Conveyancers remain vulnerable to fraud with only a third e-verifying client’s identity

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23 March 2016

Searchflow 2016Only a third of conveyancers are carrying out electronic AML checks for all transactions reveals SearchFlow, specialists in property intelligence.

SearchFlow’s conveyancing sentiment survey reveals that 38% of conveyancers never carry out electronic identity checks to verify the identity of a customer and the remaining 29% only sometimes carry out electronic AML checks.

The survey also revealed a stark difference with identity check practices by company size. Sole practitioners are leaving themselves more exposed to the risk of identity theft as only 5% carry out electronic checks for all transactions. In contrast, half of larger firms, of 15+ partners, carry out electronic checks for all transactions.

Greg Bryce, managing director of SearchFlow, comments: “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.

“It is startling that so many are still not carrying out electronic checks on identification and worrying that sole practitioners are leaving themselves particularly exposed to this area of risk.”

Electronic AML checks can be purchased as a low cost report which offers vital protection, reassurance and time savings. 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.

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