Changing criminal behaviour due to lockdown means new methods of money laundering are being found and conveyancers must be aware.
Internet conveyancing fraud is on the increase and fraudsters are using increasingly sophisticated methods to divert funds.
The Solicitors Regulation Authority are contacting thousands of firms to ask what measures they have in place to combat money laundering. Over a fifth of firms reviewed by the SRA have failed to create the required risk assessment protocols to sufficiently protect against money laundering.
The chancellor has announced his first budget with the aim of supporting the economy though an uncertain time with brexit and CoVid19.
The Solicitors Regulations Authority following a review of 59 practices providing trust and company services, has found that a number of law firms are not doing enough to prevent money laundering.
Improvements to Land Registration will help fight fraud and Redbrick Solutions AML and ID checks can help make you fully compliant.