Why do we have to complete Anti-Money Laundering Checks?

All solicitors in England are required by law to conduct Anti-Money Laundering (AML) checks. These checks are to prevent the firm’s services from being used for money laundering or terrorist financing.

Failure to comply with AML regulations can result in criminal prosecution, regulatory enforcement action, and significant financial penalties.

By conducting due diligence, including gathering information about the client’s background and the nature of the proposed legal work, we can identify potential risks and take appropriate actions to mitigate them.

We have robust policies and procedures in place to protect you as clients, and us as a business.

What are identification and verification checks?

AML checks help us to identify and verify your identity.

Confirming the identity of clients is crucial us to assess the risk associated with providing legal services and to comply with Know Your Customer (KYC) requirements.

We conduct these electronically, so that you avoid having to send us important documentation in the post or come into our office.

Reporting suspicious activity

If we become suspicious of any activity during the course of working with you, we are required to report it to the National Crime Agency (NCA). This includes suspicions of money laundering or terrorist financing activities. The AML checks assist in detecting red flags or indicators of potential illicit activity that may require further investigation and reporting.

If you have any questions or concerns, please get in touch, we’re here to help.
Enquiries@schofieldsweeney.co.uk
0300 124 0406