New AML Guidance For Law Firms
Following the fifth AML (anti-money laundering) directive last year, the legal sector’s definitive guide on the subject has undergone a radical overhaul. Led by the Solicitors Regulation Authority (SRA), the Legal Sector Affinity Group, a niche practice that offers specialist advice for law firms on risk, has carried out an extensive revision to the guidance.
The guidance, which is supported by the Law Society of England and Wales’s Money Laundering Taskforce, includes expanded sections on:
- risk assessments
- source of funds
- source of wealth
- an updated training section
- a new section on how to effectively use AML-related technology to mitigate risk
The guidance document, which the Law Society makes available online here, is designed to support legal professionals and firms in complying with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended).
Select Legal Systems, the authors of LAWFUSION – the popular legal practice management software for law firms – built AML functionality into their product some time ago. Their Anti-Money Laundering software module, which is of course fully integrated with all other LAWFUSION modules, lightens the AML load for law firms. The module, which is available as standard when you buy LAWFUSION, is flexible and configurable, and it is designed to help law firms manage their AML compliance. It enables users to log documents and checks, generate and record correspondence, and set flags and reminders. It also offers integration to identity checking tools and enables firms to scan-in and store relevant paperwork, such as passports.
For further information about the LAWFUSION Anti-Money Laundering Module, or any other aspect of LAWFUSION, please call the team today on 01482 567601. Alternatively, the LAWFUSION ENQUIRY FORM is available online 24 hours per day, 7 days per week. For further information about all the LAWFUSION software modules for law firms please browse our website. We have a powerful selection of client case studies available here too.