As ever, Anti-Money Laundering (AML) is high on the compliance agenda for law firms.

MLROs and MLCOs will be reading the latest Legal Sector Affinity Group (LSAG) guidance with interest, as well as the latest report from the Solicitors Regulation Authority (SRA) about their recent visits to firms, thinking about how to implement their recommendations.

Presented by Amy Bell, Director of Teal Compliance and legal industry advisor to Encompass, discusses what legal firms need to prioritise in 2021 to remain regulator ready.

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Key learns

  • the importance of matter risk assessments
  • demonstrating a risk-based approach when it comes to looking at source of funds and source of wealth
  • what firms need to consider when deciding whether to have an independent audit
  • making sure you are regulator ready

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about Encompass

A full and accurate picture of beneficial ownership is the foundation of effective KYC. Manually building this picture from a plethora of documents and third party sources, however, is a long, expensive and error-prone process.

Encompass’ intelligent process automation conducts on demand document and data collection, analysis and integration from public and premium sources to bring transparency to complex corporate structures and ultimate beneficial ownership, delivering the most accurate and complete KYC on demand.

The full picture of a customer significantly enhances the effectiveness and efficiency of subsequent KYC activities including screening and IDV - both of which can be carried out seamlessly in the Encompass platform if required.

All information on a customer, along with supporting documents, are dynamically compiled into a comprehensive, digital KYC profile that Encompass can also monitor for ongoing regulatory risk.

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