Are you fully equipped to identify and manage these growing risks?
Given the frequent reports of vendor conveyancer fraud and money laundering in the press, it’s natural that law firms are concerned about the risk to them and to their clients.
The good news, however, is that there are a number of products that allow the risk of fraud to be managed in a fast and cost-effective way. Geodesys is delighted that from Tuesday, 3 May, we are offering two key products – Lawyer Checker and the Anti-Money Laundering Search. Both help you to minimise the risk and, moreover, they both come at minimal additional cost!
Anti-Money Laundering Search
£6.00 (inc VAT)
Many law firms deal with large amounts of capital and this can make them attractive targets for those wishing to launder money. In 2014 the Solicitors Regulation Authority received 184 reports of money laundering and have a hot topic page set up to bring all anti-money laundering information together.
Ensure that your own due diligence is watertight by using an Anti-Money Laundering Search, the UK standard in AML due diligence screening. It’s quick, simple and verifies the identity of your customers in real-time, giving you a clear indication of the level of risk.
£12.00 (inc VAT)
With lenders tightening panels, fraud has moved along the line in a conveyancing transaction and criminals are stealing the identities of real firms, or setting up their own fake firm. The Solicitors Regulation Authority reported 726 reports of bogus firms in 2015 – a 28% increase on 2013 and a whopping 101% increase on 2012. There is also an SRA Warning Notice in place on bogus law firms and identity theft.
Checking the “Find a Solicitor” list is no longer enough. Use Lawyer Checker to identify if there is a track record or previous use associated with the account details (the check searches more than ten databases). If the result raises concern, Lawyer Checker carries out further checks within four working hours to give you additional information.
For more information on these products please contact your Client Account Executive or call our Customer services Team on 0800 085 8050.