Money laundering has a new foe – and regulated industries need to get familiar with it. The Economic Crime and Corporate Transparency Act 2023 (ECCTA) sets out a new approach to AML, and its measures are beginning to take effect. With £10 billion laundered annually through real estate transactions (according to the National Crime Agency), […]
According to a recent report by the Solicitors Regulation Authority (SRA), solicitors are still “high risk” for money laundering. Despite cases remaining low overall, the SRA identifies lawyers as a weak link in the compliance chain. Criminals target the legal profession for the legitimacy it offers, but they’re being enabled by crooked solicitors. So says […]
Legal professionals are inadvertently facilitating money laundering. The government calls these “professional enablers” – individuals or organisations that have failed, whether by negligence or deliberate action, to do their due diligence. Conveyancing, trusts, and management of client accounts are considered the most high-risk areas for money laundering due to the large sums of money involved. Compliance […]
The UK government’s new industrial strategy promises a new approach to AML regulations, aimed at reducing the burden on small law firms and unlocking their potential for growth. In particular, it wants to see small firms adopt the very latest technology to help them thrive. What’s the new UK AML strategy? The UK government is […]
You may have seen stories emerging over the last few months of AI-generated ID and passport images that are apparently good enough to fool identity verification systems. No longer are fake passports the province of dodgy dealers in back alleys: now, thanks to generative AI, anyone can create an authentic-looking identity document with just a […]
Law firms still using manual or in-person identity verification checks are in danger of falling behind. Manual form filling and data entry is a labour-intensive process, resulting in slow response times, inefficiencies, and delayed transactions, as well as raising the risk of human error. The latter, in particular, can pose security challenges that damage your […]
