Client qualification is no longer just about affordability. An increasingly risky property market demands a more thorough approach to due diligence. But technology allows firms to turn this onerous regulatory burden into a swift, smart process.
How qualification has changed
Traditionally, qualifying a client simply meant ensuring they had the ability to repay their fees on a realistic timeline.
But the property market is becoming risky and fast-paced. Money-laundering is an increasing threat, while international sanctions require a greater level of due diligence than ever before. That includes
Identity and address confirmation, including through biometric ID to perform liveness checks
Risk status, such as PEPs and sanctions, to determine whether an individual has business dealings in sanctioned countries, or is at high risk of corruption
Source of funds checks to determine whether the money being used in the transaction has a suspicious origin
Failure to check these early can delay transactions, expose your firm to risk, or even require you to disengage later, risking reputational and regulatory damage.
Taking a smarter approach to qualification
Modern conveyancers are embedding qualification at the start of the onboarding journey. They’re using tools like Checkboard to run rapid identity and AML checks early, so they’re not caught out later on in the process.
Checkboard enables firms to:
Verify ID in minutes using biometrics
Run real-time checks against global databases
Review bank-sourced proof of funds securely
Compared to manual processes, it’s faster and more efficient, and less likely to fall prey to human error. This helps avoid regulatory scrutiny, but it also makes it possible to onboard far more clients far more quickly – and that’s a welcome boost to the bottom line.
Qualification boosts reputation
It’s also a reputational boost. By automating qualification and completing it early, you reduce risk and speed up the time to instruction. Your clients will feel things are moving quickly, and that positive impression will result in more recommendations and better reviews.
The result is safer transactions, stronger client confidence, and a well-earned reputation for efficiency.
Get in touch to find out how you can onboard and verify clients faster and better.
A version of this article was originally published on Today’s Conveyancer. This version has been expanded and adapted for the Checkboard audience.