Nearly six in ten UK property transactions now require additional checks under anti-money laundering rules, according to new data from Thirdfort.
Analysis of more than 415,000 completed Source of Funds checks found that 57.7% of cases included at least one red flag, with an average of two per report—pointing to a substantial compliance workload for conveyancers and estate agents.
Although red flags do not indicate wrongdoing, they trigger enhanced due diligence requirements, including further evidence and verification before a transaction can proceed. Without automation, this process typically involves manual follow-up, extra document requests and ongoing communication between professionals and buyers.
Olly Thornton-Berry, co-founder and CEO at Thirdfort, said: “Our data shows that enhanced due diligence is now the norm rather than the exception in UK property transactions.
“When nearly six in ten purchases require additional checks, that represents a significant operational burden for conveyancers and estate agents, particularly those still relying on manual processes.
“Technology plays a critical role in reducing back-and-forth, prompting buyers for the right information upfront and surfacing risk indicators quickly and securely.”
Read the orginal article: https://propertyindustryeye.com/new-data-brings-significant-operational-burden-for-conveyancers-and-estate-agents/?utm_source=rss&utm_medium=rss&utm_campaign=new-data-brings-significant-operational-burden-for-conveyancers-and-estate-agents
Nearly six in ten UK property transactions now require additional checks under anti-money laundering rules, according to new data from Thirdfort.
