Sponsor Spotlight: Thirdfort Limited

Sponsor Spotlight: Thirdfort Limited

The British Conveyancing Awards, sponsored by Dye & Durham, simply would not happen without the support of the industry.

Thank you to all those who have entered and sponsored the event which this year is hosted as a hybrid event; with an in-person ceremony at the stunning Church House in London, simultaneously livestreamed via The British Conveyancing Awards website.

Our 2022 ceremony is a departure from the focus of the 2021 awards. To simply repeat the 2021 awards would miss the point of where the conveyancing industry is going. We are entering a different phase for conveyancers with a flatter market, increasing on and offline fraud risks, PII, the balance of flexible working and continued digitisation all presenting new and different challenges.

Our 2022 categories and supporters reflect this shift in emphasis, and we are delighted to introduce them through a series of Supporter in Focus pieces. Alongside Risk & Compliance Champion of the Year sponsors Thirdfort, we look forward to recognising the very best our industry has to offer.

First of all, tell us who you are and what you do

Thirdfort is an Anti-Money Laundering (AML) solution that is changing the way conveyancers onboard their clients. Thirdfort works with over 500 UK conveyancers and law firms, including Mishcon de Reya, Streathers, and MJP Conveyancing to provide frictionless ID, AML, and source of funds checks, and make life easier for both clients and conveyancers by combining best in class technology and dedicated support.

As a specialist remote ID and AML verification service, Thirdfort uses government-grade identity verification to meet HM Land Registry’s Digital ID Standard, providing conveyancers with safe harbour from recourse should fraud occur on a transaction.

Thirdfort is also an industry leader in automated Source of Funds verification, using Open Banking to retrieve digital bank statements and combine these with an in-app source of funds questionnaire for clients and giftors, so conveyancers can be sure they have the full picture.

What prompted you to support The British Conveyancing Awards (again) this year?

Since Thirdfort’s launch in 2019, we have set out to arm conveyancers with the tools they need to carry out their role quickly, easily and – crucially – compliantly. Amid the turbulent property market of the last 18 months, conveyancers deserve recognition for their part in helping people secure their dream home, and we at Thirdfort are proud to offer our support to the industry.

Why did Risk and Compliance Champion of the Year stand out for you as one to throw your support behind?

Property is still considered the “weak link” in Britain’s AML defences, which is why it continues to be key for conveyancers to operate with a risk-based approach. Making compliance quick, easy and secure for the conveyancing sector is at the heart of what we do, and we love to shout about it. Following on from our work with HM Land Registry to produce the first Digital ID Standard-compliant product last May, we have been hard at work to help make compliance effortless for firms.

At Thirdfort, we offer a seamless, secure, and efficient AML solution to property professionals to make this happen. With fraud constantly evolving, celebrating individuals that are going above and beyond to protect their firms is more important to us than ever.

How do you see the 2022 conveyancing market shaping up?

Like many in the industry, we see the property market remaining busy in 2022, though perhaps less hectic than during the huge spikes of the 2020-2021 Stamp Duty Holiday. Experts agree, with most predicting a climb in property prices in 2022. With this in mind, we think it is more important than ever to arm conveyancers with tech that will reduce their workload, save them stress and time, and make staying compliant effortless.

What changes or improvements do you see need to be made in the conveyancing sector over the next 12-18 months?

As mentioned above, we think the right technology will become even more critical for conveyancers in 2022. After October 2021’s Pandora Papers leak, where details on over 1500 properties purchased using offshore companies were revealed, the UK property chain was highlighted once more as a “weak link” for money laundering. In response, the government plans to introduce new legislation that’s likely to include tighter AML regulations for firms.

To be ahead of the curve, conveyancers should look to electronic ID to verify the authenticity of documents and monitor the PEP and Sanctions status of their clients. More broadly, as conveyancing as a process becomes more digital, we would love to see efforts around digitisation align and sync more with the KYC/eIDV offerings that are available.

What are you doing to lead or be part of that change?

We are continually honing our ID/AML offering to make sure we can help conveyancers to meet their AML requirements. In 2021, we made several updates and changes to our ID and AML offering:

  • We led the market by staying in close discussion with HM Land Registry throughout the drafting process of their Digital ID Standard, to make sure we could offer conveyancers a compliant solution from the Standards’ release.
  • We released Thirdfort Standard just weeks after HM Land Registry finalised their guidelines, so conveyancers could benefit from Safe Harbour by using Thirdfort almost immediately.
  • We’ve made several product releases and updates in the past year, including Thirdfort Company Checks, Ongoing Monitoring, and an improved Source of Funds offering.

Do you have any messages for the sector and the firms and individuals entering this year’s awards?

While the pandemic continued in 2021, conveyancers were often undervalued and under incredible pressure to get people into their dream homes. Thirdfort would like to say a huge “thank you and well done” for the work conveyancers have carried out in the past year. Good luck to this years’ entrants!

Thank you to Thirdfort Limited for their support at The British Conveyancing Awards 2022.

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