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Clarke & Son Blog

Checking Financial Details – A Necessary Burden

Like many businesses which handle money for clients we have to follow through with appropriate checks not only to verify we know who we are acting for (and it is a business the individuals with whom we deal have authority) but also checking that bank details are genuine.

 

This is part of our onboarding process and at the start of a matter is burdensome to our clients but is absolutely necessary.

 

We must also remain vigilant during the course of a transaction.

 

We are forever receiving warnings from our regulator, the Solicitors Regulation Authority (SRA) as well as the Law Society in this respect. So please bear with us even if the amounts sum inconspicuous!

 

In a recent case a solicitor received deposit monies on a commercial property sale. The seller asked for the deposit funds of £3,000 to be transferred and gave bank details. When those account details were checked they were found to be incorrect. The purported seller was a fraudster impersonating the real owner. With proper verification steps, the payment could be avoided.

 

We would rather take extra time and if it is necessary will delay a payment to make sure as far as we can everything is in order. In my experience, clients fully understand this and the risks and are happy to help us deal with any queries.

 

If you have any further queries or would like to book an appointment, please call 01256 320555 or email us at mail@clarkeandson.co.uk.

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