Client due diligence platform Thirdfort spotlights the risks of compliance workarounds in a new campaign. Such workarounds can put committed compliance officers under additional pressure as they seek to protect their firms from fraud and money laundering.
Digital onboarding and AML technology is widely used by regulated firms in the conveyancing sector. Millions of individuals are now verified through digital journeys. However, compliance teams remain under significant pressure as they balance increasing regulatory requirements with client experience and operational efficiency.
Many regulated firms do not have one clear due diligence process. Instead, different tools and processes have been stitched together over the years. However, such processes may hide firmwide risks leaving regulated firms open to regulatory investigations and potential penalties. These processes can also increase the time it takes to onboard a client from hours to weeks or longer.
As a result, compliance teams at law firms, conveyancers and estate agents are still dealing with fragmented processes, hidden risks and increasing expectations from both regulators and clients.
Olly Thornton-Berry, co-founder and CEO of Thirdfort, said: “Compliance professionals in conveyancing firms are dedicated and hardworking professionals. They face increasing expectations from regulators and clients alike. Yet many are dealing with fragmented processes that create additional administration and may conceal firmwide risks. That’s why we’re highlighting the risks of such processes and making the case for client due diligence that puts compliance professionals in control.”
This comes as Thirdfort launches its no more workarounds campaign alongside two new films that shine a light on the onboarding process and the role that senior compliance professionals play in keeping their firms protected.
These films are based on real conversations Thirdfort has had with compliance teams and the frustrations and expectations they face daily.
The films can be viewed here: thirdfort.com/no-more-workarounds.
This article was submitted by Thirdfort as part of an advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the advertiser and not those of Today’s Conveyancer.
