Lawyers and law firms act on behalf of their clients, besides engaging in advisory and legal services. As a registered legal firm, Conveyancing firm, a certified legal practitioner or a Conveyancing practitioner; you need to put anti-money laundering and counter-terrorism financing (AML/CTF) measures in place if you engage in the following activities on behalf of a client:
Legal activities are confidential in nature and may involve huge monetary transactions and activities on behalf of clients that conceal the purpose or the source of funds. As a professional enabler, the lawyer or legal firm provides legitimacy to such activities, thus allowing the proceeds of illicit money to be laundered. Criminals often engage lawyers to provide banking facilities or deceive conveyancers with incorrect information or documentation that exposes lawyers and conveyancers to risks of money laundering.
Legal and Conveyancing practitioners are obliged to report physical cash receipts or transactions above the regime’s prescribed amount, despite any confidentiality contracts or deemed a betrayal of client trust. AML compliance includes KYC, client due diligence, monitoring, record keeping, and reporting of unusual transactions, especially involving foreign currencies, tax evasions, transactions with virtual currency exchanges if illegal under the regime, transactions with sanctioned entities or countries, trading in prohibited goods, or activities that pose risks of ML/TF.
The ability to use the skills of legal professionals for manipulating transactions and concealing any illicit activity or financial crime, allows clients to evade taxes and regulations. This exposes the legal fraternity and legal firms to ML/TF by being facilitators or acting on behalf of their client. Confidentiality contracts, the fear of losing business, advocacy before courts and tribunals, or representing clients in disputes, are the biggest gaps in compliance in the legal sector.
Lawyers, Conveyancers and legal firms are expected to build the framework for a risk-based compliance program:
Set up and maintain your compliance program, as per the laws of your regime. Non-compliance may result in criminal or administrative monetary penalties.
Ongoing compliance involves:
Our PEP and sanction screening service will help you reach your compliance requirements.
Our details scan reports provide you with an overview of in-depth information on potential risks to your organisation.
We provide access to multiple data sources to meet the varying requirements of users.
We update the information for all of our data sources daily to provide you with up-to-date relevant data.
Save the time manually checking names by using our batch scanning feature to scan bulk files of names simultaneously
Our service is straight-forward and easy yo use, making compliance easy by simplifying processes.
Perform due dilligence by assigning risk, determining true matches and recording decisions in the NameScan dashboard.
Conduct further research into potential matches and risks to your organisation through various sources.
Use our API to integrate with your existing systems to automate the screening process.
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NameScan has helped us to go beyond our KYC/KYB and due diligence requirements, as a result, minimising our fraud rates and giving our businesses and customers peace of mind. We are extremely pleased with the overall service and look forward to continuing working with them.
The integration of your service was very smooth and simple and it greatly meets requirements of our legislation in both AML/CFT and PEP checks.