How AML for conveyancing is changing
AML for conveyancing is increasingly faced with a stark choice: adopt new technology or stick to tried-and-tested methods. Those that embrace change are already moving faster and winning more new clients than their competitors still relying on manual processes.
How AML for conveyancing is evolving
Conveyancing, like many legal professions, is based on trust. Trust is built over the years through good, reliable service based on tried-and-true methods, which give clients confidence in a firm’s reliability, risk management, and professionalism.
However, in the twenty-first century, everything has changed, and client expectations are evolving fast. This applies to AML compliance an identity verification, too. Clients now expect faster, less demanding processes than can be perfumed digitally, instead of the old, hitherto reliable manual and in-person procedures.
Conveyancing firms, therefore, now face a choice to evolve to meet these modern demands, or risk being overtaken by those who do.
But technology adoption isn’t easy. It requires a serious investment and a major shift in mindset; many firms will worry about business disruption, while others will fear their teams simply won’t be able to adapt.
Increasingly, though, doing nothing is the greater risk. What used to be “nice-to-have” is becoming the minimum standard.
How technology is changing conveyancing
Progressive conveyancers are now embracing purpose-built compliance and onboarding tools. Although it helps their reputation as modern and innovative, this is not just for appearance’s sake.
These AML tools for conveyancing allow firms to:
Eliminate repetitive admin tasks
Streamline compliance
Create better client experiences
Checkboard is a key example. It modernises ID checks, source of funds verification, and AML for conveyancing. It also delivers all of this information to stakeholders in a simple, actionable report.
By consolidating these key compliance and onboarding tasks on a single platform, conveyancers can become faster and more efficient without disrupting their existing matter management process.
It reduces admin, saves teams valuable time and resources, and allows firms to see to more cases on one seamless workflow.
Meeting new client demands
Conveyancing is evolving fast. Technology is making the field much more competitive, with new digital-only practices emerging to meet growing demand for fast, seamless app-based processes.
The firms that embrace this technology now are laying the foundation for the next 5–10 years. Those that hesitate may find themselves playing catch-up, with less time, and more pressure.
To find out how to transform your AML for conveyancing, get in touch with us today.
A version of this article was originally published on Today’s Conveyancer. This version has been adapted for the Checkboard audience.
