As the representative body of the law firms in England and Wales, The Law Society is introducing a range of products and services to assist its members in complying with anti-money laundering obligations. Accuity has been chosen as a preferred supplier based on the resilience of its routing data and AML screening software.
Neil Skinner, Business Development Manager at The Law Society said: "We are pleased to announce that the Law Society of England and Wales has selected Accuity as its preferred supplier for PEPs and sanctions list screening. Politically Exposed Persons (PEPs) may pose a higher risk of money laundering to law firms and enhanced due diligence must be undertaken when accepting them as a client. It is also a criminal offence to provide funds to, or take funds from, a person or business on the sanctions list without permission from HM Treasury. Accuity can assist firms in developing a detailed risk profile of their clients and their clients' associates when they are dealing with PEPs and also help minimise the risk of dealing with sanctioned entities. Accuity's extensive experience in this field, the breadth of their information sources and their user-friendly solut ions were key reasons for the Law Society's decision to appoint them as our preferred supplier."
As the Law Society's preferred AML e-verification supplier for PEP and Sanctions screening, Accuity is offering a free five-day trial of its Online Compliance look-up tool. Plus all members can receive a 10 per cent discount on the purchase of any Accuity AML solution.
Malcolm Taylor, Managing Director EMEA and APAC, Accuity, said: "Accuity is delighted to have been selected by the UK Law Society as its preferred AML e-verification supplier for PEP and Sanctions screening. Our industry-leading AML look-up tools and filtering engines provide flexible and cost-effective solutions for both large and small firms."
Accuity's e-verification software can help legal firms reduce the risk of violating domestic and international regulations and save valuable time and money. Accuity's AML Compliance Suite offers a range of caution lists and screening solutions that provide a prime defense against participation in illicit financial activities, such as money-laundering and terrorist financing. Accuity introduced the world's first compliance filtering engine in 1994 and since then its products have been continually updated to provide industry-leading solutions for global due diligence and regulatory compliance.