The government is stripping the Solicitors Regulation Authority (SRA) of its anti-money laundering powers. AML enforcement will soon fall under the purview of the Financial Conduct Authority (FCA), as part of a “blitz” on “pointless admin”.
If it delivers on this promise, this move will come as a relief to firms sweating under an increasingly heavy compliance burden – and increasingly heavy fines.
Others, however, may fear higher charges and greater expectations from a body already used to managing the extremely highly regulated financial services sector.
Whatever the outcome, conveyancers and other legal firms will surely have to take a somewhat different approach to AML. And the responsibility to perform risk assessments and maintain diligent record keeping won’t go away.
That’s where Checkboard comes in.
How Checkboard meets the compliance burden
Whether it’s the FCA or the SRA, AML compliance remains important. It’s a regulatory issue, yes, but it’s also about building your reputation and signalling trust to your clients and partners.
By adopting the right all-in-one compliance solution, you can perform all your AML checks and meet your due diligence obligations without breaking a sweat.
Here’s how Checkboard keeps you compliant, no matter which regulatory body you’re dealing with:
- You can perform all your AML checks and ID verifications on one intuitive platform
- Clients are given the responsibility to upload all their documents themselves, putting them in charge of their own process
- Easy APIs help you integrate Checkboard with your existing workflows, databases, and platforms
- Inconsistencies and errors are immediately flagged, so you respond to and eliminate potential risks
- You’re given a clear audit trail you can share with stakeholders and send on to the auditors
Faster compliance and peace of mind
With Checkboard, compliance is faster and more seamless. By delivering instant reports, you can easily assess potential red flags, act where needed and send the results straight to the auditors.
It gives your team peace of mind, and it also communicates trust and reliability to your own clients.
Checkboard ensures you can meet all your compliance demands swiftly and accurately, helping you avoid the consequences: regulatory attention, heavy compliance fines, and reputational damage that hinders your ability to win new business.
Find out how Checkboard supercharges your compliance.
This article was submitted by Checkboard as part of an advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.
