AML solutions for Fiduciaries

Digital onboarding and AML screening of your client base

Fiduciaries, particularly those offering conveyancing services and maintaining client accounts, are at very high risk of exploitation by criminals. The high value of properties and the large volume of transactions places the industry at significant risk of money laundering.

The Government’s National Risk Assessment of Money Laundering and Terrorist Financing published in December 2002 found that buying property in the UK remains extremely popular for both foreign and domestic criminals who are seeking to legitimise and invest illicit proceeds of criminal activity whilst disguising ownership. The National Risk Assessment also found that client accounts are at risk of exploitation by criminals seeking to move illicit funds to third parties. This remains an attractive feature of law firm services because the use of client accounts breaks the audit trail, allowing money to be laundered discreetly.

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.

The RiskScreen ecosystem

The RiskScreen AML platform provides an end-to-end solution for your management and protection against financial crime. Choose single or multiple modules, as your organisation requires.

Save weeks of work by conducting digital identity verification of individuals, as well as full KYC and KYB screening checks through your dedicated web portal and mobile app.

The risk levels you decided at onboarding can then carry through to your ongoing screening and monitoring.

AML screening against sanctions, PEP and watch list data – as well as adverse media – to establish your customer’s risk level.

Screen as a one-off at point of sale or pre-onboarding, then follow this up with ongoing scheduled batch screening across your customer base – so you’re alerted about changes, and can be confident in your exposure.

Revolutionise your decision making with RiskScreen’s in-life monitoring modules.

Turn your existing static and dynamic customer information into hot data for real-time risk analytics and reporting with our truly transformational approach to data and risk management.

Further reading


Danske Bank: What went wrong?

It is hard to imagine that a bank is capable of laundering hundreds of billions of euros in just eight years. The Danske Bank scandal

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