Fast and effective customer screening for Solicitors
Why AML screening matters to Solicitors
Solicitors often handle significant amounts of money. This makes them targets for criminals and funders of terrorism who seek to launder money by using their services to disguise transactions.
There are two main sets of legislation that solicitors and law firms must understand and adhere to.
- The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (and any subsequent amendments) sets out the main anti-money laundering (AML) requirements
- The Proceeds of Crime Act 2002 (POCA) and the Terrorism Act 2000 (TACT) cover the need to report suspicious activity to the National Crime Agency
As a result, solicitors are likely to face AML regulations if they provide legal or notarial services on behalf of customers (including planning, executing, or assisting) for both financial and property transactions.
Common risks faced by Solicitors
Providing legal services for the buying and selling of real estate property or business entities that use the proceeds of crime, giving criminals the appearance of legitimacy.
The managing of client money, securities or other assets for criminals hiding behind complex company structures involving multiple countries and bank accounts to disguise the real purpose of a transaction and hide its beneficial ownership.
The opening or management of bank, savings or securities accounts, the organisation of contributions necessary for the creation, operation or management of companies, and the creation, operation or management of trusts, companies, foundations or similar structures, could all be used to fund terrorist activities.
Breaching sanctions by conducting business with a sanctioned individual or entity is a criminal offence.
Regulatory fines, penalties, and even reputational damage.
Accelerating compliance for Solicitors
RiskScreen is simple and intuitive to use – speeding up your processes, reassuring your auditors, and improving satisfaction of staff and customers alike.
An AML solution designed for Solicitors
See RiskScreen Core
See how easy it is to use RiskScreen Core – from conducting initial AML screening and adverse media searches, through to production of the final report. Ease of use means happier staff, and it’s one of the reasons our customers love us.
Scroll down to see our simple pricing plans. We charge by searches and not seats, so once you have chosen a plan and puchased credits with a credit or debit card, you’re up and running and ready to go!
All types! Our intuitive interface and entry-level pricing means it’s the logical decision for smaller or transaction-based businesses such as or estate agencies. But we have many large enterprise customers who use RiskScreen Core alongside our RiskScreen Batch product to ascertain the risk levels of their prospects at onboarding stage, and then to monitor this risk level on an ongoing basis. To get a demo of how the two might work together, please contact us.
No! In a recent survey conducted by RiskScreen, over 65% of respondents in the banking industry said they still use Google or other search engines for their unstructured adverse media searches. They may sometimes get the right results, but it’s neither consistent nor comprehensive (unless you have the time to trawl through thousands of pages of results). RiskScreen’s adverse media tools connect directly to several major search tools and apply a proprietary combination of sensitive terms to ensure key results are returned. These results are then deduplicated, ranked and presented back to the user in a digestible format – to maximise the chance of unearthing relevant insight on your subject, and to make the process of acting on it as easy as possible.
Yes! You should expect to conduct enhanced due diligence (EDD) when you find a customer or prospect has come back as high risk. RiskScreen Core allows you to conduct ‘Pro’ searches on higher-risk individuals, which include deeper web searches into content sets such as the Panama Papers or FinCen files. Your searches are consistent, scalable and fully auditable – so your team will always get credit for the work they’ve done.
Once you have an account setup with RiskScreen Core, you will be able to login and top-up your search credits.