Following the announcement of TMGroup’s acquisition of Lawtech Software Group back in March 2024, market-leading property data and technology provider TM Group has announced the completed integration of Verify 365 ID and AML technology into their digital conveyancing platforms from 5 June 2024.
Developed by lawyers for lawyers in accordance with Solicitors Regulatory Authority (SRA) frameworks, Verify 365 makes the client onboarding and verification process significantly more efficient, while fully complying with the Financial Conduct Authority (FCA) and HM Land Registry’s (HMLR) Digital ID Standard and Safe Harbour status, meaning legal and conveyancing professionals using Verify 365 won’t be pursued by HMLR in any recourse claim against a conveyancer resulting from a fraudulent transaction.
Verify 365 is powered by UK-based proprietary biometric technology, DynamicID, which delivers the most advanced AI-driven biometric AML solution in the industry. This superior technology empowers legal professionals and conveyancers to mitigate fraud risks and maintain regulatory compliance with comprehensive Know Your Customer (KYC) functionality that is up to 80% faster than manual verification methods.
Verify 365 authenticates clients’ identities through biometric verification, screens for financial crime watch lists for 12 months post-check and validates legitimate sources of funds.
This latest innovation comes at a crucial time for the conveyancing industry, given the increasing number of high-profile cases where conveyancing and legal firms have faced significant fines for failing to meet their Anti Money Laundering (AML) regulations. These penalties often stem from inadequate due diligence, insufficient ongoing monitoring, and a failure to correctly identify and report suspicious activities in property and conveyancing transactions. These fines are resulting in significant increases to professional indemnity insurance premiums, as well as posing a financial threat to the longer-term stability of conveyancing practices, particularly smaller firms.
Thomas Maerz, CEO of TM Group highlights “The partnership between TM Group and Lawtech Software Group represents a significant step forward in providing conveyancers with advanced technology to navigate complex compliance challenges in property transactions. “Verify 365’s innovative risk and compliance technology is becoming indispensable to conveyancers’ due diligence processes. When combined with TM Group’s mapping, search, post-completion and risk management solutions, legal professionals and conveyancers can now fully streamline their conveyancing processes and have everything all in one place through our convenient, easy to use technology.
For more information on TM Group’s integration of Verify 365, go to www.tmgroup.co.uk/verify-365
About TM Group
As a leading property data and technology provider for over 20 years, TM Group specialises in digital conveyancing solutions that enhance efficiency and compliance for the Commercial and Residential Property sectors and consistently deliver exceptional customer service. Their aim is to deliver innovative technology solutions that simplify the property transaction for the legal and conveyancing sector, making them a trusted partner for legal professionals. TM Group’s customers extend to legal professionals (including Residential Conveyancers and Real Estate Professionals), Mortgage Lenders, Estate Agents, and Developers. Conveyancing Data Services and Property Searches Scotland are also part of the TM Group.
For more information, go to www.tmgroup.co.uk.
About Lawtech Software Group
Lawtech Software Group is a leading provider of legal technology solutions, offering innovative platforms designed to streamline legal processes, improve client engagement, and manage compliance. With a focus on the legal sector, Lawtech’s technologies are at the forefront of the digital transformation in the conveyancing and property markets. Verify 365, developed by Lawtech Software Group is a leading Anti-Money Laundering (AML) risk and compliance KYC platform offering comprehensive legal tech solutions, including ID biometric checks, address verifications, PEPs and sanction screenings and Open Banking source of fund validations. Designed for legal professionals, Verify 365 streamlines the client onboarding and compliance process, improving security, efficiency, and compliance with global standards.
The acquisition of Lawtech Software Group by TM Group was announced in March 2024.
For more information, go to www.lawtech365.co.uk
