Complying with regulatory requirements

Sanctions lists are changing fast. How can you keep your screening process up-to-date? Legl has put together resources that could help.

In November, the SRA issued new guidance to firms about the Financial Sanctions regime. In fact, the SRA said at the COLP/COFA conference that this is a key area of focus — sanctions is a strict liability regime, and law firms should be correctly identifying the client, the UBOs and the counter parties in order to do screening and to ensure that requirements are fulfilled.

Due to the increase in volume of additions to sanctions lists and the fast-paced nature of the changes, firms have been leveraging best-in-class screening tools to manage regulatory requirements. In our conversations with law firms across the UK, we’ve seen that firms are thinking carefully about their existing processes.

These discussions cover a range of topics, from how firms carry out IDV and PEPs/Sanctions screening on clients, to how they think about due diligence on counter-parties in transactions.

Legl is working closely with its customers across the UK to help to create robust, efficient and effective compliance processes across the firm. You can contact their team directly for more information about how Legl’s tools are enabling firms to meet the SRA’s updated guidance, and to understand more about best practices when it comes to due diligence on counter-parties and ongoing risk monitoring.

Related resources

Legl has put together a range of webinars to help your firm approach your internal compliance processes. These include:

• On-demand webinar: Overcoming the challenges of business client onboarding
  In this session we explore the obligations placed on firms to undertake due diligence on businesses, some of the common challenges facing law firms including complex structures and high risk countries, and how technology can be leveraged.
• On-demand webinar: Registered overseas entities: Where are law firms exposed?
  If your firm is working on transactions involving UK land and overseas entities on either side or have done previously, you should be considering your risk in this area and creating a standardised approach. In this session, we cover details around the latest legislation, risks involved in verifying an overseas entity, and what firms should be doing now to protect themselves.
• On-demand webinar: Avoiding a toxic compliance culture at your firm
  In this session, we discuss what a “compliance culture” really is, the differences between a healthy and a toxic compliance culture, regulatory expectations, and what firms can do to improve.
• On-demand webinar: Source of funds CDD: An art or a science?
  In this session, we cover the difference between source of funds and source of wealth, when to apply Enhanced Due Diligence, the importance of audit trails, and red flags to consider.