We understand the unique pressure your law firm faces in today’s regulatory compliance storm.
In today’s regulatory landscape, law firms face mounting pressure to maintain compliance standards amidst heightened anti-money laundering (AML) requirements and evolving trade sanctions. A recent report by the Solicitors Regulation Authority (SRA) reveals that only 22% of law firms are fully compliant with AML rules, highlighting critical gaps in industry standards. Now, with stricter regulations on the horizon, firms must adapt swiftly or risk significant penalties.
Consider this scenario: A new client approaches your firm, eager to move forward, but before any work can begin, your compliance team must navigate an array of AML checks and conflict screenings. These checks come with tight turnaround times—often hours, and rarely more than a few days. Missing even a minor red flag could lead to sanctions violations, costly penalties, or severe reputational damage. The stakes are even higher now that, from 10 October 2024, the Office of Financial Sanctions Implementation (OTSI) will have the authority to impose civil penalties on a strict liability basis for trade sanctions breaches. This means there’s no longer a requirement for firms to have knowledge of an offence to be held liable—a single oversight could lead to direct financial penalties and reputational damage.
Missing even a minor red flag could lead to sanctions violations, costly penalties, or severe reputational damage.
Capacity becomes another immediate challenge. Your conflicts team and AML compliance teams overlap, and often, this translates into bottlenecks that delay your processes. Paralegals, who came to the firm with career ambitions beyond endless cycles of AML of conflicts checks, face burnout from handling high volumes of compliance work. The high turnover only adds to the existing pressure, stretching resources even thinner and making errors more likely.
But every storm has its solution, and for every compliance challenge, there’s a way forward.
At Projective Group, we’ve guided firms through these exact scenarios, helping law firms regain control over their compliance processes and turn them into assets, rather than stressors. With over 450 financial crime experts in our team, we specialize in AML and compliance, from regulatory planning to the meticulous execution of every KYC and conflict check.
Our approach begins with empowering your compliance processes. With our RULER solution, your team can anticipate and adapt to regulatory changes without missing a beat. Horizon scanning and real-time updates mean that you’re not just reacting but proactively managing your regulatory obligations. From policy and process gap analysis to designing frameworks that meet and anticipate future regulatory states, we’re there to support every step.
Whether you need ongoing resource support, immediate scale-up for tight billing deadlines, or a long-term solution for fluctuating workloads, we offer tailored support. Our Managed Services model allows for full AML and conflicts checking outsourcing, while our Managed Capacity service lets you augment your team with expert resources whenever needed. With these solutions, you can quickly scale your team up or down to handle any volume without compromising on speed or quality.
To address the challenges of capacity and expertise, we also offer a unique traineeship program through our Financial Crime Training Academy. We source, train, and transition compliance talent into your BAU operations, seamlessly integrating skilled resources into your team. This solution provides long-term stability and compliance rigor, with resources who are trained to the exacting standards required for high-stakes compliance work.
Quality control is at the heart of effective compliance, and our Quality Assurance oversight ensures that all policies and procedures are rigorously applied. With our expertise guiding your quality processes, you can be confident that every file, every case, and every interaction adheres to both firm standards and regulatory demands, protecting your firm from fines and reputational risk.
Quality control is at the heart of effective compliance.
Imagine a compliance process that not only meets regulatory demands but does so seamlessly, without the bottlenecks and capacity issues that make it feel like a daily fire drill. Imagine dedicated financial crime professionals, front-office teams no longer pushing on tight deadlines, and a compliance team equipped with the tools, resources, and expertise to handle any challenge.
At Projective Group, we’re here to guide you from stormy seas to calm waters. Get in touch with us today to see how we can help you turn compliance into a strategic advantage.
Established in 2006, Projective Group is a leading Financial Services change specialist.
We are recognised within the industry as a complete solutions provider, partnering with clients in Financial Services to provide resolutions that are both holistic and pragmatic. We have evolved to become a trusted partner for companies that want to thrive and prosper in an ever-changing Financial Services landscape.
