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Law and Accounting Firms

Law and accounting professionals are required by law to screen clients before providing services. Reporting on ground of AML and CFT suspicions do not constitute a violation of privilege, sanctions screening obligations apply to non-regulated actors as seriously as to regulated industries. Accounting and law professionals are obliged to not to make resources available to SDNs or assist with the facilitation of an offence covered by sanctions regimes or AML laws. Risks increase radically when law and accounting professionals are assigned remittance or fiduciary duties.

Energy
Law
High Value Goods Dealers
Banking and Finance
Insurance
Digital Payment Systems
Infrastructure & Construction
Pharma
Real Estate

The energy industry has never been far from risks stemming from corruption, terrorism financing, sanctioned jurisdictions, and designated entities.

Law and accounting professionals are required by law to screen clients before providing services.

Negligence, lax reporting habits, opaque practices, understaffing and underestimation of the potential of criminal abuse have so far kept the High Value Goods and the Arts Market a side note for regulation.

The regulated industry is all about adequate, knowledgeable management of a variety of risks.

Insurance is an industry where awareness or the lack of it establishes the criterion for success in compliance.

Innovation and mobility are at the heart of disruptive online banks, alternative payment systems, and FinTechs who transform the face of banking and finance.

The infrastructure & construction industries are at the very centre of the intersection of political interest, strategic moves, trends, and economic growth.

The regulatory glance has never been stricter for Pharmaceutical and Life Sciences sector.

The increase in value; low barriers of entry, the prestige and the sense of security that comes with property ownership have so far rendered real estate an irresistibly attractive investing option.

Screening Obligations

It is vital for law, accounting professionals to do AML and CFT checks before onboarding clients, accepting transactions, or helping with transfers of resources.

As of 2022, with Western governments and regulators shifting focus to tackle stolen wealth, the flow of corrupt capital and legal “enabling” in democracies, law firms will be subjected to even more strenuous requirements, multiplied statutory instruments, and face multi-faceted
risks.

There will be no place for misconceptions, incomprehensive screenings, or lack of awareness when it comes to fulfilling obligations.

Sanction Trace’s full suite of capacities can be utilised by law professionals, both for consultancy-based and firm-wide checks as well as to cater to their clients’ needs.

Illuminate layers of data about prospective clients, make informed decisions.

Sanction Trace’s rich data provides a nuanced, comprehensive picture of risks law firms face.

Utilise Sanction Trace’s due diligence capacity to serve your clients’ needs.