Author: Simon Seaton
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SRA AML Audit Results in £23k fine
A CQS accredited firm operating from two small offices in the south west has been hit with a £23,000 fine for failing to comply with AML regulations. Lexsure has announced a tenfold increase in weekly enquiries concerning their AML audit solutions since this fine was announced. CQS firm Batchelor Sharp was issued with the sanction…
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SRA AML Audits on the Increase
I have seen a huge increase in calls today to our audit helpline from conveyancing firms selected by the SRA for an AML inspection. Not the sort of communication firms wish to receive on a Friday. Surely the SRA can send these communications between Monday and Thursday. Many of the firms that I am talking…
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Should CQS firms Own a Search Company ?
Let’s broaden the question, should any conveyancing practice also own their own search company? I came across the following wording recently in some Ts and Cs: Depending on the transaction, we may use one of several search companies. One of the search providers, {xxxxx} Limited, is a wholly owned subsidiary of {xxxxxx}, the parent company…
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Personal Searches: When ‘Yes’ means ‘No’
Kensington Mortgage just changed their Part 2 requirements to 5.4.5 of the Lenders Handbook. The section addressed whether the lender accepts personal searches and, if yes, what are their requirements? The previous answer was: No, we do not accept all personal searches without limitations. Our requirements as to personal searches are as set out in…
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How do the SRA decide which CQS firms to inspect?
The SRA adopt a risk-based approach to AML supervision. The SRA visits a greater number of firms classified as high risk, while also conducting visits to low and medium-risk firms. It is important to note that a visit does not automatically imply that your firm is deemed high risk for potential money laundering activities. To…
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Sanctions risk assessment: What is involved?
Is is considered best practice to align a firm-wide sanctions risk assessment with the requirements of the MLR2017. These regulations outline several risk factors that should be taken into account. They include: The risk assessment must align with the scale and scope of your practice, considering any factors that may influence risk, such as: Whatever…
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Sanctions regime – Why firm-wide risk assessments are a must
The firm-wide risk assessment serves the crucial purpose of identifying potential vulnerabilities to breaches of the regime and exploring ways to mitigate these risks. Although the sanctions regime is characterised by strict liability rather than risk-based, implementing this framework aids in the identification of emerging risks and facilitates the adoption of preventative measures. The Office…
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Webinar : Auditing your Conveyancing Cases – Lifting the Carpet.
CQS audits are on the in increase. I will be conducting a 30 minute webinar later this month focusing on providing helpful tips what to look out for and what the main regulatory tick boxes are when it comes to CQS audits. Helpful guidance will be given on the following areas: If you are interested…
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LMS Lender Panel Fee Increase
LMS are set to increase the current £25 plus VAT per completion charge to £35 plus VAT for all instructions received on or after 1st March 2024 Instructions received prior to 1st March 2024 will continue to be paid at the current rate. All LMS lender panels remain free to join at the point application…
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Leeds Building Society – Shared Ownership Mortgage Requirements
Leeds Building Society conveyancing panel should be aware that it is a standard offer requirement that Leeds Building Society receives a copy of the Housing Association consent to their mortgage BEFORE funds are released. This lender policy requirement is missed by some firms (CQS or otherwise). Firms need ensure that this is submitted before the…