Globally recognized as a high-risk industry for money laundering and terrorist financing, the legal sector is experiencing greater pressure to address financial crime compliance.
The evolution of the 4th AML Directive to the 5th AML Directive will require law practices doing business in the EU to deepen customer due diligence and enhanced due diligence checks. Additionally, the Financial Action Task Force (FATF) has long acknowledged that law practices are an attractive conduit for money launderers. They provide guidance to this sector for reducing financial crime risk. OFAC has also recently issued a new framework for companies that do business in the U.S. to improve their approach to sanctions compliance.
The complexity of the changing regulatory landscape poses new risks. Client in-take teams must update on-boarding verification processes, while also meeting enhanced due diligence (EDD) requirements, accurately identifying sources of wealth, and creating a more effective approach to screen clients more frequently. Additionally, firms must be ready to advise clients facing similar AML challenges on when high-risk areas could have legal consequences. Moreover, firms know that if they are unable to keep up with regulations, they risk fines and damage to their reputation.
Financial crime compliance that protects your reputation
Accuity has partnered with global and domestic law firms to enhance financial crime compliance processes and address regulatory threats. As a preferred supplier of an AML e-verification solution for the Law Society of England and Wales, we are trusted to drive more efficient and effective AML/CTF screening in law firms.
We provide law firms with thorough online research tools, extended databases of Politically Exposed Persons (PEPs), sanctions and EDD information, and automated screening solutions. These enable law firms to reduce risk, increase transparency, perform better research for their own clients, as well as maintain an excellent reputation.
Screening and data solutions for streamlined regulatory compliance
Fircosoft financial crime compliance solutions are powered by the industry’s largest database of high-risk entities, including sanctions, PEPs, adverse media, and enforcement data. We help your firm to implement best practices in AML/CTF compliance, while also reducing manual efforts.
Access the information you need to get an accurate picture of your client’s risk: We have data on 3 million entities in 250 countries and territories from 1,300 enforcement agencies and 30,000 Publications, court filings, company records and all global sanctions lists.
Keep up with changing sanctions lists, PEP data and global regulations: Regulations, sanctioned entities and politically exposed persons are constantly changing. You need to stay up to date for all the in different territories where you do business. We enable you to use a single solution to screen for sanctions, people or organizations, all while creating a clear audit trail.
Monitor your clients at every stage of engagement: Regularly screen your clients and get alerts if there is a change in their risk level.
- During on-boarding firms can perform automated checks against all potential sanctions lists before embarking on new client relationships.
- Before opening files and matters firms can screen clients and transactions prior to starting work.
- Continual monitoring ensures the relationships you have built with your clients remain trustworthy.
Drive better decisions for you clients with comprehensive research information: Utilize our online look-up tools in your research team to deliver better advice to your clients.