The Law Society has extended its endorsement of 192business and BankersAccuity as its preferred suppliers for anti-money laundering e-verification for a further three years.
E-verification is a tool which may assist solicitors in meeting their client due diligence obligations under the Money Laundering Regulations 2007 and to mitigate the risks of making payments in contravention of the UK financial sanctions regime.
Nigel Spencer, Law Society chief of commercial affairs, said:
'Since the launch of our partnership with 192business and BankersAccuity, the Law Society has received positive feedback from the profession about our endorsement of their services. However, after three years it was again deemed important that the Law Society went back to the market to ensure that we were still partnering with firms offering the highest quality of services to our members and who were helping to make the cost of compliance more proportionate. Following this process, we are pleased to be able to extend our endorsement of 192business and BankersAccuity.
E-verification is a tool which may assist solicitors in meeting their client due diligence obligations under the Money Laundering Regulations 2007 and to mitigate the risks of making payments in contravention of the UK financial sanctions regime.
Emma Oettinger, AML policy officer said of the announcement:
'In the past three years there has been a significant increase in the use of financial sanctions, with which law firms must comply. In the coming three years, the range of politically exposed persons on which firms will need to conduct enhanced due diligence will also significantly increase. As law firms seek to offer services to a more diverse client base in a globalised market place, reviewing a passport and utility bill may be an insufficient tool to meet the identity checking requirements for some clients.
'Both 192business and BankersAccuity have worked closely with the Law Society and firms to ensure that their services are tailored to the specific needs of the legal sector and to meet the evolving challenges of compliance in the area of financial crime prevention. Their support of our national AML training programmes has enabled us to deliver a wide range of seminars and networking events even in smaller towns across the country. I am pleased that the renewing of our endorsement of 192business and BankersAccuity, is another example of the Law Society’s commitment to providing exemplary assistance to our members in this challenging area.'
Firms that decide to use the Law Society's preferred e-verification suppliers should still take steps to ensure that they understand the services being offered and how those services can be used to meet their anti-money laundering and financial sanctions obligations with respect to their particular firm and client demographic.
In deciding whether to use e-verification as part of their compliance process, firms should consider:
- the firm's risk profile
- the risks attached to particular areas of work
- the risk profile of their clients
- any specific instructions from their clients.
To get the best out of e-verification, as with any other form of identity verification, firms should use the results of the check to help build their knowledge of the client. Comparing information from an e-verifier with the personal and transactional information received directly from clients will also help you spot warning signs of money laundering and identity fraud.
Firms are not required to use the Law Society's preferred suppliers for e-verification as part of their AML compliance, nor are they precluded from using other reputable e-verifiers.
Ends
Notes to editors:
Read more about 192business
Read more about BankersAccuity
Read more about using e-verification for meeting AML compliance
192business has been selected as the Law Society's preferred supplier for online identity and KYC checks.
BankersAccuity has been selected as the Law Society's preferred supplier for PEPs screening and sanctions checks.
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The Law Society is the independent professional body, established for solicitors in 1825, that works globally to support and represent its members, promoting the highest professional standards and the rule of law.
Contact: Catherine Reed, The Law Society
+44 (0)20 7320 5902