The potential pitfalls of SARs: 10 ways to avoid them
Filing Suspicious Activity Reports (SARs) should be a top priority for UK law firms, especially when dealing with situations that raise red flags for potential money laundering. However, the term
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How law firms can prevent cyber-attacks
Think of your accounts like your home. You can have the best locks and the best alarms but, if burglars want to get in, they can often find a way.
How to detect a cyber-attack via email at your law firm
The SRA recently confirmed that 100% of the reports of cybercrime they had came from email fraud. In addition, 98% targeted conveyancing, as it’s easier for fraudsters or baddies to
The challenges of compliance legal tech
Leveraging compliance legal tech enables lawyers to get on with doing what they do best. It should be considered a partnership, with technology doing some of the heavy lifting involved
How to spot the signs of human trafficking
Human trafficking, second only to drug trafficking, stands as one of the fastest-growing illegal enterprises worldwide. If we look beyond the immense human costs, it becomes evident that where human
What are matter based risk assessments?
Matter-based risk assessments were introduced in the 2017 Money Laundering Regulations (MLR). Fundamentally, the idea is you’re supposed to look at the client and matter, and decide how risky it
How to prepare for a cyber attack
Knowing how to prepare for a cyber attack is extremely important. This is especially so when you have a duty to protect your client’s data. Most of us have faced
What’s the regulator guidance on source of funds and source of wealth?
Source of funds and source of wealth can be tricky because the regime we have is risk based. It’s not just about making sure you get bank statements. It’s also
The Case of Nirosha Jayawardena and its Nine Key Lessons
In an ever-changing landscape, keeping abreast of new developments is essential in the legal profession. This week, I delved into the intriguing case of Nirosha Jayawardena, a solicitor who recently
Delegating CDD Responsibilities between Lawyers and Central Teams
As regulatory frameworks have evolved over the years, law firms have increasingly had to grapple with the challenge of managing Client Due Diligence (CDD) requirements. The introduction of the Money