Financial crime risk is increasing and evolving. Criminals wasted no time in taking advantage of the current crisis, with figures spiralling upwards for cybercrime, bribery and corruption, money laundering and fraud. Law firms are a particular target for criminals as they convey a veneer of respectability, as well as providing crucial skills that criminals need.
For financial crime teams across the sector, some of the biggest concerns include specific types of financial crime, such as cyberattacks. They fear the reputational damage and costs associated with failing to spot the signals: who doesn’t dread waking up to a new headline asserting their firm has enabled financial crime? They worry that too many checks and controls will dissuade new clients from wanting to engage. They’re concerned that gaps or shortfalls in their internal systems and capabilities: poor data quality, system failures, ineffective tools or outdated technologies, might impact their ability to detect and prevent financial crime effectively.
Are law firms achieving the outcomes required to protect the sector and the wider UK economy from financial crime?
- How is financial crime changing and how are law firms managing to keep abreast of emerging risks and adapt financial crime controls to make sure they remain fit for purpose?
- How can law firms be confident they truly know their clients and the risks associated, when engaging them online and throughout the client relationship?
- Does client due diligence go deep enough to uncover possible hidden risks relating to the source of wealth, source of funds, UBOs, Politically Exposed Persons (PEPs) and sanctions?
- Do compliance teams really understand the patterns and behaviours associated with the crimes they’re looking for? How effective are they at identifying and reporting suspicious behaviour?
- Are firms making the most of digital and regtech solutions that can support them through the crisis and beyond?
Watch this recording to hear how leading law firms and supervisory bodies in the UK are managing the current situation and planning for recovery.
- Suzie Ogilvie, Global Head of Financial Crime and Sanctions, Freshfields Bruckhaus Deringer
- Francis Jackson, Head of AML, Clifford Chance
- Amy Bell, Director, Teal Compliance
- David Smith, Business Development Manager, LexisNexis® Risk Solutions
- Matt Byrne, Deputy Editor, The Lawyer