Anti Money Laundering Search (Domestic & International)
Around £57b is being laundered through the UK every year, making law firms a prime target for fraudsters due to the large amounts of money moved every day. We understand the risk this poses to your firm and how imperative it is for you to know who your clients are.
InfoTrack enables you to quickly and easily perform anti-money laundering (AML) searches online, empowering how you manage your due diligence process. Working with trusted anti-money laundering providers, we ensure our clients remain compliant with the European Union Fourth AML Directive at the click of a button.
Completing your AML search through InfoTrack gives you access to a completely online system that applies the information to pre-populate forms through every stage of the conveyancing transaction. With everything saved against your matter number and saved for up to 7 years, performing your anti-money laundering search is easy and secure.
InfoTrack clients enjoy the ease of use as well as the results being simple to digest and understand.
What is AML?
Anti-money laundering is based around a set of laws and regulations that aim to prevent fraud. Completing an AML search will help to identify if illegally obtained funds have been disguised as legitimate income. AML should be a key element of any law firms due diligence process for new and existing clients. The SRA estimates that even the small percentage of fraudulent behaviour associated with property transactions equates to hundreds of millions of pounds every year. This is why it is so important to practise thorough anti-money laundering and identity check procedures for every transaction.
Lawyer Checker
Conveyancing fraud is one of the biggest risks in the property industry. And it’s not simply scammers who hack into genuine solicitor email accounts to hijack the transfer of funds that present a threat to buyers and sellers.
A growing number of frauds involve scammers using a genuine solicitor’s email and account to steal the proceeds of a property sale.
Lawyer Checker allows conveyancers to confirm that the solicitor acting for the other side is safe to deal with.
Using Lawyer Checker will allow you to protect your client’s money and assets by gathering essential information on the conveyancer to whom you are sending money. The information you receive will allow you to assess any risk associated with the transaction.
The Lawyer Checker offered by WLS is designed to assist both vendors and purchasers.
When the details of the firm and its bank account are submitted, Lawyer Checker identifies if that account is in use, returning an immediate response of frequent, infrequent or unknown.
Where the latter two responses are flagged, Lawyer Checker will carry out further investigations to provide more information on the account and help you decide whether it is appropriate or safe to transfer money.
| Key Features | Why this matters |
|---|---|
| Quickest way to check a vendor solicitor details. | Prevents any delays in the transaction. |
| Helps to identify and mitigate the risks the SRA demands solicitors manage. | Ensures solicitors are fulfilling their regulatory duty. |
| Where required, Lawyer Checker will carry out further checks to establish veracity of account details. | Gives solicitors assurance the most thorough investigation possible has been done on a solicitor account. |
Company Searches
The best way to gain a better and more thorough understanding of who you are working with through a Company Search.
WLS offer 25 specific Company Searches that will provide valuable information and insight into the people and companies with whom you are doing business.
Commissioning such a search will help you make informed business decisions about potential partners, suppliers or clients.
The searches can reveal financial instability, show how long a company has been trading and give you insight into the associated business histories with related companies.
Ask WLS for more detail on how a Company Search can give you a business advantage and greater security when working with new firms.
- Director Reports
- Shareholder Reports
- Director and Shareholder Reports
- Company Credit Reports
- Individual Director Reports
- International Reports
- Business Reports
- Non-Limited Company Reports
- Company Accounts
- Annual Returns
- Director Search
- Limited Company Search
- Liquidation & Receivership Search
- Liquidation Search
- Companies Search
- Full Document Search
- Mortgage Register Search
- Conveyancing Search
- Company Mortgage Search
- Company Search Plus
- Memorandum & Articles of Association
- Current Appointments Report
- Status Report
- The Company Record Report
- Pending Insolvency
Consumer Bank Account Checker
Lawyer Checker’s Consumer Bank Account Checker uses reliable data to provide a result on whether:
1. The bank account details you entered match a valid UK bank account.
2. The account you are searching has matched to the type of ownership.
3. The name and Date of Birth (DOB) entered match the personal details that are linked to the
account searched.
4. The address entered matches the address details that are linked to the account searched.
The information we provide in your result may suggest that the bank account presents a potential risk.
We suggest that you need to satisfy yourself that you are comfortable with sending money to/receiving
money from the account in question.
| Key Features | Why this matters |
|---|---|
| Enhanced Due Diligence. | An added layer of protection when remitting sales proceeds to your client to avoid liability and adhere to the SRA Code of Conduct Principle 10. |
| Help validate source of funds. | Help combat mortgage fraud and incentive practices with an added check in validating clients’ source of funds. |
| Do I know who I am sending funds to? | 69% of UK firms have been hit by cybercrime; it’s no longer a case of ‘if’ but ‘when’. Consumer Bank Account Checker is an additional step to a robust risk management procedure. |
| Complete piece of mind. | Piece of mind knowing your money is safe and has got to where it needed to go. |
LC5 Compliance Check
Lenders regularly change their Part 2 policies. In fact, statistically, there is a 50% chance that a lender will change their instructions during the lifecycle of a purchase case where there is a mortgage.
NavroThe LC-5 is Navro’s easy to use check for changes in the Mortgage Lenders Part 2’s as listed on the UK Finance website.interrogated 4 times a day!
