The fines have been coming in thick and fast in the conveyancing sector. The regulators aren’t letting up as anti-money laundering (AML) checks remain a hot-button issue.
Conveyancing is considered a ‘high-risk’ profession, with property transactions still a prime target for money launderers seeking the legal legitimacy of the high-value UK real estate market.
One Manchester-based firm was forced to pay a fine of £12,962, having failed to have a firm-wide risk assessment in place for eight years between 2017 and 2025.
Taking a lax approach to AML compliance isn’t worth the potentially permanent reputational damage, let alone the financial penalty.
No longer optional
Many firms see their AML obligations as optional, but the penalties for non-compliance are too serious for firms to take such a lax attitude.
And as the regulatory responsibility switches from the Solicitors Regulation Authority (SRA) to the Financial Conduct Authority (FCA), you should expect greater regulatory scrutiny, not less.
To avoid fines, conveyancers need to take a more active approach to AML compliance, and that’s where technology solutions like Checkboard become so important.
With Checkboard, compliance is easy. It becomes just another step in your onboarding workflow, where new clients can simply upload all the relevant documents to verify their identity, or provide instant access for source of funds checks via open banking.
This is all delivered to your Checkboard dashboard in an audit-ready report, instantly demonstrating your compliance. You keep the regulators onside, and avoid any negative attention.
A path to growth
Taking the right approach to compliance, however, won’t just help you avoid fines, but also boost your bottom line.
The right technological solution will help you speed through the onboarding process without compromising compliance, get transactions off the ground earlier, and get clients legally ready quicker.
This means you can onboard more clients and generate more business.
Plus, by making compliance a seamless part of their onboarding workflow, you’ll boost trust and confidence among your clients, which will in turn improve your reputation as a safe, reliable place to do business. This will lead to more referrals and more new business.
Do your due diligence
In a high-risk market all too frequently targeted by criminals, fraudsters and money launderers, doing your AML due diligence isn’t just about avoiding fines.
While it’s important to keep the regulators off your back, showing you’re taking your responsibilities seriously, rather than as an afterthought, signals trust, confidence and seriousness to your clients.
Choosing a tech partner that understands that is essential to power your growth, and prevent your firm from being listed in the next round of AML penalties.
To protect your firm and your clients, get in touch with Checkboard today.
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.
