Home moving brand, Movera, has created a new dedicated Know Your Client (KYC) team to manage source of funds processing and streamline the property transaction process for conveyancers within the ONP Solicitors and Cavendish brands.
The team is designed to free up the Group’s property lawyers and allow them to focus on building client relationships and progressing transactions.
By introducing a specially trained team to manage KYC, money laundering and source of funds, and liaise with the clients and donors directly, these checks can be started immediately and run simultaneously to other elements of the process.
This will cut down transaction times and ensure that any issues are spotted by the assigned source of funds specialist quickly, preventing delays whilst reducing risk and complying with regulation.
The team will be led by Natalie Brown, deputy money laundering reporting officer at Movera, who has over eleven years’ experience with the brand, and sits within the operation support arm of the business.
This specialist team will also be responsible for other KYC and money laundering elements of the transaction and utilise technology from Thirdfort to ensure ONP clients are protected and that regulatory obligations complied with.
Natalie Brown, KYC manager and deputy MLRO, commented: “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 COO 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. We asked, we listened, and we’ve improved the process for both colleagues and clients.”
