Penningtons Manches Cooper LLP Working with Accuity to Automate Financial Crime Screening


Firco Compliance Link has enabled the firm to manage risk in real-time and elevate its defence against financial crime.

Accuity, the leading global provider of financial crime screening, payments and know your customer (KYC) solutions, is helping Penningtons Manches Cooper LLP, a top 50 UK law firm, to automate its financial crime screening process. Accuity has empowered the firm with real-time alerts and an electronic audit trail, thereby increasing efficiency and bolstering its defence against financial crime risk.

Penningtons Manches Cooper is a longstanding Accuity client, having first implemented Firco Compliance Link in 2011 to conduct sanctions, politically exposed persons (PEP) and enhanced due diligence (EDD) screening for a consolidated view of all account, transaction and trade finance activity of its clients. The solution has allowed the firm to continue growing its client base by handling the increase in screening volumes without putting a strain on its compliance teams. In 2019, the firm upgraded the technology to include the Automated Screening Manager (ASM), which allows screening to occur in real-time, rather than in batches.

Since the legal sector is vulnerable to money laundering and terrorist financing risk, firms are experiencing greater pressure and accountability to flag suspicious clients and transactions. Firms must conduct comprehensive screening checks to understand the nature of the business relationship they are entering, while minimising the administrative burden on their compliance teams.

Marcus Shepherd, Risk and Compliance Manager at Penningtons Manches Cooper LLP, said: “With Firco Compliance Link – Automated Screening Manager from Accuity, we can now run our screening checks continuously, eliminating any gaps in coverage. The system flags risks as and when they occur, allowing us to respond quickly and comply with regulatory requirements. By working with Accuity, our team has been able to focus on investigating potential matches, rather than manually processing batches of data, which is a far more effective use of their time.”

Sophie Lagouanelle, VP Financial Crime Screening at Accuity, said: “Law firms in the UK and across Europe are under increasing pressure to understand who their customers are and whether they are safe and ethical business partners. Penningtons Manches Cooper has always prioritised compliance, as well as taken a forward-thinking approach of using technology to better understand the risks at every stage of a client engagement.”

ENDS

For more information, please contact:

Imogen Nash, Accuity
imogen.nash@accuity.com
Tel: +44 (0)20 7911 1379

Francesca Bliss, Cognito
accuity@cognitomedia.com
Tel: +44 (0)20 7426 9419

Notes to editors:

About Accuity

Accuity offers a suite of innovative solutions for payments and compliance professionals, from comprehensive data and software that manage risk and compliance, to flexible tools that optimise payments pathways. With deep expertise and industry-leading data-enabled solutions from the Fircosoft, Bankers Almanac and NRS brands, our portfolio delivers protection for individual and organisational reputations.

Part of RELX, a global provider of information and analytics for professional and business customers across industries, Accuity has been delivering solutions to banks and businesses worldwide for 180 years.

Learn more about our work to provide more effective financial crime compliance for law firms.

About Penningtons Manches Cooper LLP

Penningtons Manches Cooper is a top 50 UK law firm with offices in the City of London, Basingstoke, Cambridge, Guildford, Oxford, Reading and a growing overseas network stretching from Asia to America, including SingaporePiraeusParisMadridSao Paulo and San Francisco.

With 141 partners and over 850 people in total, the firm’s main areas of practice are dispute resolution, corporate and commercial, real estate, private client and family. Its lawyers are active across a number of industry sectors, including private wealth, shipping, technology and property. They also recognised for their expertise in life sciences, education, retail, sports and entertainment and international trade. The firm is the founder member of the European Law Group, an association of European law firms, and a member of Multilaw, an association of 73 firms in 60 countries worldwide.

Media Contacts

For more information, please contact:

Imogen Nash, Accuity
imogen.nash@accuity.com
Tel: +44 (0)20 7911 1379

Francesca Bliss, Cognito
accuity@cognitomedia.com
Tel: +44 (0)20 7426 9419