Skip to main content

Articles, Tips & Latest News

A professional woman in a business suit seated at a table, focused on her laptop, exuding confidence and determination.
18 February 2025

According to the National Crime Agency (NCA), it is a realistic proposition that upwards of £100 billion is laundered through and within UK-registered corporate structures each year; a staggering statistic which puts the level of threat that money laundering creates into perspective. The layering stage of money laundering is perhaps one of the most elusive - where illicit funds are disguised through complex and seemingly legitimate financial transactions. 

A man in a suit and tie is seated at a desk, working on a laptop with a focused expression.
07 February 2025

For legal professionals, conducting “Know Your Customer” (KYC) checks are an essential component of Anti-Money Laundering (AML) compliance. These rigorous measures check a client’s identity by examining key information and documents about them, to assess the potential for their connection with financial crimes such as money laundering or terrorist financing.

Two men in suits standing confidently in front of a desk, engaged in a professional discussion.
04 February 2025

Many legal professionals face common challenges when adhering to their AML obligations, and an issue of increasing concer  is the potential for false positives - instances where legitimate transactions or information are flagged as suspicious. 

Silhouettes of business professionals standing before expansive windows, creating a striking contrast against the light.
16 January 2025

To ensure a fair and transparent legal system, law firms conduct several rigorous checks at the start of a new business relationship, one of which is identifying the Ultimate Beneficial Owner (UBO). Identifying UBOs is important for firms when unravelling or unveiling hidden layers of corporate ownership, which has been a persistent issue for many solicitors up and down the country. From ensuring fair business practices to combating financial crimes like money laundering and tax evasion, UBOs are the key to unlocking more transparent client relationships.

A man wearing glasses is focused on his laptop, engaged in work at a desk.
09 December 2024

Customer Due Diligence (CDD) is one of the most important proceedures for Anti-Money Laundering (AML) compliance, ensuring firms meet regulatory requirements while creating trust and transparency in client relationships. This process is crucial in mitigating risks, particularly for legal professionals who handle sensitive information and manage complex transactions on a daily basis.

Three professional women in business attire standing together in an office environment, showcasing teamwork and collaboration.
02 December 2024

Law firms regulated by the Solicitors Regulation Authority (SRA) have a legal obligation to comply with Anti-Money Laundering (AML) legislation, and a duty to follow additional best practice guidelines. However, some firms still do not have robust AML compliance programs in place, putting the firm at risk of financial or reputational harm. 

A professional woman in a business suit, showcasing leadership and confidence.
27 November 2024

Law firms authorised by the Solicitors Regulation Authority (SRA) must make several key appointments within their teams to ensure their firm is compliant across the board, from COLPs and COFAs to Money Laundering Reporting Officers. These roles are tasked with supporting or upholding the firm’s obligations in respect of regulation.

Away from the regulatory aspect, one of the most important positions in many firms that conduct residential conveyancing work, is that of the “Senior Reporting Officer” (SRO), who is a critical figure as required for the Law Society’s Conveyancing Quality Scheme (CQS). In this article, we shall assess the role of an SRO, informing you of key aspects for consideration when deciding who to appoint. 

A woman in glasses sits at a desk, concentrating on her laptop, embodying a productive work environment.
20 November 2024

Regulatory compliance in SRA-authorised (Solicitors Regulation Authority) firms is vital for ensuring ethical conduct, financial integrity, and risk management. These firms must meet stringent standards to protect clients' interests and uphold public trust in the legal profession, and to maintain these high standards, firms designate Compliance Officers for Legal Practice (COLPs) and Compliance Officers for Finance and Administration (COFAs) to oversee adherence to legal, ethical, and financial rules.

In this article, we will investigate how these roles are central to promoting transparency and accountability, safeguarding the firm’s reputation and integrity. 

A man in a suit intently examines his laptop, showcasing a professional and focused demeanor.
15 November 2024

Anti-money laundering (AML) checks are a critical aspect of legal practice, especially for solicitors who handle client transactions that may be vulnerable to misuse by those seeking to launder illicit funds. 

A man and woman dressed in business attire discuss, representing teamwork and professional dialogue in a workplace environment.
07 October 2024

"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 2025, highlighting key aspects, regulations, and best practices.

Get in touch for a free no obligation quote today
Law Society Lexcel Assessor. Legal Practice Quality Mark.
Cyber Essentials  logo
Information Commissioner's Office logo
ISO logo
Legal Aid Agency logo
Solicitors Regulation Authority