The conveyancing sector is at a critical turning point. Between high-value transactions, increasingly sophisticated fraud, and the forthcoming shift of AML supervision from the SRA to the FCA, firms can no longer rely on basic checks alone.
At tmGroup, we see robust AML compliance not just as a regulatory obligation – but as a genuine competitive differentiator. Firms that embed client-friendly, technology-led controls into their onboarding stand out and stand protected. That is why we built tmVerify: a powerful, integrated tool for identity verification, AML screening, and ongoing monitoring.
Here are six practical steps conveyancing firms can take today to strengthen their defences and prepare for the post-SRA regulatory landscape.
Step 01 / 06
Adopt a ‘Know Your Client First’ Culture
Do not wait for full instructions before screening a client. Fraudsters exploit the gap between initial contact and file opening – and that window can be costly.
Establish a policy where no file is opened without basic identity, data, and risk screening in place. Request ID and proof of address as soon as pre-contract enquiries begin, and run PEPs and sanctions checks from the outset.
Why it matters: The FCA will scrutinise client onboarding closely. Firms that cannot demonstrate they know who they are acting for face significant risk of regulatory intervention.
Step 02 / 06
Layer Identity Verification – Biometric and Data Checks Combined
To build the strongest defence against identity fraud, firms should work toward compliance with HM Land Registry’s Digital ID Standard (Practice Guide 81). Meeting this standard provides Safe Harbour protection – a significant regulatory safeguard.
tmVerify delivers this in a single, seamless workflow. It combines mandatory biometric NFC checks with automated AML and KYC screening – including address verification, PEPs and sanctions checks, and Source of Funds analysis – reducing human error and creating a complete audit trail.
Step 03 / 06
Verify Source of Funds Early – Not at Completion
Weak Source of Funds (SoF) verification is one of the most common causes of regulatory fines in conveyancing. Waiting until the completion stage is too late.
Ask clients to submit bank statements and evidence of asset sales at the onboarding stage. tmVerify uses FCA-regulated Open Banking to extract and analyse real-time transaction data, enabling upstream SoF assessment with full traceability for regulators.
Step 04 / 06
Move to Continuous Monitoring
A client’s risk profile can change mid-transaction. Sanctions list updates, changes in financial circumstances, or new PEP designations can all emerge after onboarding – and a one-time check leaves your firm exposed.
tmVerify includes 12-month ongoing monitoring on individuals and businesses, with automatic alerts when a client’s status changes. This means your team can require fresh checks before funds are released, with a clear record of the decision.
Step 05 / 06
Document, Audit, and Train for Defensibility
Regulators do not just ask whether you ran checks – they ask how and why. Defensibility depends on your audit record. Practical steps to take:
Step 06 / 06
Know Exactly Where Your Client Data Lives
Many ID verification providers rely on networks of third-party services, meaning sensitive client data passes through multiple external parties before producing a report. In a regulatory environment where data governance is under increasing scrutiny, this is a risk firms cannot afford to overlook.
tmVerify uses its own proprietary technology for core checks, giving you greater control, transparency, and assurance over your clients’ data – and a clear answer when regulators ask who holds it.
Technology as Your Competitive Advantage
Fraud is an existential risk for conveyancing firms. But it is also an opportunity. Firms that invest in the right controls now – before the FCA takes over AML supervision – will be better placed to protect their clients, satisfy regulators, and differentiate themselves in a crowded market.
tmVerify, part of the tmGroup platform, brings identity verification, AML screening, Open Banking SoF analysis, and ongoing monitoring into a single workflow. You scale your controls without scaling your costs.
Find out how tmVerify can support your firm’s AML compliance – book a demo with our team.
