legislation has been launched by a business management firm.

Dun & Bradstreet (D&B) said that their new Anti-Money Laundering Report contains data that will help firms ensure they meet all the new obligations, such as checking the identity of clients, set down in the Money Laundering Regulations 2007 legislation coming into force on December 15th this year.

"The new law presents businesses with a significant compliance challenge and a major administrative burden," says Malcolm Parker, product manager at D&B UK and Ireland, adding that the report would help make "compliance as simple and as reliable as possible".

According to the Financial Services Authority, the new rules will replace the current 2003 Money Laundering Regulations, and will mean that the organisation monitors a greater number of businesses to ensure that companies are not engaging in money laundering or funding terrorism.

As well as clarifying the identity of their clients, estate agents will also be required to keep ongoing records who they do business with.

Estate Agents will be covered by the legislation alongside firms such as building societies and banks.