Tag: Compliance Audit
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Source of Wealth Declaration Forms – Not Yet the Conveyancing Norm
Source of Wealth Conveyancing AML: 95% of Audited Files Fail AML Standards A report prepared by the Lexsure’s Independent AML Audit team last week revealed that only one in 20 firms audited by Lexsure in 2022 had any Source of Wealth Declaration Forms completed on their conveyancing files. Of the firms that did have such…
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Why even a prophet of doom can be comforting
The increasing prevalence of lender file audits will significantly impact conveyancing law firms in the coming years, potentially leading to a reduction in their numbers. Economic shifts, including rising property prices, will uncover breaches, driving lenders to pursue claims. Proactive risk management and mock lender file audits can help firms mitigate these challenges.