This week we surveyed a wide range of UK law firms on their approach to AML. The survey explored firms’ biggest AML challenges, different approaches to risk assessments, ongoing monitoring, AML audits and more.
Key findings:
- The biggest AML challenge is identifying the source of funds/wealth
- Matter risk assessments are a struggle for 50% of firms
- 58% of firms carry out independent audits through an external firm
- 28% of firms feel they wouldn’t be prepared if they received a notification of an SRA visit
- 64% of firms don’t believe the SRA and Law Society provide enough guidance to help firms stay AML compliant
VinciWorks’ AML compliance offering – Client onboarding, AML audit, training
AML Onboarding Solution
Our AML solution provides regulatory confidence through up-to-date guidance and best practice. Use our centralised platform to conduct risk assessments, client due diligence (CDD) and ongoing monitoring on your clients.
AML Audit
Our partners at Compliance Office keep their pulse on the latest AML requirements and your audit will often be administered by former SRA staff.
AML Training
In-depth AML training on the money laundering challenges faced by law firms filled with interactive scenarios, best practice tips, and practical advice in key areas.
