Beyond ID: building a clearer picture of client risk
Summary
The article argues that identity verification alone is insufficient for assessing client and matter risk in conveyancing and wider legal onboarding. It outlines a combined approach using ID checks, AML screening, Source of Funds, Source of Wealth and formal risk assessments to create a fuller compliance picture, with reference to a digital onboarding platform from InfoTrack.
Why it matters
Residential property surveyors may encounter transactions where compliance, fraud risk and source-of-funds concerns affect progress, particularly where their work interfaces with conveyancing. A clearer understanding of these checks helps surveyors recognise the broader risk environment around property transactions and client onboarding.
Key points
- ID verification is presented as only the starting point for client risk assessment.
- AML screening can identify PEP, sanctions, adverse media and watchlist risks.
- Source of Funds and Source of Wealth checks add context to transaction risk.
- Client Matter Risk Assessments are described as the mechanism for combining checks into a formal risk view.
- The article promotes a connected digital onboarding workflow to reduce duplication and improve consistency.
This is an RPSA summary of a publicly available article. The full content remains with the original publisher.
