For regulated legal firms in the UK, ensuring robust Know Your Business (KYB) compliance is paramount. The regulatory landscape is increasingly complex, with stringent requirements designed to prevent fraud, money laundering, and other financial crimes and, as a result, compliance … Read More
Legal firms
6 time-saving tips for KYB compliance in legal firms
Know Your Business (KYB) compliance is essential for legal firms operating in the UK, but the burden of ensuring thorough due diligence while maintaining efficiency can be significant. To help navigate these challenges, here are 6 handy time-saving tips for … Read More
6 ways to continuously improve your KYB compliance processes
Maintaining a comprehensive Know Your Business (KYB) process is essential to ensuring ongoing compliance and mitigating any undue risk associated with financial crime, such as money laundering and terrorist financing from impacting your legal firm. Being proactive in your firm’s … Read More
How to mitigate KYB risks in your legal firm: practical strategies for compliance teams
In today’s legal landscape, compliance with Know Your Business (KYB) regulations is not just a statutory requirement but a strategic imperative. KYB measures are crucial in ensuring that legal firms engage only with legitimate entities, thus preventing fraud, money laundering, … Read More
How KYB compliance can give your firm a competitive edge
To some, Know Your Business (or KYB) compliance is viewed as a burden, a regulatory necessity, and a box to tick. However, when approached in the right way, KYB compliance can be transformed from a perceived obstacle into a powerful … Read More
Tackling the most common KYB challenges in legal firms
KYB (Know Your Business) is an important process as part of wider AML procedures in legal firms that involves verifying the identity and background of their corporate clients, suppliers, and partners. In order to comply with Anti-Money Laundering requirements, law … Read More