The High Court’s decision to uphold the Leasehold and Freehold Reform Act 2024 marks an important shift in the UK property market. While much of the attention has focused on what it means for leaseholders, there is also impact for
About Conveyancing
About Conveyancing, published by Simon Seaton, focuses on legal issues surrounding conveyancing with a particular emphasis on anti-money laundering (AML) compliance within property transactions. The blog covers regulatory requirements for law firms, including client due diligence, risk assessments, and the role of the Solicitors Regulation Authority (SRA) in enforcing AML standards. It discusses the challenges law firms face in maintaining compliance, the importance of independent AML audits, and the consequences of regulatory breaches such as fines and investigations. The content also addresses the impact of market conditions on compliance practices and offers guidance on managing AML risks effectively in conveyancing.
Latest from About Conveyancing - Page 6
The £1.3bn MFS Scandal: Are Law Firms Next in the SRA’s Crosshairs?
By Simon Seaton
The FCA’s AML probe into Market Financial Solutions (MFS) following its £1.3 billion collapse has sent shockwaves through Mayfair. While the lender is the primary target, the legal profession may soon move into the “danger zone.”
Here is why some…
The Post-Completion “Afterthought”: Why Open Data is the New Gatekeeper for Lender Panels
By Simon Seaton
For years, the conveyancing industry has treated post-completion work as the “quiet phase” of a transaction. The fees have been collected, the keys have been handed over, you are no longer being hounded by the estate agent. However, regulators and…
Conveyancing Risk Management – The Integration Paradox
By Simon Seaton
In the world of conveyancing, “integrated” isn’t just a buzzword. It is an obsession. Legal technologists know it, and the best of them play right into it. Law firms of all sizes, sole practitioner or multi-office, are chasing the same…
Lender Panels: Shifting Sands
By Simon Seaton
For the over decade, conveyancing firms have viewed lender panel membership as a stable foundation for their business. But the landscape is shifting. As was the case in 2010, the “set it and forget it” era of lender panel management…
Source of Funds – How Deep do you Dive?
By Simon Seaton
I’m looking forward to the Source of Funds webinar on 26th March. This session wasn’t born in a vacuum; I chose the topic after speaking with numerous fee earners and support staff during recent Reg 21 Independent AML Audits…
Lender Exchange: Lender Panel Removal
By Simon Seaton
Following on from my previous post regarding lender panel communications from LMS, I’ve been receiving an influx of calls and emails from conveyancing firms seeking advice on the Lender Exchange 90-Day Confirmation questions. It is clear that while these updates…
The Independent AML Audit; Why it Matters
By Simon Seaton
Under Regulation 21 of the MLRs, UK law firms are required, where appropriate to the size and nature of the business, to establish an independent audit function. This is no longer a “check-the-box” exercise; it is a critical risk management…
Client Matter Risk Assessment: Automation
By Simon Seaton
The majority of law firms continue to use paper-based Client Matter Risk Assessments, but there is an inevitability regarding the shift from manual to automated processes. Even now, one could argue it is almost a regulatory necessity. As law firms…
Client matter risk assessment: Balancing compliance with conveyancing momentum
By Simon Seaton
I recently joined a roundtable discussion with several MLROs to dive into the evolving world of Client Matter Risk Assessments (CMRAs). The conversation moved quickly past the “tick-box” mentality, focusing instead on how forward-thinking firms are reframing these assessments…