Nearly two thirds of compliance leaders expect budgets to increase, new research finds
Summary
New research from Thirdfort suggests compliance pressures are rising across conveyancers and legal firms, with most senior compliance leaders expecting anti-money laundering budgets and team sizes to increase over the next year. The survey also points to heavier workloads, fragmented systems and lower confidence in current compliance processes among larger firms.
Why it matters
Residential property surveyors working alongside conveyancers should be aware that AML and wider compliance demands are intensifying in the transaction chain. This may affect turnaround times, information requests and the level of scrutiny applied to property transactions.
Key points
- 61% of compliance leaders expect AML budgets to rise in the next year.
- 51% expect their compliance teams to grow.
- 85% say demands on the compliance function have increased in the past 12 months.
- 81% identify fragmented systems as a current challenge.
- Larger firms report lower confidence in the effectiveness of their compliance processes.
Organisations:
Thirdfort
Regulations:
anti-money laundering (AML)
Read the original article
This is an RPSA summary of a publicly available article. The full content remains with the original publisher.
