Armalytix, the leading UK-based data intelligence firm specialising in source of funds and affordability checks, has reached a significant milestone. It now stands as the driving force behind legal firms responsible for 1 in 8 residential property transactions conducted in England and Wales. In just two years since its market introduction, Armalytix’s technology has rapidly evolved into the foremost provider for legal firms engaged in property transactions.
This momentum follows a successful 2023 for Armalytix, marked by nominations for Modern Law and the British Conveyancing Awards recognising the company’s technology offering amidst a sharp uptake in adoption by legal firms, along with the release of new tools for industries.
The UK’s conveyancing sector continues to lead the way in combating money laundering practices, prompting other regulated sectors to take stock of their work and adopt similar frameworks. Armalytix can point to market-leading work in gambling, professional services, accounting, financial services and other regulated disciplines, demonstrating the effectiveness of carrying out efficient 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 leading 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.