OneSearch, the largest local search data company in the UK, has today announced its partnership with Armalytix, the open banking platform which streamlines the collection of data for the professional and financial service industries.
Armalytix’s Source of Funds technology will now be available to OneSearch clients, helping to support them by providing best in class solutions that enhance their business. Through the partnership with Armalytix, OneSearch clients can have access to Armalytix’s Source of Funds analysis, questionnaires and reports which provide a simple, visual way for lawyers to gather the correct source of funds information from their clients to manage compliance and money laundering risks.
The relationship comes at an important time with both the SRA & CLC stating at the recent Legal Eye Risk & Compliance conference in Birmingham that the regulatory focus on AML is not going away anytime soon. The partnership will support conveyancers moving to electronic digital methods, rather than using paper and manual processes, helping to mitigate the reputational and financial risk that companies are currently placing themselves under, as shown by the SRA’s recent fine of a firm for wrongly saying it had a proper AML risk assessment.
Robin Wells, Head of Sales Operations, OneSearch, comments:
“Working with Armalytix represents another positive step in which OneSearch Is assisting conveyancers, offering due diligence in a more dynamic and efficient way. The decision for us to partner with Armalytix was an easy one; we feel it’s the most comprehensive and most effective solution on the market.”
Tom Lyes, Head of Legal and Property at Armalytix, stated:
“Our vision to create a form free future fits in perfectly with OneSearch’s mission to offer a complete solution to the property transaction. Our Source of Funds tool ensures that clients can meet AML and fraud checks for compliance and regulatory purposes, and digitises the process, allowing for a better client experience. We’re excited to be supporting OneSearch as one of the most trusted brands in the conveyancing world.”