Armalytix's partnership to help legal firms stay within money laundering regulations

By Stephen Emerson

8 April 2022

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Fintech Armalytix's software is being used to help clamp down on money laundering in the legal sector

Slough-based Armalytix is partnering with X-Press Legal Services to offer its Source of Funds technology to the legal sector.

The new offering is timely following updates to the Conveyancing Quality Scheme which state that, from 1st May 2022, firms must have procedures in place which enable them to identify the source of funds of a transaction and provide relevant documentation.

Especially within the conveyancing and property sector, having a thorough understanding of the source of a client’s funds is a crucial part of complete due diligence and anti-money laundering practices.

Armalytix’s Source of Funds technology will now be included on X-Press’s online database of products as part of their intelligent conveyancing online system (ICOS) and is available for purchase by more than 500 legal practices in England and Wales.

The partnership offers a new way for legal firms to order source of funds analysis through X-Press’s ICOS platform.

Lynne Lister, the Managing Director at X-Press, said the solution would help their clients stay within regulatory guidlines.

She said: “We’re delighted to be partnering with Armalytix as the new provider of Source of Funds technology on our ICOS platform. It is essential that law firms have a grasp of compliance services to help counter money laundering and fraud. Armalytix’s solution will be invaluable in empowering conveyancers to feel confident that they have the full picture when it comes to Source of Funds.”

On demand access to Armalytix’s Source of Funds information means that users have the ability to access regularly updated data at all points of the transaction and monitor for any changes.

Tom Lyes, Head of Legal and Property at Armalytix, said: “Partnering with X-Press to carry our Source of Funds technology is an important next step for us as we look to expand to a wider pool of legal and conveyancing clients. As part of X-Press’s ICOS, law firms can now order Source of Funds analysis with the click of a button. With the legal industry constantly burdened by paperwork, this partnership is a crucial to supporting law firms in shifting towards a form free future.”

By Stephen Emerson

Stephen Emerson is the Managing Editor of The Business Magazine and is responsible for the publication's print publications and online properties including the newly launched Biz News websites in Hampshire and Dorset.

Stephen has been a journalist for 20 years and has worked at local, regional and national publications and led a team which made The Scotsman website one of the fastest growing news sites in the UK with over eight million monthly users.

He has a keen interest in technology, property and corporate finance and telling the stories of the people behind the successful firms in these sectors.