The following are Principles contained in the Council for Licensed Conveyancers Handbook where the use of software is involved or can improve the likely outcome:
- Overriding Principle 1 Specific Requirement (m) “You comply with anti-money laundering and prevention of financing terrorism legislation.” The example procedure specifies that “you must not act or continue to act for a client until all requirements for Customer Due Diligence (CDD) or Enhanced Customer Due Diligence (EDD) have been met. If these cannot be met, you must not establish a new business relationship or [you must] terminate any existing business relationship.” Intelliworks ID Check carried out at the start of a transaction will ensure that you meet these requirements
- Overriding Principle 2 Principle (i) “You maintain proper governance, management, supervision, financial, and risk management arrangements and controls.” Specific Requirement (n) “you make provision for alternative supervision arrangements in case of illness, accident or other unforeseen event”. Intelliworks workflows have substantial built-in risk management features, provide extensive audit trails and allow role based access to give visibility of any file and permit effective monitoring and supervision
- Overriding Principle 3 Principle (e) “You disclose client information only as the Client has instructed (or as required by the CLC’s regulatory arrangements or by law), keeping effective records of any disclosures you make.” Our Intelliworks Online service maintains all sensitive data at a managed secure data centre meaning that, if a laptop is lost or stolen (the most frequent reason for disclosure of confidential information), the finder cannot access confidential client data.
- Acting for Lenders & Prevention of Mortgage Fraud Code – The Code lists a number of actions which you are required to take e.g. Paragraphs 18 and 19 (Searches) and time limits imposed e.g. Paragraphs 20 and 21 (Land Registry registration) and Paragraph 22 (Companies House registration). Intelliworks workflows contain prompts to alert you to these issues so you take the relevant actions and comply with time limits.
The Handbook contains a number of codes and guidance in relation to each such code and in relation to the Code entitled Acting for Lenders and Prevention & Detection of Mortgage Fraud Code there are very detailed provisions for the conduct of any transaction including the need to satisfy yourself as to the client’s financial capability to undertake the mortgage and as to the valuation of the relevant property.
With Intelliworks you can be assured that we have built in security from the ground up, have designed in continuity and have produced best in class workflows to meet the ever increasing regulatory standards being imposed on those providing legal services.