Those
on the the Halifax solicitors panel need to be aware that Halifax has
made important changes in relation to section 10.7 of their CML handbook
Part 2 conditions. The requirements set out how quickly a conveyancing
solicitor should return the the mortgage advance in situations where
there is a delayed completion. The time frame to return monies depends
on the account/roll number and can vary between 1 working day or 5
working days. Please click here to see the change.
The UK government has dropped a regulatory bombshell that will fundamentally reshape your life, and yes, we are talking about the dreaded FCA AML audit. For years, you’ve been supervised by your legal peers, the SRA, but those days of relative comfort are drawing to a close. The big news? Responsibility for Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) supervision for the legal and accountancy sectors is being handed over to the Financial Conduct Authority (FCA. That's right, the same folks who put the fear of God into the big banks are now coming for your conveyancing files. Cue the dramatic music. What does the FCA take-over actually mean? Forget the gentle nudge; prepare for the financial services full-body search. An FCA AML audit is likely to look a lot more like a detailed financial inspection and a lot less like a polite chat with the SRA. Think maximum emphasison: Ironclad AML documentation (no more "it's in my head" polici...
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