t is estimated that up to £57 billion is laundered through the UK every year. Law firms are one of the key targets for those wishing to launder money. If even one percent of this amount were to go through law firms, it would still equate to hundreds of millions of pounds.
Customer Due Diligence (CDD) and Know-your-customer (KYC) measures assist lawyers to identify high risk clients and transactions to avoid inadvertently committing a money laundering offence.
KYC can be complicated and firms need to resist the temptation to simply tick-box a checklist so the real legal work can begin. A more convenient and comprehensive approach is needed to ensure that appropriate level of CDD is carried out and high risk clients are identified in a timely manner.
Your Solution is
Equiniti KYC Solutions is uniquely positioned to help legal firms in the UK to perform appropriate client due diligence in conformity with most recent regulations.
Legal KYC UK is a managed service where Equiniti KYC Solutions supports the immediate identification and comprehensive reporting of high risk factors to your nominated officer.
Using our smart technology, best practice processes and experienced people, Equiniti KYC Solutions provides an end-to-end service including identification and verification of the client and their relations, screening against Sanction lists, identification of PEPs (Politically Exposed Persons), adverse media searching, record keeping etc.
All this can also be offered in conformity with your specific policies and procedures in a risk based and proportionate manner to ensure KYC good practices of UK Legal firms.
Equiniti KYC Solutions’ compliance professionals, based in Cardiff and Amsterdam, are made up of teams of experts in UK regulations and able to recognise international AML/CTF standards, such as FAFT Recommendations. Equiniti KYC creates and delivers solutions that solve specific industry challenges and provides independent and complete KYC verification services to serve UK Legal firms’ needs.
Benefits of Equiniti KYC Solutions' Legal KYC UK:
- Independent verification of client information
- Primary sourced evidence
- Expert screening