Introduction Each year the fight against money-laundering intensifies with increased fines, audits and regulations. Client Due Diligence is at the centre of this ongoing battle to prevent criminals from exploiting legal services whilst maintaining the integrity and ethical standards of your firm. The Legal Sector Affinity group (LSAG) defines Client Due Diligence (CDD) as […]
This is a short article that introduces the series of articles on law firm IT strategy, with a specific highlight on process mapping. Legal technology is growing rapidly. The number of new systems on the market, the amount of hype, the different use cases – all law firms are thinking about it even if they […]
Newport-based legal tech company Validient that is helping the professional services sector to keep up with increasing regulatory compliance has secured a second investment from the Development Bank of Wales and Wesley Clover. Validient was established by young entrepreneurs Ieuan Leigh, Katie Turnbull, Thomas Elliott and Gareth Williams after completing the Alacrity Foundation programme in 2021. The unique entrepreneurship course combines graduate entrepreneurs with world-class mentors to […]
Introduction Client Due Diligence (CDD) is required across various industries, with a particular focus on sectors like financial services and the legal industry. The nature of CDD lies in enabling businesses to assess and comprehend their clients thoroughly. This process is integral in mitigating risks associated with financial crimes such as money laundering, fraud, and […]
Client Due Diligence: Ensuring EffectiveRisk Management and Regulatory Compliance Client Due Diligence (CDD) is a fundamental process that regulated businesses, especially in the financial and legal sector, undertake to understand their clients, assess potential risks, and ensure compliance with regulations aimed at preventing financial crimes such as money laundering, terrorism financing, and fraud. This report […]
Introduction When speaking to law firms, one challenge related to legal tech is around how does a firm know which solution is the right fit for them - and often don't know the right questions to ask legal tech companies. Back in 2020, we saw that law firms rushed to implement technology to deal with […]
Introduction In this blog, we will explore the role of a compliance officer in legal practice and how technology can transform how they operate. The legal landscape has evolved significantly, demanding stringent adherence to regulatory frameworks and ethical standards. Law firms, being the custodians of justice, have a pivotal role in maintaining compliance. Within these […]
Introduction Money laundering poses a significant threat to the stability and integrity of the global financial system and is often a concern for AML enablers. It allows criminals to legitimise ill-gotten gains, finance terrorism, and evade taxes, ultimately undermining the rule of law. To combat this menace, Anti-Money Laundering (AML) regulations have been put in […]
Compliance Officers Conference 2023 On Wednesday, 18th October 2023, the Solicitors Regulation Authority (SRA) hosted the annual Compliance Officers Conference at the ICC in Birmingham. The aim of the event? To bring together Compliance Officers for Legal Practice (COLPs) and Compliance Officers for Finance and Administration (COFAs) to understand the future of the regulatory landscape, with […]
Introduction In business and finance, transparency and accountability are essential pillars that ensure trust and integrity. One crucial aspect of transparency is the identification of the Ultimate Beneficial Owner (UBO) of a company. The UBO is the individual or entity that ultimately owns, controls, or benefits from a business entity. Knowing the UBO is critical […]
