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Conveyancing Quality Scheme Update – Fraud Risk Assessments

New Core Practice Management Standards (CPMS) for Conveyancing Quality Scheme (CQS) accredited firms came into effect on 1 May 2022.   

We have reviewed and enhanced our Intelliworks conveyancing workflows to reflect the key changes in these new Standards. 

The new Standards specify that CQS-accredited firms must have a policy to avoid involvement in property and mortgage fraud. In recent months, we have improved the conveyancing workflows by adding new, comprehensive anti-money laundering (AML) processes within the Purchase, New Build Purchase, Sale and Remortgage workflows.  In response to the newly released Standards, we have further enhanced our established AML processes, to include updated fraud risk assessment features and checks, to assist our users to act in compliance with Requirement 5.13.  

Enhancements include the expansion of data capture within the existing Client Due Diligence screen within the AML assessment process, enabling users to assign a fraud risk rating to the matter and carry out a written fraud risk assessment, as required. 

In addition, the AML and Fraud Risk Assessment Form has been updated to incorporate the fraud risk rating assigned and to populate any written fraud risk assessment details which have been recorded for the matter. 

 

In-built checks have also been added to the AML process to alert users when a ‘medium’ or ‘high’ risk of fraud is identified.   This will prompt the user to notify the matter supervisor of the risk in accordance with the new CPMS requirements. 

Intelliworks case management software has been designed to reflect the spirit of the Conveyancing Quality Scheme and the high standards it sets out. Our specialist legal workflows are based on conveyancing good practice and the principles of the Law Society’s Conveyancing Protocol, which, whilst mandatory only for CQSaccredited firms, is commonly recognised and adopted by the wider conveyancing profession.  

Full details of all updates included within the release can be found in the ‘Workflow Release Notes’ section within the Intelliworks case, or by clicking on this link: CQS Workflow Updates 

For more information, please contact your Account Manager or call us on 03300 366700.  

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