Consumer Bank Account Checker

Supplied by: Lawyer Checker

Overview

When you send or receive client funds, how do you really know whose account it is? Whether sending or receiving client monies, Consumer Bank Account Checker validates the source or destination of funds.

Why use consumer bank account checker?

• Enhanced Due Diligence: An added layer of protection when remitting sales proceeds to your client to avoid liability and adhere to the SRA Code of Conduct Principle 10.
• Help validate source of funds: Help combat mortgage fraud and incentive practices with an added check in validating clients’ source of funds.
• Can you afford not to be covered?: 69% of UK firms have been hit by cybercrime; it’s no longer a case of ‘if’ but ‘when’. Consumer Bank Account Checker is an additional step to a robust risk management procedure.

NEW ‘Traffic Light System’ to alert you to the age of the bank account. The report will now flag accounts which have been open for less than 12 months.

Consumer Bank Account Checker will enable you to enhance your risk management and demonstrate compliance with The Conveyancing Protocol, which states in section A point 3:

"Obtain evidence that the bank account is properly constituted as an account conducted by the seller for a period of at least 12 months. Confirm that remittance will be made to that account only.”

Examples of where Consumer Bank Account Checker would protect you:

• Human error
• Client impersonated either by phone, email or in person
• Elderly client, family member helps fill out the paperwork
• Portal/E-Forms details compromised
• You already have one process to ensure funds are remitted to the client's bank account. If this process breaks, what happens?

Please view the product card and sample report for more details.