Money laundering costs the UK an estimated £100bn annually*
As a key target of money launderers, legal sector firms face significant pressure to demonstrate they’re taking extensive measures to counter financial crime.
LexisNexis® Risk Solutions – a long-standing affiliate partner of the Law Society – can help protect your firm from the lasting reputational damage associated with a regulatory breach, whilst also speeding up client onboarding through more effective anti-money laundering (AML) checks.
"The legitimate services and reputation of the legal sector offer an attractive proposition to criminals with cash to invest… there is a very real risk and firms need to be cognisant of that risk when conducting CDD."
Head of Anti-Money Laundering – Law Society Scotland
* National Crime Agency news release: Forty-two businesses have been identified as having potential compliance failings in customer checks, record keeping and identifying risk.
^ OPBAS - Anti-Money Laundering Supervision by the Legal and Accountancy Professional Body Supervisors: Progress and themes from 2019