Why is ongoing monitoring so important?
The entire client relationship is a minefield of potential risk, so diligent conveyancers need to keep an eye out for red flags throughout the entire transaction.
That’s why ongoing monitoring is so important.
It’s also an obligation: to meet FCA standards, conveyancers must continually check clients against PEPs, sanctions, mortality, and adverse media lists.
Checkboard gives you an all-in-one platform to effortlessly perform ongoing monitoring as soon as the onboarding is complete. It helps you reduce fraud risk, comply with the regulations, and protect your firm and clients from criminal behaviour.
How Checkboard transforms ongoing monitoring
Checkboard makes ongoing monitoring simple and fast without sacrificing diligence and comprehensiveness.
We conduct daily scans over a 12-month period, checking client accounts against various key watchlists.
We scan PEPs, sanctions, mortality, and adverse media watchlists. That way, we can make sure you’re not dealing with any sanctioned or high-risk individual, nor anyone associated with one. We also confirm whether your clients are actually alive, to prevent the identity of a deceased person being used to disguise criminal activity.
The results are then delivered to you in a handy, usable report, so you can instantly respond to any red flags.
Plus, we have developed a custom algorithm that assigns a percentage match rate to any red flag, to ensure we’re not delivering false positives to your reports.
Why ongoing monitoring reduces risk
It’s easy to make ongoing monitoring into an afterthought, but with Checkboard you have no excuse not to perform it to the same high standard as your onboarding.
That way, you’re meeting FCA anti-money laundering regulations, and avoiding any legal or financial repercussions.
You’re also protecting yourself from long-term criminal risk, weeding out any criminals trying to use your firm to launder illicit funds. You’re also protecting your other clients from exposure to risk.
Doing so improves long-term trust, and your reputation as a safe place to do business.
To find out more, get in touch with the team at Checkboard.
A version of this article was originally published on Today’s Conveyancer.
