Protecting your legal practice from money laundering

A quick and easy way to meet your Anti-Money Laundering (AML) and Know Your Customer (KYC) obligations

Compliance with Money Laundering, Proceeds of Crime and Terrorism Regulations presents a significant challenge for the UK legal profession with significant financial penalties or even imprisonment for non-compliance. Being able to demonstrate satisfactory Customer Due Diligence (CDD) or Enhanced Due Diligence (EDD) requires that each client or beneficial owner is 'verified' either using hard copy documents or electronic means and clients are monitored on an ongoing basis. There are minimum standards for client verification in accordance with the Money Laundering Regulations and The Solicitors Regulation Authority (SRA) Handbook, and proof of verification is crucial as evidence in any subsequent investigation.

e-Verification* - a robust defence against money launderers attempting to abuse your professional services

CallML is an electronic form of ID verification which helps Money Laundering Reporting Officers (MLRO's) or nominated officers to better identify suspicious transactions. It accesses a whole range of independent data sources, to perform a reliable and cost effective identity check.  It includes checks against the Electoral Register (also known as the full electoral register) and a range of quality data sets, including personal credit account data shared between UK banks, building societies and other lenders.

Our best practice solutions access a full range of positive, corroborative, negative and value added data sources to help you identify whether your client is:

• A Beneficial Owner
• A Politically Exposed Person (PEP) - Domestically or Internationally
• Presenting a Stolen Passport
• Listed on CIFAS for known Identity and Impersonation Fraud
• Subject to HM Treasury Sanctions
• On The Specially Designated Nationals List (OFAC)
• Known as Deceased
Subject to CCJs or Personal Insolvencies
• Plus many more…

CallML will save your practice time and money as it provides a clear 'pass' or 'refer' decision within seconds, rather than taking days and potentially delaying a case. For clients, it also reduces the risk and cost of sending important original ID documents by post. CallML can also capture and verify paper documents, building further confidence in the ID check. It will also show you their date of birth if it appears in the data.

Providing a transparent view of data held on each individual

CallML automatically produces an AML Report which provides a full audit trail of the input and returned data as well as the decision and date. This can be easily be printed or PDF'd to file within the case management system.

Taking e-Verification to the next level

For Legal practices who want to take their verification processes to the next level, CallValidate can provide more thorough checks against our credit referencing database to confirm that the bank card and bank details are correct and that they match those of your client. These extra checks can prove invaluable when dealing with remote or high-risk clients and can help highlight 'true' beneficial owners.

What's more, the user can choose a range of challenge and response questions based on the wide range of datasets held in the system to help robustly prove a person is who they say they are. This might include using consumer credit data to question them about their bank accounts and recent banking activity for example.

*The use of e-verification is recognised by the Solicitors Regulation Authority (SRA), The Law Society of Scotland and The Law Society of Northern Ireland.

To find out more about our Anti-Money Laundering and other Legal Solutions please contact us and one of our experts will be in touch.

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