CDD & AML for solicitors and law firms.
AML for solicitors and law firms is important since all areas of the legal profession need to be AML compliant. This includes conveyancing, will writing, litigation, professional regulations, commercial and corporate recovery and insolvency.
The law society says compliance with money laundering obligations is one of the greatest challenges for solicitors today. Traditionally AML checks are time consuming, error prone due to manual processing and therefore often inaccurate. In addition, flexibility and the volume of customers that need screening are often of paramount importance for the legal sector.
At CDDCheck we believe we have developed a cost efficient, time effective and conclusive solution to these issues. We offer a global database, updated on a minute by minute basis that can screen for PEPs sanctions and adverse media along with ongoing monitoring at a touch of a button.
CDDCheck also has the ability to batch upload existing customers for screening purposes and can easily integrate with your existing system. All at no extra cost. We make the compulsory CDD tasks easy and fast.
Frequently Asked Questions
The simple answer is yes. Solicitors have a vital role in tackling the risk of AML and have a legal obligation to do so. Criminals are taking advantage of the disruption caused by Covid-19 and the economic downturn. Whilst there is no evidence of this in the legal sphere it is accepted that being vigilant is more important now than ever. It is widely acknowledged that law firms and solicitors are attractive to money launderers because of the services they provide and the position of trust they hold.
The SRA or Solicitors Regulation Authority are responsible for enforcing AML applicable to the sector.
Solicitors, much like all other obligated sectors need to adopt a risk based approach as standard. They must also screen potential customers against PEP,s, sanctions and Adverse Media. Guidance published by the Legal Sector Affinity Group in 2018 and also the 5th AML should be referred to for further information.