Movera has set up a new specialist Know Your Client (KYC) team to handle source of funds checks and help speed up property transactions for its conveyancers at ONP Solicitors and Cavendish.
The team will take care of KYC, money laundering and source of funds checks, working directly with clients and donors.
These checks can begin straight away and run alongside other transaction steps, which aims to cut down transaction time, spot issues sooner and reduce risk.
All team members have experience in the financial sector and know what due diligence is needed for the source of funds role.
Natalie Brown, deputy money laundering reporting officer at Movera, will lead the team.
Brown has over 11 years’ experience with the brand and works in the operation support arm of the business.
The team will also handle other KYC and money laundering checks and use technology from Thirdfort to protect ONP clients and make sure regulatory rules are met.
Brown said: “Introducing a KYC team has transformed the transaction process for all our property lawyers, allowing them to focus on the job at hand while our KYC handlers make light work of the source of funds process.
“For many of our lawyers who have built strong relationships with their clients, investigating source of funds can also be a challenging distraction.
“With this new specialist team, our property lawyers can focus on prioritising their clients’ transactions and completions.”
Craig Underwood, group chief operating officer at Movera, said: “We asked our property lawyers how we could improve the conveyancing process, streamline their client’s transactions and put more time back into their days.
“The feedback was unanimous that KYC, AML and source of funds processes were time consuming and introduced delays for their clients.
“Their feedback highlighted the difference it would make to output if we had a dedicated team to focus on this element of the process.”
Underwood added: “We asked, we listened, and we’ve improved the process for both colleagues and clients.”
