August 2018 Newsletter

We hope that you find this monthly newsletter useful and we would welcome feedback. Just write to us at clc@clc-uk.org

AML webinar– 6 September 12.30

Join us for our next webinar on AML, including an overview of new material we have published along with insight gained from recent Practice inspections.

We will be looking at the sector risk assessment for conveyancing and giving you tips on how to produce your own risk assessment.

Register now for the webinar at 12.30 on Thursday 6 September.

Bank of England – call for interest in new payment approaches

We have been working with the Bank of England to ensure their work to renew the Real Time Gross Settlement system takes account of the needs of property transactions and creates opportunities for new ways of working. The Bank is now exploring the demand for implementing synchronised settlement in the renewed Real-Time Gross Settlement service.

Synchronisation in this context means that the transfer of two assets is linked in such a way as to ensure that the transfer of one asset occurs if and only if the transfer of the other asset also occurs. The Bank believes that for certain transaction types, this functionality could reduce cost and risk, improve efficiency, and support innovative new methods of settlement. It is easy to imagine ways this could be applied in property transfers.

We encourage firms to engage with this project so that the Bank can find ways to maximise benefits for the home buying and selling process.

More information is available on the Bank’s website.

Reporting fraudulent emails purporting to be from HM Land Registry

HM Land Registry have been working with National Cyber Security Centre to improve public sector cyber security. As part of the phishing and malware counter-measures, they have changed the email address for you to report a fraudulent email that pretends to be from HM Land Registry. You are now asked to use scam@netcraft.com.

How to identify phishing emails

If you are unsure whether an email you have received is genuine, look at the sender address domain in the email’s “From” field.

Genuine HM Land Registry emails have a sender domain ending in .gov.uk, for example Telford.OfficeMail [Telford.Office@landregistry.gov.uk]

Phishing emails may use HM Land Registry office names, but are being sent from other email domains, for example Telford.OfficeMail [noreply3@nlacpa.com].

What to do

If you are unsure about an email claiming to be from HM Land Registry, follow these steps.

1. Do not open the attachment or follow any links, as this may infect your computer with a virus. Computer viruses can help criminals to steal data from your computer.
2. Do not reply to the email.
3. Forward the email, along with any attachments, to scam@netcraft.com. Where possible, use the ‘Forward as attachment’ option on your email software. Netcraft will take action to remove any offending material or sites from the internet.
4. If you have lost money or information, or your computer has been taken over by a phishing or malware attack, report it to Action Fraud.
5. Delete the email.

Find out more

Quick guide to Acting as Ancillary Insurance Intermediaries

We have published a quick guide to the Acting as Ancillary Insurance Intermediaries (AAIIC) which is intended only as an introduction to AAIIC and to help you understand the nature of the changes which are being introduced on 1 October 2018.

New UK Finance Disclosure Form for residential conveyancing

UK Finance has publishing a new Disclosure Form for use during residential conveyancing. The Disclosure combines financial information about the sale of newly built, converted and renovated property transactions into a central place.

The form replaces the Disclosure of Incentives Form. It can be completed by a property seller or developer and should be provided to a lender’s solicitor, conveyancer and valuer on request.

The Disclosure Form is available to download at: www.ukfinance.org.uk/lenders-handbook/disclosure-form

Background information and FAQs are available to download here: //www.ukfinance.org.uk/lenders-handbook/disclosure-of-incentives-form-faqs

Twitter

If you or your firm are on twitter we would encourage you to follow us @CLConveyancers where we post useful information supporting compliance, amongst other things, from us and trusted partners.