In this article we will cover:
How does Legl support the SRA’s guidance for complying with the UK Sanctions Regime?
Legl provides law firms with AML screening tools to help them meet their regulatory requirements and comply with the UK Sanctions Regime. The AML screening tools are part of Legl’s comprehensive Risk & Financial management platform, that is uniquely tailored to the requirements of law firms.
The SRA’s guidance for complying with the UK Sanctions Regime published in November 2022 suggests that firms use digital screening tools that check against the UK consolidated list. Legl is one such provider of this level of screening.
What AML screening tools does Legl use?
Watchlist Screening and Instant Screening
Carry out immediate PEPs and Sanctions screening for clients and counter-parties.
Ongoing Monitoring
Automate continuous PEPs and Sanctions screening on all clients.
Business Checks
Get instant access to group structure, directors, credit information and more for international businesses across 160 countries
How does Legl comply with the SRA's guidance?
Legl complies with the SRA’s guidance in the following ways:
Assessment area | Details of how Legl operates |
How frequently the screening tool pulls sanctions data from the UK's relevant databases: | Legl partners with ComplyAdvantage, a leading provider of Sanctions data and screening.
Our system conducts searches in real time across thousands of global government regulatory and law enforcement watchlists as well as over 100 International and National Sanctions lists including the UN, US, EU and UK Sanctions databases.
To support firms in monitoring their clients through their lifecycle, we also provide Ongoing Monitoring services, which deliver alerting and reporting should an individual be designated with a sanction at any point in time. |
Covering all jurisdictions to which you have exposure via the screening tool: | Legl provides comprehensive coverage against all major jurisdictions around the world. Our Sanctions reports draw on sources from over 100 countries to ensure we offer a truly global view of screened individuals. We are very happy to provide a complete source list should that be useful at any point. |
How the screening tool deals with names that have multiple spellings or may have been translated from a non-Roman script | We are aware of the complexities in matching individuals across different languages and scripts. In these instances, our system utilises transliteration to enable us to identify matches on both the non-Roman and Roman script versions of names. |
How the screening tool facilitates a partial or 'fuzzy' match capability: | In order to provide firms with a comprehensive report against which to make an assessment, our system utilises ‘fuzzy’ matching in order to accept small variations in the spelling of names and to accommodate honorifics or suffixes.
In addition to this, we also employ partial matching logic which enables us to identify potential sanctions flags where individuals have used nicknames, aliases and other international naming conventions. |
How the screening tool use multiple data points including date of birth as well as the name to pinpoint sanctions flags | Our system requests various data points to enable the best possible matching and flagging of potential sanctions.
We use full names (including middle names), aliases, date of birth and geographic location to segment and prioritise results and deliver a low false-positive rate. |
How Legl adds additional value across client due diligence | In addition to PEPs and Sanctions screening, Legl supports law firms to complete end-to-end due diligence on individual and business clients through a suite of risk management tools including biometric identity verification, worldwide identity document verification, source of funds checks, and international business reports. |
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