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.