Legal practitioners and conveyancers provide services that operate as a gateway to property and financial markets, financial institutions and other regulated professionals.
These ‘gatekeepers’ provide financial and business services that can be abused to disguise beneficial ownership, conceal the origins and purposes of financial transactions, facilitate tax evasion and, ultimately, launder the proceeds of crime. Operating through or behind a professional adviser can provide a veneer of legitimacy to criminal activity.
Legal practitioners can be used to create complex (but legal) structures that can create distance between criminals and their illicit wealth. Conveyancers facilitate a process that allows for the transfer of ownership of property, a high-value asset that provides ideal opportunities for laundering large volumes of illicit funds.
The Money Laundering and Terrorist Financing (ML/TF) risks associated with the legal profession include:
Legal practitioners must ensure they conduct a comprehensive ML/TF risk assessment to identify, assess, mitigate and manage ML/TF risk exposures. This is a critical first step in AML/CFT compliance.
These are the services offered by lawyers and conveyancers that are covered by AML/CFT obligations:
The AML/CFT regime is risk based, which means that your responses to the AML/CFT obligations placed upon you should be risk-based.
A risk-based AML/CFT regime requires that you understand and address the Money Laundering and Terrorism Financing (ML/TF) risks associated with the legal services you offer.
You must then design, implement and maintain systems, procedures and controls that are proportionate to your ML/TF risks.
Initialism are the AML/CFT experts, so you don’t have to be.
With over 30 years of expert knowledge and real world experience our AML/CFT compliance solutions will to help you navigate your legal and regulatory requirements so that your business complies with its AML/CFT obligations in the fastest and most cost-effective way.
Initialism has a range of AML/CFT solutions to support becoming AML/CFT compliant and maintaining compliance:
Our solutions allow you to tailor support based on your capacity, experience and budget.
Our expertise covers all AML/CFT disciplines and brings unique perspectives, approaches and solutions to the AML/CFT challenges faced by the legal profession
Our AML/CFT compliance knowledge includes working with legal firms and we understand what compliance means for your legal practice
We have experience in delivering workable AML/CFT compliance to legal practices, each with their own unique challenges
Our knowledge and expertise has been hard earned and comes from working in the area of AML/CFT for many decades
We have experience providing tried and tested AML/CFT solutions, regardless of the size and complexity of your legal practice
Our AML/CFT compliance solutions are flexible and can be tailored to your capacity, experience and budget
I really enjoyed the day and was very impressed by your product. I walked away with a better appreciation of the AML risk factors in our business and how they can be mitigated.
Workshop done – Program Manual V1 drafted! So pleased to work alongside Initialism to get our AML program underway – the workshop was well worthwhile. We learnt plenty around the purpose of the AML legislation and then completed our Risk Assessment and draft program manual. Initialism were very knowledgeable on AML and practical in their approach. The Initialism portal is user friendly and easy to tailor to our firm’s needs and will definitely future proof our program. Thank you.
Thank you for conducting an informative, comprehensive and surprisingly entertaining AML/CFT workshop. Knowing that we have the support of the Initialism team gives us an exceptional degree of confidence that we will be meeting and exceeding regulatory expectations moving forward.
Thank you Initialism! Your team has put together an outstanding programme that explains in everyday language the new AML/CFT and AUSTRAC rules effecting Cryptocurrency businesses. If you want the why, how and an action plan the Digital Currencies AML/CFT Workshop is a must attend.