Thirdfort spotlights the risks of compliance workarounds in conveyancing firms
Summary
Thirdfort has launched a campaign warning conveyancing firms about the risks created by fragmented compliance processes and informal workarounds. The article argues that stitched-together due diligence systems can increase administrative burden, slow client onboarding and leave firms exposed to fraud, money laundering and regulatory scrutiny.
Why it matters
Residential property surveyors working alongside conveyancers and estate agents should be aware that compliance bottlenecks can affect transaction timelines and client experience. The piece also highlights the operational and regulatory pressure on firms handling client due diligence and AML checks, which can influence the wider property sales process.
Key points
- Thirdfort is warning against compliance workarounds in conveyancing firms.
- Fragmented due diligence processes may hide firmwide risks.
- Poorly joined-up onboarding can extend client verification from hours to weeks.
- The article links these issues to fraud, money laundering and possible regulatory penalties.
- Thirdfort has launched a campaign and supporting films focused on onboarding and senior compliance roles.
This is an RPSA summary of a publicly available article. The full content remains with the original publisher.
