Due to the fast paced nature of conveyancing, it’s no wonder it has always been an industry targeted for financial crime (not to mention money laundering).
It’s important that we take all necessary steps to know our client and understand the transaction. This is in addition to the usual conveyancing work of checking title deeds, ensuring all necessary rights exist and that there are no onerous covenants or restrictions. This will hopefully keep us alert to any red flags or changes that might be an indication of financial crime.
It’s also important that clients choose a law firm they can trust and rely on. Any anomalies noticed by the conveyancer can be highlighted to their client and discussed, together with advice given on how best to proceed.
Conveyancing transactions have always been a target for financial crime – there’s so much to think about when buying and selling a house – it’s often fast moving and pressurised and large sums of money are involved. The victim may be the buyer, seller, borrower, lender or even conveyancer and this can occur in any number of ways, with increasing levels of sophistication from fraudsters.