Armalytix responsible for 1 in 8 residential property transactions in England and Wales
Armalytix, a UK-based data intelligence company specialising in source of funds and affordability assessments, has achieved a notable landmark. It now serves as a pivotal component for legal firms involved in one in eight residential property transactions in England and Wales.
Within just two years of entering the market, Armalytix has quickly become the leading technology provider for legal firms specialising in property transactions.
The company's momentum is part of a successful 2023, highlighted by nominations for Modern Law and the British Conveyancing Awards. These accolades recognise the company's technological solutions amidst a significant increase in its adoption by legal firms, complemented by the launch of new tools tailored for various industries.
In the fight against money laundering, the UK's conveyancing sector remains at the forefront, encouraging other regulated sectors to evaluate their processes and implement similar measures. Armalytix stands out for its market-leading initiatives in sectors like gambling, professional services, accounting, financial services, and other regulated fields, showcasing its capability to conduct effective checks at a single transaction point.
Commenting on this achievement, Richard McCall, CEO of Armalytix, said: “We’re delighted to continue our expansion across the conveyancing sector and to see so many firms using our technology. With money laundering estimated to cost the UK economy more than £100 billion annually, the conveyancing sector remains a crucial component in the UK’s anti-money laundering efforts. Armalytix is providing the technology and tools to help industries overcome difficulties in implementing standardised approaches.”
Paul Saunders, Managing Director at Amity Law, added: “Armalytix makes us more efficient and helps us meet our compliance responsibilities. The team is smart and flexible enough to adapt to the needs of any individual firm. Since they entered the market, Armalytix have constantly been pushing the boundaries of what is possible with technology and processes, improving the all-important everyday experience of for fee earners and clients alike. They lead the market in innovation around Source of Funds checks.”
Armalytix, which is regulated by the Financial Conduct Authority (FCA), collaborates with firms in the UK, enabling consumers to securely share data through Open Banking to deliver financial insights. This helps conduct faster and more effective Anti-Money Laundering (AML), fraud and financial risk checks for firms.
