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CA Affiliate member, Lawyer Checker, have today launched Consumer Bank Account Checker, a service that further aids conveyancers when remitting funds or receiving funds from their client.
Lawyer Checker already provides checks to combat the dangers of sending funds to a vendor conveyancer and can assistin added due diligence when transmitting funds to or from their own clients. Consumer Bank Account Checker also enhances Anti Money Laundering (AML) processes. This is achieved by ensuring there is a direct link between the clientthat the solicitor has conducted an AML check on andthe bank account details from which the funds are being received.
Consumer Bank Account Checker is powered by Experian’s unrivalled consumer database and is supported by dedicated UK support staff. You are providedwith an instantaneous response to your registered email account when a search is performed.
Highlights of the new Consumer Bank Account Checker product include:
- Enhanced Due Diligence
- An added layer of protection is put in place when remitting funds to your client, ensuring you avoid liability and adhere to the SRA’s Code of Conduct.
- Validate Source of Funds
- Help combat mortgage fraud and incentive practices with an additional check in validating your clients’ source of funds.
- Reduce the Risk of Fraud
- An additional step to a robust risk management procedure.
Cybercrime and property fraud are real concerns within the conveyancing sector. We want to limit liability for the profession and protect the consumer. All firms will have policies in place to protect against these concerns, however criminals are becoming increasingly sophisticated and braver in their attempts to defraud companies.
Gareth Richards, Legal Director & Conveyancing Supervisor at Convey Law, said:
“Consumer Bank Account Checker provides us with an effective solution to the high-risk task of remitting sale proceeds, and balancing payments to our clients. We are committed to staying ‘one step ahead’ and the additional protection afforded by Consumer Bank Account Checker leaves no stone unturned.”