The latest crackdowns by government and the Solicitors Regulation Authority, have paved the way for an increase in cases and fines for legal misconduct. Conveyancers must now ensure clients complete due diligence at every step to avoid falling foul of the SRA but how do they achieve this without burnout?
In this digital age of bulging email inboxes and countless client folders, the old adage, “time is money”, has never been truer. Traditional methods of exchanging files with clients, storing paperwork and logging into multiple online systems are unnecessary and time-consuming.
The only way conveyancers and their clients can possibly stay on top of every increasing workflow is by streamlining into one central location.
Utilising one portal to access and complete all your due diligence and compliance products is recommended by leading provider of regulated property searches, X-Press Legal Services. It has developed its own Intelligent Conveyancing Online System (ICOS) that encompasses a full suite of due diligence and compliance products providing 24/7 access for clients. Lynne Lister, Managing Director at X-Press commented:
“We are incredibly proud to work alongside the UK’s world leading legal sector, but even the most diligent of solicitors and conveyancing providers can now find themselves under SRA investigation, if they fail to implement appropriate checks on transactions and individuals.
Utilising a centralised portal such as our ICOS system, reduces the risk of accidental oversights and ensures the complete fulfilment of due diligence and compliance requirements. Today’s conveyancers must be able to offer clients products that combine accuracy with efficiency to deliver peace-of-mind while also ensuring the retention of the legal sector’s international reputation for the highest standards of probity.”
Due diligence and compliance products available to order through ICOS, X-Press Legal Service’s online client hub include:
ID checks – UK and International
A fast, convenient, and highly secure way to verify a client’s ID and complete checks on their smartphone in a matter of minutes. Fulfils all government regulatory requirements around digital ID verification. The International ID check allows you to validate the documentation (including passports and most EU ID cards) of any individual, regardless of nationality.
Proof and source of funds checks
Quickly collates the vital bank information you need to verify the presence and provenance of funds. Proven evidence trail of SOF for SRA compliance (some SOF checks include a free refresh). Regulated by the FCA in relation to Open Banking.
Anti-money laundering checks
Fully compliant UK identity and address verification, with in-built mortality, departure, and optional passport, telephone, driving licence and NI number checking. This check can be used for people of any nationality, as long as they are living in the UK.
PEPs and sanctions checks
PEPs and Sanctions checks with ongoing monitoring. A notification is triggered should a change in status occur – checking OFAC, EU and HMT Sanctions lists and PEP lists.
Customer bank account checker
Verifies the bank details to ensure that you are sending or receiving funds to and from the right client bank account.
Fast, convenient, and fully compliant, all the above ensure the expected professional standards are met through every step of the conveyancing process, ensuring clients meet the expected SRA standards. For further details on any of these products visit www.xpresslegal.co.uk.
This article was submitted to be published by X-Press Legal Services as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.
