The Law Society - Due Diligence

Law firms work across many areas of business and finance and
have a vital role in the prevention of money laundering.

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One of the most important elements of a legal firm’s role is that they follow a robust Know Your Customer (KYC) regime to better identify suspicious transactions.

Legal Compliance GuideThe Client Due Diligence (CDD) that law firms are mandated to undertake is simple, yet there is much confusion in the market about what, when, how and why CDD must take place.

The current trend however is that law firms are choosing to run CDD on all clients, irrespective of the practice area to avoid potential lapses in CDD compliance, should clients migrate across practice areas.

Law firms providing advice in investment vehicles such as stocks and shares will be regulated not only by the Solicitors
Regulation Authority but also by the Financial Services Authority. These firms will need to maintain the CDD requirements of the Joint Money Laundering Steering Group (JMLSG) Guidance Notes and the Law Society Practice Note.

To help law firms to understand the requirements and solutions available from Experian, we have created this guide based on The Law Society’s practice note.

To download this guide please fill in the form.

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