Mainly when preparing for or carrying out the below types of transactions:

  1. Buying and selling of real estate, business, company, securities, and other assets/property
  2. Managing client money, securities, and other assets
  3. Management of bank, savings or securities accounts
  4. The formation, structure, re-organisation, operation, or management of companies and other entities/legal arrangements
  5. Certain insolvency and tax advisory cases
  6. Other transactions involving custody of funds as stakeholder or escrow agent or transfer of funds through their bank accounts

Despite the similarities of what is subject to higher levels of scrutiny, the nature of services provided are different and their obligations towards their clients and the public do vary. This poses separate sets of considerations must be taken into account.

For accounting firms, the duty of care is owed to both the client and the public interest. Hence, while the needs of their clients should be catered to, there is a heavier emphasis on independence and objectivity. This obligation permeates into the client due diligence process and necessitates higher levels of vigilance when verifying details of the client.

Although work produced by professional accountants are more routine on the surface, there are greater nuances within the details of their deliverables. Due to this, there are challenges to evidencing findings when onboarding clients and when the performance of the mandated work is ongoing. Addressing suspicious transactions reporting and how or when to document reasoning behind such related decisions becomes an area of greater ambiguity.

How AML Assuracomp
can Assist?

Assuracomp is able to provide advice and deliverables suitable for the law firm’s line of work while taking into account the full context of how these service channels are carried and risk associated with them. This results in policies, procedures, and processes that properly manages risks relevant to the regulated enterprise itself. Furthermore, allows for greater level of flexibility whenever appropriate and higher levels of end client acceptance for the firm’s AML measures. Ultimately, a better utilization of resources, time, and effort in achieving compliance with laws and guidelines.

More Details on Our Services?

As services facilitating with regulatory compliance and the improvement of business operational efficiencies can be highly modular and tailored made to each circumstance, we welcome any queries you may have on how we can help with the challenges you are encountering. Please click the below “Get In Touch” button or reach out to us using the contact details available at the bottom of this page.