Law and Accounting Firms
Law and accounting professionals are required by law to screen clients before providing services. Reporting on ground of AML and CFT suspicions do not constitute a violation of privilege, sanctions screening obligations apply to non-regulated actors as seriously as to regulated industries. Accounting and law professionals are obliged to not to make resources available to SDNs or assist with the facilitation of an offence covered by sanctions regimes or AML laws. Risks increase radically when law and accounting professionals are assigned remittance or fiduciary duties.
Screening Obligations
It is vital for law, accounting professionals to do AML and CFT checks before onboarding clients, accepting transactions, or helping with transfers of resources.
As of 2022, with Western governments and regulators shifting focus to tackle stolen wealth, the flow of corrupt capital and legal “enabling” in democracies, law firms will be subjected to even more strenuous requirements, multiplied statutory instruments, and face multi-faceted
risks.
There will be no place for misconceptions, incomprehensive screenings, or lack of awareness when it comes to fulfilling obligations
Sanction Trace’s full suite of capacities can be utilised by law professionals, both for consultancy-based and firm-wide checks as well as to cater to their clients’ needs.
Illuminate layers of data about prospective clients, make informed decisions.
Sanction Trace’s rich data provides a nuanced, comprehensive picture of risks law firms face.
Utilise Sanction Trace’s due diligence capacity to serve your clients’ needs.