Navigating the SRA AML Questionnaire: Key Insights for Law Firms
The Solicitors Regulation Authority (SRA) has rolled out a new AML (Anti-Money Laundering) Questionnaire, and if you’re involved in managing compliance for a law firm, this is something you’ll want to pay close attention to. The questionnaire is designed to gather detailed information about your firm’s approach to AML, including your risk assessments, policies, and […]
Know your business checks for overseas entities launched
As part of the money laundering regulations firms are required to establish ultimate beneficial ownership (UBO) of companies and complete client due diligence. According to HM Land Registry figures, there are 280,021 homes registered to foreign homeowners; a combination of 2/3 owned by individuals, and 1/3 owned by overseas companies. In the last 12 months, […]
Anti-Money Laundering Supervision Arrangements: CLC policy update
In June 2017, The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations came into effect. The Council for Licensed Conveyancers (CLC) is one of the bodies appointed to supervise compliance with these anti-money laundering laws. A policy document outlines the CLC’s key governance arrangements, approach to supervision, and procedures for […]
Portals will not take action on Material Information failings
Property listings portals Rightmove, Zoopla and OnTheMarket have suggested they will not take disciplinary action again estate agents who fail to comply with the material information guidance published by National Trading Standards Estate and Letting Agency Team (NTSELAT). Estate agency publication The Negotiator has spoken to the portals who have said they will take a […]
Q&A reveals what is in, and out, of the Leasehold and Freehold Reform Act 2024
A question & answer document provided by the Association of Leasehold Enfranchisement Practitioners (ALEP) has revealed what is included, and more importantly what is not included, in the Leasehold and Freehold Reform Act 2024. The act scraped through Parliament on the final day of the Conservative government ahead of the General Election in July. Despite […]
AML and sanctions data collection – What you need to know
The Solicitors Regulation Authority (SRA) has recently requested law firms complete an anti-money laundering and sanctions data collection exercise. The SRA is required by Office for Professional Body Anti-Money Laundering Supervision (OPBAS) to take a risk-based approach to supervision and is requesting firms complete the requested information as full as possible. It will, they say […]
Over 1200 conveyancers sign up to TA6 consultation
The Law Society of England and Wales have confirmed over 1200 conveyancers have registered to take part in the upcoming Property Information Form TA6 consultation launched in response to the backlash from the profession following its introduction in March of this year. The deadline for registration passed on Friday 16th August. The conveyancing profession hit […]
Deadline to have your say on TA6 – Friday 16th August
The deadline for conveyancers to register to be involved in the TA6 consultation is on Friday 16th August. The Law Society of England and Wales says it has had over 1,000 conveyancing professionals register to take part. The consultation was launched on 10th July with solicitors, licensed conveyancers or other professionals working in conveyancing being encouraged […]
CPD Webinar: Completion Day Nightmares – What to do When Things go Wrong?
Completion failures can result in lost deposits, breach of contract and financial compensation claims. Even after exchange of contracts, a property transaction is still exposed to risk. Mortgage offer withdrawals, redundancy, bankruptcy, broken chains, or even removal issues can result in completion defaults. It’s crucial that solicitors know how they can successfully resolve any of […]
Reservation agreement tested in court as buyer told to pay £35,000
A buyer has been told to pay £35,000 in a case relating to the enforcement of a reservation agreement after a judgement found they were considered to have pulled out of the transaction unreasonably. The case was brought by reservation agreement guarantee service Gazeal, who secured the compensation laid out in their reservation agreement after […]
Enhancing Security Through Regular Software Updates
In today’s digital landscape, cybersecurity is a paramount concern for law firms. The sensitive nature of legal work demands robust security measures to protect client information and maintain professional integrity. One of the most effective ways to enhance security is by ensuring your legal practice management software is kept up-to-date. Guard Against Emerging Threats Hackers […]
Everything you need to know about AML for conveyancers
Every Property Law Solicitor and Conveyancer knows that carrying out an Anti-Money Laundering (AML) check before taking on a client is crucial to ensure compliance. AML checks help to prevent illegal activities such as money laundering and terrorist financing within conveyancing transactions. The volume of transactions and high property values, especially in London and the South East, […]
Top 5 tips for speedy CON29DW returns
To celebrate the 10th anniversary of the Drainage and Water Searches Network (DWSN), we are developing a series of webinars delving into the questions contained within a CON29DW search. Our first webinar, Top 5 tips for speedy CON29DW Returns, is now available on the DWSN YouTube Channel and below, which you can also access at […]
First firms certified with GDPR compliance standard
A pilot scheme launched to provide law firms with a better understanding of General Data Protection Regulations (GDPR) and demonstrate compliance with its obligations has seen the first firms certified. The Legal Services Operational Privacy Certification Scheme (LOCS:23) is the first sector-wide GDPR certification standard for legal service providers and their solution partners. The standard […]
Law Society ‘grateful’ for TA6 form feedback as no confidence vote proposed
The Law Society have said they are ‘grateful’ for feedback from conveyancers following the uproar that ensued after the release of the updated fifth edition of the TA6 Property Information Form A new practice note and ‘frequently asked questions‘ (FAQs) was published by the Law Society this week, providing guidance on the Consumer Protection from […]
How to Choose the Right Digital Provider for AML/KYC Checks
Today, anti-money laundering compliance is more than identity verification; it encompasses a comprehensive approach that involves understanding clients, assessing risks, and monitoring transactions. Traditionally, Know Your Customer (KYC) and Anti-Money Laundering (AML) checks have relied on manual procedures. This often entails in-person meetings with clients, manual identity verification, and email exchanges to gather essential documents […]
TA form furore – stinging criticism of Law Society
The Law Society has come in for criticism for its handling of updates to the property protocol forms. The forms have been updated to include more information about the property that can be used for compliance with National Trading Estate and Letting Agency Team (NTSELAT) guidance on material information. At the time Law Society president Nick […]
Firms flag just 0.2% of transactions as suspicious
Law firms must continue to remain vigilant to red flags and suspicious activity in property transactions as research reveals the number of Suspicious Activity Reports (SARs) submitted by legal and conveyancing professionals has fallen by 13% year on year. The SARs Annual Statistical Report 2023 reveals the SARs figures for independent legal and conveyancing professionals […]
Levelling-up and Regeneration Act 2023: Changes to the limitation period for planning enforcement
A significant change to the law effective today (Thursday 24th April) is poised to catch many property lawyers off guard. From today a much stricter approach to planning enforcement will be implemented, impacting property owners, developers, and (not to forget) property lawyers. In England (as opposed to Wales) under the new law, when there is an […]
Extension of Japanese Knotweed responsibilities ‘leaves vendors open to litigation’
The updated TA6 property information form, released by the Law Society in the past week, places a new onus on vendors to be clearer about the risks posed by the incursion onto the property of Japanese Knotweed, and failure to properly identify the risk could lead to more claims warns CLS Property Insight, who point […]
