The conveyancing sector is at a critical turning point. Between high-value transactions, increasingly clever fraud, and the forthcoming shift of anti-money laundering (AML) supervision from the Solicitors Regulation Authority (SRA) to the Financial Conduct Authority (FCA), firms can’t afford to simply rely on basic checks.

We view the risk of fraud as a considerable opportunity. Implementing robust, client-friendly controls can become a key competitive differentiator for your firm. That’s why we’ve focused on Verify 365, integrating it into our platforms to give you a powerful and effective tool for fraud resistance.

Here are six effective steps you can take today to bolster your defences and prepare for the post-SRA regulatory world.

  1. Adopt a ‘Know Your Client (KYC) First’ Culture

Don’t wait for full instructions. Fraudsters exploit this initial gap. Adopt a policy where no file is opened without basic identity, data, and risk screening.

  • Safeguarding Steps: Use screeners (PEPs/sanctions) at the outset and request ID/proof of address as soon as you engage in pre-contract enquiries.
  • Why it Matters: The FCA will scrutinise client onboarding. Failure to ‘know who you are acting for’ risks intervention.

 

  1. Layer Identity Verification: Biometric + Data Check
  • To ensure the strongest defence against identity fraud, we recommend your firm adopt the HM Land Registry’s Digital ID Standard (Practice Guide 81), which provides “Safe Harbour” protection.
  • Verify365 provides a single, seamless workflow to achieve Safe Harbour status. It integrates the mandatory biometric NFC checks with automated AML/KYC screening (address, PEPs, sanctions, Source of Funds). By automating these high-assurance steps, our platform reduces human error, provides a complete audit trail, and delivers the protection and efficiency your firm requires

 

  1. Verify Source of Funds (SoF) Early, Not Late

Weak SoF verification is a top cause of regulatory fines. Waiting until completion is too late.

  • Ask clients to submit bank statements and evidence of asset sales during onboarding. Use open banking/secure APIs to compare declared funds with actual transactions.
  • Verify 365’s Value to You: It uses FCA-regulated Open Banking to extract and analyse real-time transaction data for upstream SoF assessment, providing full traceability for regulators.

 

  1. Continuous Monitoring & Periodic Re-checks

Risk doesn’t stop once the transaction begins—a client’s status can change (e.g., sanctions list updates). Relying on a one-time check leaves you exposed.

  • Verify 365’s Ongoing Monitoring: Includes 12-month monitoring on individuals and businesses, alerting you to changes and allowing your system to require fresh checks before funds are released.

 

  1. Document, Audit, and Train for Defensibility

Defensibility depends on your audit record. Regulators ask how and why you did checks, not just if you did them.

  • Create a simple internal ‘AML file checklist’ that must be marked off before fund disbursement. Conduct regular (quarterly) internal audits and train all staff on basic fraud red flags.

 

  1. Your Client Data: Are You Sure Who’s Holding It?
  • In today’s environment, firms must “know the tech they’re using” to manage client data risks. Many ID verification providers rely on a network of third-party services, meaning your sensitive client information could be passed and processed by multiple external parties to produce their reports.
  • We urge you to always clarify where your client data is stored and who it is shared with.

Verify365 is uniquely positioned to mitigate this risk, as we use our own proprietary technology for the core checks, offering greater control, transparency, and assurance over your client’s data journey.

Technology is Your Competitive Moat

Fraud is an existential risk, but you don’t need to spend huge sums to raise your defences. By adopting these steps and leveraging technology like Verify 365, you can scale controls without scaling cost. You’ll not only survive the incoming regulatory shift but also use your trustworthiness as a strong selling point in a crowded market.

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