Anti-money laundering for law firms
EU AML legislation requires law firms to conduct client due diligence before they are allowed to advise their clients. Firms are also required to keep such information up to date.
Some firms are still conducting client due diligence (CDD) via lengthy Word, PDF and Excel forms. Entries are then stored in spreadsheets, making it difficult to keep track of such reports, ensure correct courses of action are taken, update details and ensure any red flags are either resolved or escalated. Spreadsheets are limited by their two-dimensional nature, lack of automation tools and lack of security.
Continue reading