Compliance with regulatory obligations set by the Solicitors Regulation Authority (SRA) is an ongoing and essential requirement for law firms. To ensure that law firms meet these obligations, it is crucial to be mindful of the regular SRA inspections. As the regulator intensifies its inspection regime and conducts more frequent visits, being thoroughly prepared for …
Economic crime costs the UK around £88 billion each year, with the UK in second place for global money laundering (beaten only by the US). In addition, the legal sector continues to be assessed as “high risk” for money laundering exposure – especially when it comes to conveyancing, trust, and company services. The legal profession has …
Most businesses now deal with a lot of data, and law firms are no different. So just how do law firms keep a handle of the day-to-day engagement of each and every client they deal with? Of course, there are many excellent solutions out there that deliver a wealth of data. But just what does …
How to use key management information to help your law firm grow Read More »
The legal profession is a highly regulated sector with a wealth of professional standards, regulations, and legislation that must be adhered to. Today, compliance covers many activities, including conflict of interest, anti-money laundering (AML) and client due diligence (CDD), claims and complaints, data protection, and more. With so much scope for error, modern firms must …
Best practice matters – how client onboarding supports law firm compliance Read More »
Before the pandemic, most law firms across the UK had started the journey towards digital transformation. But there is no denying that the legal sector has been historically slow to recognise and adopt technological advancement, with a third of firms eschewing any involvement in business innovation between 2014 and 2016. Covid-19 changed everything, and with …
In 2022, a Home Mover’s Report warned that, when it comes to buying and selling homes, the conveyancing sector is struggling to meet demand. Furthermore, the time it takes to complete the conveyancing process is the key reason people find home moving stressful. Technology can help tackle this problem. And in particular, automation gives time …
Six benefits of automated client onboarding for conveyancers Read More »
Intelligent client onboarding solution Minerva continuously strives to seek out likeminded partners who integrate with ease to provide service excellence and revolutionise the experience of both law firms and their clients. Best of breed partnerships that provide law firms with everything they need to run their business effectively, efficiently, and compliantly. The team is therefore …
Minerva partners with leading business software development provider Xperate Read More »
The annual anti-money laundering (AML) report from the Solicitors Regulation Authority (SRA) revealed that, while most solicitors and law firms are taking their AML obligations seriously, a “small minority” are not yet doing enough to fight economic crime. In response, the regulator has called on those firms “to take your obligations seriously and play your …
SRA Anti-Money Laundering annual report 2021-22 – Key Findings Read More »
The UK is a high-risk jurisdiction for money laundering. Law firms – and especially conveyancers – are attractive to criminals due to the type of work they do, with hundreds of millions laundered through conveyancing across the UK[1]. Tackling financial crime places a considerable burden of risk and compliance on conveyancers. But, while this onus …
Why your firm should improve its SoF and SoW processes Read More »
In May 2022, the Fair Business Banking and Anti-Corruption and Responsible Tax all-party parliamentary groups (APPGs) published a joint Economic Crime Manifesto. The statement sets out a “comprehensive list of pragmatic reforms” designed to tackle the UK’s dirty money crisis and stop Russian oligarchs, criminals, kleptocrats and wrongdoers who have been using London to hide …
Lawyers who break AML rules face bigger, more public fines Read More »
