AML is acronym hell...

Following a break for the Summer, the Today's Conveyancer Podcast returns with more insight and discussion from across the property profession. In this latest podcast host David Opie is joined by founder and Director Olly Thornton-Berry of Thirdfort, a "Know Your Client" (KYC) "Anti-Money Laundering" (AML) and "Source of Funds" (SoF) platform. The discussion centres on the challenge presented by increasing regulation and burden on property professionals to demonstrate Customer Due Diligence (CDD) and ensure illegitimate funds and criminals are not purchasing property. CDD and AML is the bane of most conveyancers' lives and as Olly says, is only getting harder in a more regulated world. The single biggest complaint he comes across is the view of professionals that they are now required to be forensic investigators as well as legal professionals, pointing to increasing regulatory responsibilities to verify individuals and funds. Moreover, Outcomes-Focused Regulation has created so much ambiguity around what firms need to be compliant. "We have this risk-based approach, where firms must be doing "more," without specifying what "more" is" adds Olly.Olly shares his thoughts on how best to interpret this risk-based approach, and how tools like Thirdfort fit into the equation. He identifies 4 key elements to CDD firms must have processes they can evidenceIs your client who they say they are?Are the documents the are offering up legitimate?Is the money from a legitimate source?When the transaction completes can you be sure it's same money you have previously verified?CDD is about identifying the needle in the haystack and he is passionate that we all need to our bit to prevent fraud and money laundering  There is also evidence that Professional Indemnity Insurance is now having it's say with firms who are using electronic KYC and CDD solutions seeing reductions in premiums according to Olly.This interesting discussion is a useful recap of the current requirements for law firms and a reminder of the technology solutions available which can be part  of the solution. The Today's Conveyancer podcast can be found on your preferred podcast provider and also at www.todaysconveyancer.co.uk. Subscribe and listen in for all the latest conveyancing industry news and views. Thank you to our podcast sponsors LEAP Legal Software and InfoTrack