Solicitors: Are you confident you are AML COMPLIANT?

Customer Due Diligence for the legal sector

The Solicitor’s Regulatory Authority (SRA) is set to conduct ‘rigorous checks’ on law firms’ anti-money laundering (AML) measures, making it more critical than ever that you ensure your AML controls are robust and compliant.

With the right compliance programme in place, meeting AML obligations need not be a worry or burdensome on your business. Underpin your AML policies and procedures with a combination of expansive, insightful intelligence and flexible technology, and enable your practice managers and fee earners to make risk-based decisions that meet AML obligations quickly. Freeing them to focus on their core priority – your clients.

In a climate of heightened regulatory pressure, failing to be up to scratch can have dire consequences...

AML penalties, fines and reputational damage

A solicitors organisation could be subject to fines leading to reputational damage and loss of business

AML personal liability can lead to fines and prison

Those responsible for AML compliance at a solicitors firm can even be held personally liable, potentially facing substantial fines, suspension, debarment or even prison.

SRA puts firms on notice for money laundering compliance checks:

"In the last five years, we have taken more than 60 cases – linked to potential improper money movements – to the Solicitors Disciplinary Tribunal. This has resulted in more than 40 solicitors being struck off, voluntarily coming off the roll, or suspended from practising."

Paul Philip, SRA Chief Executive – SRA News Release ‘SRA puts firms on notice for money laundering compliance checks’

CRITICAL INTELLIGENCE to support your AML compliance

Comply with obligations, without impacting your business

Efficiently manage money laundering risk

Save time, improve efficiencies, focus on your business

Meeting your AML obligations should not be an onerous task, nor should it impact on your revenue-generating activities. LexisNexis® Risk Solutions can help to ensure this is the case: our proprietary technology and data will allow you to identify and manage money laundering risk at the first possible opportunity.

Know Your Client

Know your client

Supporting initial and ongoing customer due diligence (CDD), our range of AML solutions will help you to authenticate client identity, flag potential high risk entities (such as individuals who are Politically Exposed Persons, or under Sanctions) and conduct enhanced due diligence.

Scalable AML solutions configured to specific needs

Scalable, customisable and intuitive

Our solutions can be configured to the specific needs of departments, teams or even individuals. They can scale easily with your business, and are user-friendly.

AML Checks – multiple access options

Multiple access options

 

  • Web App
    Conduct checks via an intuitive, easy-to-use web app.
  • Mobile App
    Reduce customer friction with secure, remote identity authentication.
  • Batch
    Screen high volumes of clients on a one-off or regular basis.
  • API
    Integrate our solutions directly into your existing systems.
 Identity Verification and Authentication

Identity Verification and Authentication

LexisNexis® IDU®

Know who you’re dealing with – a fundamental in AML regulation. LexisNexis® IDU® is a web-based identity management solution that enables multi-layered identity checks. IDU combines data from multiple credit bureaus with our proprietary collection of consumer records, to provide industry leading verification coverage of the UK population.

Delivered in tandem with a range of supplementary checks including ID document authentication (conveniently performed via our IDU Mobile App), email risk assessment and multi-factor authentication; IDU can be integrated seamlessly into your case management software, accessed via an online interface, or used on a batch screening basis.

 

Reduce client reject rates

 

Tailor each check to the risk presented

 

Identify entities which require further investigation (PEPs, Sanctions)

 

Enable fee earners to process clients quickly

PEP and Sanctions Checks

PEP and Sanctions Checks

LexisNexis® WorldCompliance™ Data

Assessing the level of risk a client presents should be carried out both upfront, and on a continual basis. Supported by over 400 researchers, located across the globe, LexisNexis® WorldCompliance™ Data is updated 24/7, to help you identify higher risk entities such as Politically Exposed Persons (PEPs) and sanctioned parties. WorldCompliance Data can be accessed directly from within LexisNexis® IDU®, via our flexible screening platform, LexisNexis® Bridger Insight® XG, or through our enhanced due diligence investigation tool, LexisNexis® EDD Insight.

 

Identify PEPs, their family members, business partners and close associates

 

Maintain an electronic audit trail of checks, to provide evidence of your due diligence

 

Identify parties subject to sanctions and reduce regulatory risk

 

Screen against multiple major sanctions watchlists (e.g. HM Treasury, OFAC and EU), via a single, consolidated view

Enhanced Due Diligence

Enhanced Due Diligence

LexisNexis® EDD Insight

When a situation presents a greater level of risk – such as dealing with a Politically Exposed Person (PEP) or an entity from a higher risk jurisdiction, your team will have to undertake deeper due diligence. Not doing so exposes your legal firm to financial crime and reputational risk, and could invite scrutiny from the regulator.

Our enhanced due diligence investigation platform – LexisNexis® EDD Insight – is a powerful tool that delivers a unique capability, drawing together UK consumer, UK and EU business, and global risk data via a single investigation platform. In addition it allows you to request researcher-generated Enhanced Due Diligence Reports for the highest risk entities, globally.

 

Obtain a detailed view of the risk presented

 

Identify and evaluate relationships between people, between businesses and between people and businesses

 

Uncover beneficial owners and the risk they present

 

Search the deep web for adverse information on a potential client

Ongoing Monitoring

Ongoing Monitoring

LexisNexis® Bridger Insight® XG | LexisNexis® WorldCompliance™ Data

Due diligence is not a one-time event. Yesterday’s low risk client, can be today’s high risk situation. Applying a risk-based approach and screening your customers for any changes in circumstance, on a regular basis, will allow you to spot new risks as they happen. This requires two critical components – insightful risk data to flag changes, and intuitive and powerful technology to match your clients to such data.

LexisNexis® WorldCompliance™ Data provides in-depth and continually-updated watchlist screening data, collated by more than 400 researchers globally. Used in combination with LexisNexis® Bridger Insight® XG, our flexible screening technology that can be moulded to your business needs, it will help you to identify risk at the earliest opportunity.

 

Conduct ongoing monitoring of your client base

 

Flag PEPs, Sanctions, Adverse Media and Enforcements

 

Apply a risk based approach, tailored to departments, teams and even individual users

 

Reduce the need for additional support staff

 

Drive efficiencies by reducing the level of ‘false positive’ matches

Practical guidance on the
5th Money Laundering Directive

Complimentary guide on 5MLD

Meet your AML compliance obligations in 2019 and beyond