Webinar: The Risks Of ID Fraud And Client Verification
Sign up to our free webinar on 2nd Octover 2019 at 10am and take a look at the risks associated with ID fraud and client verification.
Sign up to our free webinar on 2nd Octover 2019 at 10am and take a look at the risks associated with ID fraud and client verification.
And while it is easy to get hung up on getting passports, driving licenses, certified ID etc, law firm’s responsibilities run much deeper. When completing Customer Due Diligence, the client relationship must be considered in the round and a full risk assessment of the relationship must be completed.
This will include considering factors such as whether you meet the client or not, how you receive and remit funds, their geographic location, the service for which you are being engaged etc.
The SRA’s Risk Outlook identifies trust and company formation, conveyancing and client account services as the highest risk from the point of view of money laundering.
And when it comes to clients you also need to consider the risks associated with people involved in certain sectors according to guidance from the Legal Sector Affinity Group (LSAG), including, but not limited to, those in;
When it comes to conducting Customer Due Diligence, the guidance from LSAG provides a clear delineation between client identification, and client verification:
Accordingly;
Verification should be completed on the basis of documents or information which come from a reliable source, independent of the customer. This means that there are a number of ways in which you can verify a client’s identity including:
One of the biggest challenges in identification and verification is ID fraud, imitation, and the proliferation of fraudulent documentation.
When battling against the increasingly sophisticated methods employed by fraudsters, lawyers may consider using newer technologies to help them combat the threat.
Following the announcement of Lawyer Checker’s tie up with client ID, verification and source of funds tool Thirdfort, find out how you can use new technologies to de-risk your Customer Due Diligence and speed up how long it takes to open the case file.
Click here to join our free webinar on 2nd October 2019, 10am
Source: Legal Sector Affinity Group Anti Money Laundering Guidance for the Legal Sector.