Money laundering costs the UK over £100bn annually*. Understandably, those sectors at risk of being used to launder money face significant pressure to counteract it, with the legal industry high on that list.
Under the supervision of OPBAS (The Office for Professional Body Anti-Money Laundering Supervisors), legal industry regulators have increased oversight to tackle the money laundering threat in the sector. In a climate of heightened regulatory focus, it is more important than ever that your Customer Due Diligence (CDD) controls are robust.
Underpin your AML policies and procedures with a combination of expansive, insightful intelligence and flexible technology. Your fee earners will be able to conduct risk-based CDD that meets AML obligations quickly. This will free them to focus on their core priority – your customers.
The amount of onsite visits undertaken by relevant Professional Body Supervisors in the legal sector.
Increase in the total value of fines issued by legal sector Professional Body Supervisors.
(May-April 18/19, compared to previous reporting year)^
The average fine handed out to legal firms for money laundering contraventions.
"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