Providing risk professionals with essential updates to help strengthen AML processes, The Law Society has brought forth the annual Anti-Money Laundering Compliance for Law Firms 2018, with ecompass as a proud sponsor of the event.
In its 14th year, the event took place yesterday at CCT Venues in Canary Wharf and tackled the ongoing challenges of CDD in light of the impending GDPR requirements. encompass’ industry advisor, Amy Bell, opened the session discussing AML: Legal Sector Affinity Group and covered the following topics; pooled account provisions, CDD – clarification on client accounts, requirements for screening of employees, and an update on the 5th amending directive.
KYC for law firms continues to prove challenging, with regulators implementing the most challenging set of regulations yet written. With the 5th Directive on the horizon, it is more crucial than ever for law firms to begin understanding corporate hierarchies and UBO while reducing time to onboarding and producing an audit trail.
The afternoon was full of interesting talks from criminal finances, cybercrime, effectiveness of technology for KYC purposes and audit functions to name a few. I led the final discussion panel of the evening “What are the challenges of ongoing monitoring of customer due diligence (CDD)?” alongside a trio of compliance and security experts. I was joined by panelists Sarah Lucey – Head of Compliance at Weil, Gotshal & Manges, Tania Longva – Head of Risk and Compliance at Reynolds Porter Chamberlain, and Stuart Peck – Director of Cyber Security Strategies at ZeroDayLab.
The panel discussion covered the following topics:
- Revisiting customer due diligence, knowing your customer
- Reviewing providers and procedures
- Overcoming the tensions between GDPR, AML and CDD
- Developing a basic control for risk and governance
- Providing evidence and showing your working
Not only was encompass a sponsor of the event, but we also exhibited throughout the day, demonstrating our encompass verify KYC software and showcased how our latest offerings help companies with their KYC checking.
ABOUT MARTIN RUSSELL
HEAD OF SALES PROFESSIONAL SERVICES
After graduating with an MA in Social Sciences from Glasgow University, Martin joined business research and risk management firm LexisNexis. In his six and a half year tenure with the company, Martin worked with Banks and Insurance firms to increase the effectiveness of their CDD and EDD screening. Joining encompass in July 2017, he leads the Professional Services team assisting law and accountancy firms to improve their KYC processes.
Connect with Martin on LinkedIn.
Founded in 2011 by entrepreneurs Roger Carson and Wayne Johnson, and operating from the UK, encompass is the creator of unique, innovative KYC software for banking, finance, legal and accountancy that enable better, faster commercial decisions. The company is driven by the belief that the best decisions are made when people understand the full picture.
want to turn regulation compliance
in to a competitive advantage?
Contact us today to arrange your personalised consultation of encompass verify.
Discover how our KYC automation software can help your business accelerate onboarding and give you peace of mind that you are regulator ready.