Time is money: Counting the cost of client money management for law firms
Regulators like the FCA and SRA have tightened oversight on law firms’ client accounts to prevent misuse as banking facilities. Firms holding large residual balances are under particular scrutiny, especially given the increasing complexity of financial crime and global sanctions, making compliance with AML and KYC rules essential.
Rising Cyber Threat:
Rising Cyber Threat:
- 75% of UK law firms experienced a cyber attack in the past 12 months, with phishing emails and impersonation scams being most common.
- Over 75% of cybercrime reports involved client accounts, highlighting the elevated risk from handling client funds.
- More than 75% of the Top 100 firms have faced phishing attacks.
The rising frequency and sophistication of cybercrime increases the risk to sensitive client data and funds, impacts insurance premiums, consumes resources, and can damage client relationships. Law firms must adopt robust anti-money laundering controls and cybersecurity measures to protect clients, maintain regulatory compliance, and safeguard their reputation.
Pružatelj: Shieldpay Operations Limited | Veličina: 1,37 MB | Jezik: Engleski