The work required to meet Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations is vital but can be a strain on a law firms’ scarce resources. Those that cannot evolve with AML regulation, risk falling foul of the regulator, and the repercussions can be severe.
In our latest whitepaper, we discuss why a risk-based approach should form the foundation of every law firm’s AML and counter-terrorist financing program. This approach ensures the practice’s resources are better focused to assess risk and identify potentially suspicious activity.
Early detection of compliance issues gives organisations extra time to respond effectively and efficiently, resulting in reduced regulatory risk, operational cost, and compliance peace of mind.