Validating client identity and source of funds is slow, manual and frustrating for conveyancers. With increasing scrutiny from regulators and property becoming an attractive way for fraudsters to hide dirty money, there is an urgent need for a wide-reaching industry response.
But how does conveyancing tackle such a complex area with limited guidance? And what should firms be doing now to prepare for increased regulation next year?
Thirdfort's Jack O'Donnell talks to Jody Evans (Risk and Compliance Director, Wright Hassle LLP) and Gary Hill (Deputy Money Laundering Reporting Officer, Wright Hassle LLP) to discuss their top KYC and AML predictions for 2020 and how conveyancers can best prepare for the changes ahead.
- What is electronic verification and can conveyancers rely on it?
- How will the introduction of the 5th AML Directive, which comes into force on 10th January 2020, impact conveyancers and how should they be preparing.
- Protecting your firm from rising PI insurance premiums.