There is also evidence that criminals are developing new methodologies including fraudulent investment schemes, in order to move money through client accounts. There is also an increasing concern that criminals based in overseas jurisdictions may agree to commence litigation between sham companies in the UK, with the ultimate goal of laundering money through the payment of damages.

Law firms are required to have in place robust AML processes in order to fulfil their obligations under money laundering regulations. It is important to ensure that risks are properly evaluated and appropriate checks are carried out before proceeding with work for clients, particularly those based outside of the UK.

RiskScreen can help Law Firms to build solutions which allow existing customer data to be used efficiently together with wider sources of information. We can help you to obtain the necessary information about clients and other entities involved in transactions, ensuring your compliance with all relevant money laundering and financial crime standards and regulations.