Lawyers and Legal Firms

Lawyers and legal firms, as well as other professionals such as accountants and real estate agents, are often designated as “obliged entities” and are subject to Anti-Money Laundering (AML), know-your-customer (KYC), and other financial regulations. To comply with these regulations, lawyers and legal firms are required to implement a range of risk assessment and compliance procedures, which include:

  1. Conducting Risk Assessments: Lawyers and legal firms should conduct periodic risk assessments to identify and assess the money laundering and terrorist financing risks associated with their clients, services, and geographical locations. This can help them to determine the appropriate level of due diligence required for each client and transaction.
  2. Know-Your-Client (KYC) Due Diligence: Lawyers and legal firms should collect and verify client information, such as name, address, and identification documents, to ensure that they know their clients and can assess their risk profile.
  3. Enhanced Due Diligence (EDD): Lawyers and legal firms should conduct enhanced due diligence on higher-risk clients, such as politically exposed persons (PEPs), to obtain additional information about their source of funds and the purpose of their transactions.
  4. Transaction Monitoring: Lawyers and legal firms should monitor client transactions to detect and report suspicious activity, such as unusual transaction patterns or large, unexplained transactions.

WorldAML supports individual lawyers or small legal offices as well as large legal firms to manage their risk assessment and compliance systems for AML-KYC and other requirements. Our database integrates information from 2,500,000 sources of information world-wide and provides a comprehensive assessment of risks of all forms.

 

By implementing these risk assessment and compliance procedures, lawyers and legal firms can help prevent their services from being used for money laundering and terrorist financing activities, protect their clients, and maintain compliance with AML and KYC regulations.

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Industries

Accounting & Fiduciary

The WorldAML API provides a robust and customisable AML screening solution for accountants, auditors, and fiduciary providers world-wide. This enables automated Know-Your-Customer (KYC) and Customer Due Diligence (CDD) solutions at scale.

Banking

The WorldAML API provides a robust and customisable AML screening solution for banks and deposit-taking institutions world-wide. Ensure compliance with US Federal Reserve, the European Central Bank (ECB), the European Banking Authority (EBA) and other global regulators.

Financial Companies

The WorldAML API provides a robust and customisable AML screening solution for financial companies, ranging from online payment firms and EMI, fintechs, forex trading firms, online stock brokers and other. Ensure compliance with SEC, ESMA and other global regulators.

Lawyers & Legal Firms

The WorldAML API provides a robust and customisable AML screening solution for lawyers and legal firms world-wide. Ensure compliance with Know-Your Customer, Anti Money Laundering, Sanctions List and other regulatory requirements world-wide.

Other Sectors

The WorldAML API provides a robust and customisable AML screening solution for online gaming companies, property and real estate and other sectors. Ensure compliance with Know-Your Customer, Anti Money Laundering, Sanctions List and other regulatory requirements world-wide.

Regulatory Institutions

The WorldAML API has been designed for compliance with major regulatory institutions including the US Treasury, Federal Reserve, Securities and Exchange Commission, OECD Financial Action Task Force (FATF), European Commission, European Central Bank, UK FCA and others.