Earlier this month, the SRA unveiled its 2024-25 Business Plan, highlighting a strategic shift toward risk-based, proactive regulation, particularly targeting AML and sanctions compliance. With heightened expectations for regulatory adherence, law firms must adapt quickly to meet these updated standards. … Read More
Legal firms
Making better, faster KYB compliance decisions in the legal sector
UK legal firms must ensure robust KYB compliance to meet regulatory requirements, prevent financial crime, and protect their reputation. By adopting advanced technology, a risk-based approach, continuous monitoring, and investing in staff training, firms can streamline KYB processes, enhance collaboration, and improve compliance outcomes. … Read More
6 time-saving tips for KYB compliance in legal firms
Effective Know Your Business (KYB) compliance is essential for legal firms in the UK, but the process can be time-consuming. By leveraging technology, centralising compliance management, and allowing clients to self-serve, firms can streamline KYB processes, reduce manual tasks, and improve efficiency while maintaining regulatory standards. … Read More
6 ways to continuously improve your KYB compliance processes
Continuous improvement of KYB practices not only ensures adherence to evolving regulations but also empowers firms to stay ahead of emerging risks, ultimately fostering trust with clients and stakeholders. … Read More
How to mitigate KYB risks in your legal firm: practical strategies for compliance teams
Complying with Know Your Business (KYB) regulations for legal firms is both a statutory requirement and a strategic imperative to prevent fraud and money laundering. This includes a thorough understanding of KYB requirements, implementing robust customer due diligence processes, and establishing effective beneficial ownership identification. … Read More
How KYB compliance can give your firm a competitive edge
For legal firms, Know Your Business (KYB) compliance is often seen as a regulatory burden, yet it holds the potential to be a powerful enabler for growth and competitive advantage. With increasing regulatory scrutiny, a robust KYB framework not only safeguards reputations but also attracts discerning clients and opens doors to new markets requiring stringent compliance measures. … Read More
7 ways to streamline KYB compliance processes for legal firms
Ensuring compliance with KYB regulations is essential for every law firm, yet the process can often feel daunting, especially when fee earners are burdened with manual checks. Manual KYB processes are typically slow, error-prone, and prone to oversight, posing compliance risks due to the complexities of handling extensive client data. … Read More
Tackling the most common KYB challenges in legal firms
KYB is not without challenges. Legal firms often face complexities in identifying UBOs hidden within complex ownership structures, especially with multinational corporations. Client onboarding and managing high volumes of client information can be resource-intensive, and international clients add layers of complexity due to jurisdictional variances and data access issues. … Read More