The Law Society Chooses Accuity AML Solution
- Security and Compliance , AML and KYC
- 14.04.2016 01:30 pm
Accuity, the leading global provider of risk and compliance, payments and know-your-customer solutions, has been selected by The Law Society as its preferred supplier of anti-money laundering (AML) e-verification until 2018.
Accuity has been endorsed by the Law Society for the past six years and during this next three year term, is likely to see the UK announce tighter laws on tax evasion and AML via a new task force, following the recent ‘Panama Papers’ revelations. Additionally, the implementation of the 4th EU Anti-Money Laundering Directive and an inspection of the UK's AML framework by the global standard-setting Financial Action Task Force (FATF) are on the horizon.
The Law Society views compliance with money laundering obligations as one of the greatest challenges for solicitors in the UK today.
President of the Law Society, Jonathan Smithers, said: “We are very pleased to be able to endorse Accuity for the provision of anti-money laundering (AML) e-verification services to law firms. Throughout the endorsement process, we have been consistently impressed with the quality and standards presented. The endorsement is designed to bring additional membership benefits and assists Law Society members in making informed choices when purchasing business or lifestyle services and products. Products are selected for endorsement objectively, based on quality and suitability. Only individuals or firms can decide whether or not Accuity is right for them and whether it meets their requirements.”
Hugh Jones, President and CEO of Accuity, said: “Unprecedented regulatory intervention and high profile revelations such as the recent ‘Panama Papers’ scandal, have placed a new focus on AML even beyond the traditional focus areas such as banking. Solutions which reduce risk and increase operational efficiency are more vital now than ever before. Our scalable, automated tools and tailored approach help our legal clients to understand and address the risks they face, from the global picture to the local detail.”
Used by many of the UK’s top 500 law firms, Accuity's AML solutions, including sanctions, PEP and customer due diligence screening, can help legal firms reduce the risk of violating domestic and international regulations, with a full range of global tools from simple look-ups to fully integrated automated solutions. Accuity introduced the world's first OFAC screening filters in 1994 and since then its products have been continually updated to provide industry-leading solutions for global due diligence and regulatory compliance.
Accuity is also working in partnership with the Law Society to add value to their members through events and thought leadership; on Friday 15th April 2016, Accuity is sponsoring the Law Society’s Risk & Compliance Annual Conference which aims to assist law firms in achieving best practice in compliance.
Accuity is currently conducting research into the challenges of AML for law firms across EU countries via an industry survey. The Challenges of AML for Law Firms Survey, designed in collaboration with the Law Society, aims to understand legal sector’s shift in focus and anticipated impact of increasing regulation and scrutiny. Results will be collated in an industry report later this year and those who answer the survey before 3rd June 2016 will receive a preview copy by email.