A Guide to “Know Your Customer” (KYC) Compliance for 2024/5
"Know Your Customer" (KYC) is an essential regulatory requirement for businesses, particularly within the legal and financial sectors, aimed at verifying the identity of clients to prevent illegal activities such as money laundering and terrorist financing. This guide provides a detailed overview of the KYC requirements in the UK for 2024/2025, highlighting key aspects, regulations, and best practices.
What Happens During an SRA Visit?
A visit from the Solicitors Regulation Authority (SRA) can be a daunting prospect for many law firms, potentially causing a great deal of stress for those involved. These visits, usually referred to as “inspections”, often occur through desktop-based means, although they can involve actual visits. It is important to understand what happens during an SRA visit; this article will walk you through the process step by step, from initial notification, through to the final report, providing insights into what law firms can expect and how best to navigate this event.
What is a Money Laundering Reporting Officer (MLRO)?
MLRO (Money Laundering Reporting Officer) and MLCOs (Money Laundering Compliance Officer) are two roles set out in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, the MLR.
How to Report Money Laundering
Money laundering undermines financial systems, fuels organised crime and corrodes the integrity of economies worldwide, so knowing how to report potential cases of money laundering, by completing a document known as a “Suspicious Activity Report” (SAR), is essential in the fight against this financial crime. A lack of knowledge on how to report potential money laundering or improper documentation could lead to the crime failing to be prevented and could give rise to regulatory challenges for you and your firm.
What Is a Politically Exposed Person?
In the world of regulated services and anti-money laundering (AML), the term "Politically Exposed Person" (PEP) holds significant importance. A PEP is an individual who occupies a prominent public position, making them more susceptible to corruption and financial crimes, including money laundering and terrorist financing. Understanding who PEPs are, the risks they pose, and how financial firms manage these risks is crucial for maintaining the integrity of the global financial system.
Who Must Firms Register With for Anti-Money Laundering Purposes?
The United Kingdom has a prescribed framework in place to combat money laundering and the financing of terrorism. Firms operating within various sectors are required to register with appropriate regulatory or supervisory bodies to ensure compliance with Anti-Money Laundering (AML) regulations. This article outlines the primary authorities that firms must register with for AML purposes in the UK and the specific obligations these registrations entail.
What is Money Laundering?
In today’s complex financial landscape, money laundering has emerged as a significant concern for governments, financial institutions and law enforcement agencies worldwide. This financial crime is estimated to cost the UK economy more than £100 billion each year, emphasising the need for businesses to be vigilant against money laundering. We all have a duty of care against financial crime, especially those within the legal sector.
What Are The CQS Core Management Standards & What Do You Need to Know for 2024?
In May 2022, the CPMS (Core Practice Management Standards) for the CQS (Conveyancing Quality Scheme) was updated by the Law Society to augment the credibility of the CQS, safeguard the interests of clients and promote excellence within the legal profession, giving a more up-to-date account in an ever-changing legal world. Most conveyancing law firms will have already been through one round of audits with the latest standards - however, it is important to be aware of the changes and consistently comply with the standards.
Cyber Security Attacks & Data Breaches of Law Firms [Updated 2024]
Law firms stand as custodians of some of society's most sensitive information, entrusted with safeguarding client confidentiality, proprietary data, and legal strategies. However, as the reliance on digital technologies grows, so does the threat landscape surrounding these institutions.
How to Prepare for a CQS Assessment
Forget spiders or snakes….no matter what industry you operate in, the word “assessment” is scary enough to bring anyone out in a cold sweat. It instantly brings to mind a barrage of tasks, red tape, paperwork chasing, and images of some unknown cold-hearted auditor evaluating your every move like your least favourite teacher from school [shudder].
