We hope that you find this monthly newsletter useful and we would welcome feedback. Just write to us at firstname.lastname@example.org
AML webinar– 6 September 12.30
Join us for our next webinar on AML, including an overview of new material we have published along with insight gained from recent Practice inspections.
We will be looking at the sector risk assessment for conveyancing and giving you tips on how to produce your own risk assessment.
Bank of England – call for interest in new payment approaches
We have been working with the Bank of England to ensure their work to renew the Real Time Gross Settlement system takes account of the needs of property transactions and creates opportunities for new ways of working. The Bank is now exploring the demand for implementing synchronised settlement in the renewed Real-Time Gross Settlement service.
Synchronisation in this context means that the transfer of two assets is linked in such a way as to ensure that the transfer of one asset occurs if and only if the transfer of the other asset also occurs. The Bank believes that for certain transaction types, this functionality could reduce cost and risk, improve efficiency, and support innovative new methods of settlement. It is easy to imagine ways this could be applied in property transfers.
We encourage firms to engage with this project so that the Bank can find ways to maximise benefits for the home buying and selling process.
More information is available on the Bank’s website.
Reporting fraudulent emails purporting to be from HM Land Registry
HM Land Registry have been working with National Cyber Security Centre to improve public sector cyber security. As part of the phishing and malware counter-measures, they have changed the email address for you to report a fraudulent email that pretends to be from HM Land Registry. You are now asked to use email@example.com.
How to identify phishing emails
If you are unsure whether an email you have received is genuine, look at the sender address domain in the email’s “From” field.
Genuine HM Land Registry emails have a sender domain ending in .gov.uk, for example Telford.OfficeMail [Telford.Office@landregistry.gov.uk]
Phishing emails may use HM Land Registry office names, but are being sent from other email domains, for example Telford.OfficeMail [firstname.lastname@example.org].
What to do
If you are unsure about an email claiming to be from HM Land Registry, follow these steps.
Quick guide to Acting as Ancillary Insurance Intermediaries
We have published a quick guide to the Acting as Ancillary Insurance Intermediaries (AAIIC) which is intended only as an introduction to AAIIC and to help you understand the nature of the changes which are being introduced on 1 October 2018.
New UK Finance Disclosure Form for residential conveyancing
UK Finance has publishing a new Disclosure Form for use during residential conveyancing. The Disclosure combines financial information about the sale of newly built, converted and renovated property transactions into a central place.
The form replaces the Disclosure of Incentives Form. It can be completed by a property seller or developer and should be provided to a lender’s solicitor, conveyancer and valuer on request.
The Disclosure Form is available to download at: www.ukfinance.org.uk/lenders-handbook/disclosure-form
Background information and FAQs are available to download here: //www.ukfinance.org.uk/lenders-handbook/disclosure-of-incentives-form-faqs
If you or your firm are on twitter we would encourage you to follow us @CLConveyancers where we post useful information supporting compliance, amongst other things, from us and trusted partners.
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