Legal Compliance
AML Compliance Software
Our Anti-money laundering (AML) software will improve your firm’s AML compliance, while making fee earners more efficient. Complete client due diligence in minutes, report on AML compliance with ease, and get the data you need to report to your AML supervisor at your fingertips.
Money launderers are targeting law firms like yours. Make sure you don’t become their next victim.
Why your law firm needs AML software
Law firms have numerous obligations under the Money Laundering Regulations to help them avoid unwittingly facilitating money laundering. These processes can often be time consuming and difficult to manage. Good AML software, such as that offered by Access Legal Compliance, will make this process easier.
Our AML software solution enables Money Laundering Reporting and Compliance Officers (MLROs & MLCOs) to monitor compliance with regulations in their firm, and discover risk trends to find more effective ways to mitigate those risks.
With efficient Client Due Diligence software, you can complete AML checks, electronic identification and verification (EID&V) and source of funds checks with ease. Our AML software solution also includes the very best legal-specific AML eLearning courses to ensure everyone in your law firm gets the appropriate training.
Key features of our AML compliance software solution
- Simplified reporting on money laundering risks
- Track compliance with Money Laundering Regulations via advanced reporting capability
- Comprehensive library of template policies and procedures
- Perform AML checks against Politically Exposed Person (PEP) and sanctions lists
- Electronic identification and verification (EID&V)
- Source of funds checks
- Anti-money laundering training
Easily manage your law firm’s money laundering risk
You need to continually assess the money laundering risk your firm faces in your practice-wide risk assessment, informed by client and matter risk assessments.
Access Legal’s AML software will help you to track the risks your firm has uncovered in matter and risk assessments and report on their frequency and how they have been dealt with. This enable you to easily review and amend your PWRA taking all mandatory risk factors into account.
Learn more about conducting a practice-wide risk assessment at your law firm.
Get efficient and effective client due diligence
Whether you need to carry out simplified or enhanced due diligence, Access Legal simplifies matters enormously.
Complete checks against PEP and sanctions lists in a matter of seconds, and make sure your client is who they say they are with biometric ID verification. Your client will simply have to look into their phone’s camera and turn their head. The app will verify that they are the same person as shown in their Passport or Driver’s Licence.
But you can take it one step further by taking advantage of the open banking system to perform source of funds checks without your client even having to look at their online banking. When your client provides their bank details, the system will tell you where the client has received their money from, making you more efficient as well as compliant.
Read more on conducting source of funds checks.
Legal Anti-Money Laundering Update - January 2023
Anti-Money Laundering (AML) FAQs
What is AML software?
Anti-money laundering (AML) software helps law firms to manage their money laundering risk, keeping track of risk assessments and suspicions and ensuring the appropriate processes have been followed, making AML compliance simpler to manage.
Using a good AML software solution, like the one offered by Access Legal Compliance, means your law firm can stay one-step ahead of its AML obligations with ease, and ensure everyone in the team is trained up to guarantee optimum compliance throughout your firm.
What are the AML regulations and requirements for law firms?
There are a number of regulations that apply to and place obligations on law firms, including the Money Laundering Regulations and the Proceeds of Crime Act.
As a sector at a particularly high risk, there are lots of requirements for firms that fall within their scope, including:
- Completing a practice-wide risk assessment (PWRA)
- Having extensive policies, controls and procedures (PCPs) in place
- Ensuring all relevant staff are appropriately trained with regards to money laundering
- Complete a risk assessment on all clients and matters
- Conduct appropriate due diligence on clients
- Reporting suspicions to the NCA
To find out more about your obligations and how to meet them, take a look at our Guide to AML for Law Firms.
What AML training is available to solicitors and law firms?
At Access Legal, our AML training includes:
- Anti-Money Laundering for Law Firms
- Anti-Money Laundering for Support Staff in Law Firms
- PEPs and Sanctions
- Dealing with SARs
- How to be an MLRO/MLCO
This content comes as a package with lots of other online training courses designed specifically for law firms and the different roles within their firm. So our bite-sized training is always relevant to the learner, practical and helps you to meet your obligations.
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Read our latest blogs on all things compliance covering key industry questions and trends.
Drive efficiency with our legal software
We offer an unrivalled set of software solutions for the legal market, incorporating case management and practice management software and legal accounts, alongside HR, compliance software and cloud hosting - all integrated through Access Workspace.
Speak to our legal specialists to see how our legal software can benefit your organisation.
