How law firms can get peace of mind with the new AML regulators
The Financial Conduct Authority is now the Single Professional Services Supervisor (SPSS) for AML compliance, taking over the job from the Solicitors Regulation Authority (SRA) as part of a government-led “blitz” on “pointless admin”.
If it delivers on this promise, this move will come as a relief to firms sweating under an increasingly heavy compliance burden – and increasingly heavy fines.
Others, however, may fear higher charges and greater expectations from a body already used to managing the extremely highly-regulated financial services sector. Many firms foresee a greater emphasis on evidencing control effectiveness, clear senior accountability, and stronger monitoring and risk management.
Whatever the outcome, conveyancers and other legal firms will surely have to take a somewhat different approach to AML. And the responsibility to perform risk assessments and maintain diligent record keeping won’t go away.
That’s where Checkboard comes in.
How Checkboard keeps you on top of compliance
Whether it’s the FCA or the SRA, AML checks for solicitors remain important. It’s a regulatory issue, yes, but it’s also about protecting your reputation and signalling trust to your clients and partners.
By adopting the right all-in-one compliance solution like Checkboard, you can perform all your AML checks and meet your due diligence obligations without breaking a sweat.
Here’s how Checkboard keeps you compliant, no matter which regulatory body you’re dealing with:
You can perform all your AML checks and ID verifications on one intuitive platform
Clients are given the responsibility to upload all their documents themselves, putting them in charge of their own process
Easy APIs help you integrate Checkboard with your existing workflows, databases, and platforms
Inconsistencies and errors are immediately flagged, so you respond to and eliminate potential risks
You’re given a clear audit trail you can share with stakeholders and send on to the auditors
The benefit of seamless AML compliance
With Checkboard, compliance is faster and more seamless. By delivering instant reports, you can easily assess potential red flags, take action where needed, and send the results straight to the auditors.
It gives your team peace of mind, and it also communicates trust and reliability to your own clients.
Checkboard ensures you can meet all your compliance demands swiftly and accurately, helping you avoid the consequences: regulatory attention, heavy compliance fines, and reputational damage that hinders your ability to win new business.
Get in touch to find out how Checkboard supercharges your compliance.
A version of this article was originally published on Today’s Conveyancer. This version has been adapted for the Checkboard audience.
