Listen. Learn. Engage – How Armalytix continues to work with the brightest, biggest and best.
As we have hurtled through 2023, the regulators have made clear that there is an unyielding expectation to get AML and client due diligence right.
Our Innovation Day this year was a bigger affair than last year, this time held in Manchester city centre where clients from across England and Wales joined us. The Armalytix team spoke to them to understand how well we are doing, how we can do better, and how our planned innovations might fit with their needs and challenges.
Some insights from the day were:
- 40% of SofF checks are completed on the same day and 60% within 48 hours.
- The proceeds of sale CQS practice note which requires verification of a bank account being open for more than 12 months is a key element. If an account is younger, the opportunity to explain why would be beneficial within the technology that is being used.
- The process of using technology for SoF checks is a balancing act – making it user-friendly and easy versus also getting the best possible information for compliance.
- What might ongoing monitoring look like during a transaction?
- Why having a set of bank statements on file is no longer good enough to satisfy what is needed for SofF and SofW. there is more to understanding the origins and roots of monies being used in a transaction.
- How we will continue to build our partnerships and relationships in the industry.
There was much discussed and lots to ponder on, one thing is for sure, we can only continue to innovate through the collaboration we have with our clients. Together we can make digital compliant solutions that deliver the information lawyers need for this ever complex and demanding area of law.
As we move towards the end of the year and think ahead to 2024, it is expected that at least 1 in 10 transactions will carry a Source of Funds (SofF) check and it is clear that Conveyancers are leading the way in improved AML practice and process.
