AML for law firms: The risk is real

Description

Abstract: Law firms can unwittingly fall prey to money launderers. This article discusses why a risk-based approach may help firms reduce the odds. Reviewing legal activities that are particularly susceptible to money laundering and completing a comprehensive risk assessment including country or geographic risks as well as client and service risk factors can help law firms steer clear of trouble. A short sidebar highlights a “practical” approach to identifying and assessing money laundering risk for smaller firms and solo practitioners.