Compliance for Law Firms

Law firms and solicitors are at risk of being targeted by money launderers due to their position of trust. This post outlines the red flags that law firms should be aware of when identifying suspicious activity indicative of money laundering, including client-related red flags, trusts, trustees, and beneficiaries red flags, transactional red flags, and property red flags. Law firms can play a critical role in preventing their services from being used for money laundering purposes by asking the question “does this make sense given what I know about the client?” and reporting any suspicious activity to the National Crime Agency.