In recent years, a Pandora’s Box of decentralised data has been opened, releasing a tsunami of financial solutions all promising to make life easier for clients. This is creating a range of difficulties for legal firms who are under increasing pressure to gather more client information to confirm they really are who they say they are, writes Tom Lyes.
Irrespective of sector, size or location, every UK business is now a potential target for cyber criminals. And, as the threat continues to evolve, it is more crucial than ever to be prepared.
Would you be happy to rely on someone else for your client due diligence? In an attempt to reduce inconvenience, and the time and cost of carrying out anti-money laundering due diligence on clients, some law firms are looking to rely on others to help them reduce the burden, but is this a good move?
The final season of the Netflix hit thriller, Money Heist saw viewers gripped to see if The Professor and his cadre of criminal masterminds could pull off their final heist of the Bank of Spain. But, says Tom Lyes, while these small screen crimes are entertaining, the story echoes a concerning real-life trend of criminals increasingly using printed paper to hide their crimes.