Sole practitioners are leaving themselves more exposed to risk of identity theft

Sole practitioners are leaving themselves more exposed to risk of identity theft

With another case of a solicitor being suspended for failing to carry out money laundering checks, SearchFlow, property intelligence specialists, reveals that sole practitioners are much more exposed to the risk of identity theft, as they fail to carry out electronic money laundering checks.

SearchFlow’s latest research on ordering of electronic AMLs reveals that only 5% of sole practitioners are carrying out electronic checks on all transactions.  In contrast, half of larger firms, of 15+ partners, carry out electronic checks on all transactions.

Greg Bryce, Managing Director of SearchFlow, comments: “The number of sole traders that are leaving themselves exposed to this area of risk by not carrying out electronic checks on identification is particularly startling. Electronic AML checks can be purchased as a low cost report and offers vital protection, reassurance and time savings. However, despite the growing risks, many conveyancers are still merely asking to see their clients with their documentation and do not make the necessary electronic checks to verify the identity of their client. Conveyancers are leaving themselves open to criminal activity that can seriously impact their careers and reputations. Money laundering schemes are continually adapting with more sophisticated means to scam the profession and it is a problem that is on the rise.”

Partnering with GB Group, the global leaders in identity data intelligence solutions, SearchFlow’s fully integrated and detailed AML report gives extensive and instant results.  It will reduce time spent checking documents, allowing conveyancers to proceed with their job knowing that this very concerning area of risk has been dealt with.

GB Group utilises the most comprehensive suite of data sets that are updated daily and sourced from over 240 countries. It is then analysed and presented using a risk-based approach whilst flagging data mismatches and offers a full five-year electronic audit trail.

This article was submitted to be published by SearchFlow 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.

 

SearchFlow

http://www.searchflow.co.uk

 

 

 

 

www.searchflow.co.uk

SearchFlow is the UK’s largest provider of legal due diligence data for residential and commercial property transactions. Since its formation, it has supported over 5,000,000 instructions and delivered 26,000,000 searches; this equates to around 1 in every 4 property transactions in the UK.

SearchFlow recognises that proactively supporting each client’s journey is vital to delivering the right due diligence insights, searches, data, surveys and insurance for every transaction – whether a single residential property or a complex commercial portfolio. Via its advanced online ordering platform and backed-up by an award-winning customer service team, SearchFlow supports clients in delivering the conveyancing solutions needed to manage due diligence risk and achieve compliance.

By partnering with SearchFlow, property law professionals in the UK can deliver smarter, safer, and faster property transactions to their customers.

Based in Kent, SearchFlow is a Landmark Information Group business, which is part of DMGT plc.

Visit www.searchflow.co.uk for more information or follow via social media for regular updates:

Twitter: https://twitter.com/SearchFlow

LinkedIn: https://www.linkedin.com/company/searchflow/

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