The UK has recently escalated its measures against the Russian regime with the introduction of the Russia (Sanctions) (EU Exit) (Amendment) (No. 3) Regulations 2023. These sanctions, expanding upon existing regulations, further restrict Russian entities from accessing UK legal services and may limit UK lawyers from advising international companies involved with Russian businesses.
Historically, the UK legal sector exported services worth approximately £56 million annually to Russian businesses. With these new sanctions, announced by Lord Chancellor Alex Chalk, the UK is taking a definitive stance. “Our legal system is integral to global business, and it’s imperative that we prevent its exploitation by the Russian regime,” Chalk stated. These measures are part of a broader strategy to exert economic pressure and isolate the Russian government.
However, the government has clarified that legal representation for Russian nationals in the UK is not included in these restrictions.
Law Society Past President Lubna Shuja has expressed support for these sanctions, emphasising the importance of upholding justice and the rule of law. The Law Society is committed to guiding the legal profession through the implementation of these new regulations.
In this evolving landscape, the role of robust sanctions screening becomes even more crucial for UK law firms. Verify 365 offers an advanced solution to navigate these complex sanctions.
Risk screening technology streamlines the process of identifying and managing clients who may be affected by these new regulations, ensuring compliance without compromising efficiency.
Director Azeem Rashid of Verify 365 highlights the importance of AML tools, “In these times of heightened regulatory scrutiny, Verify 365 stands as an essential ally for legal professionals. Our sanctions screening tool is designed to provide comprehensive, up-to-date checks, aligning perfectly with the evolving legal landscape. We’re dedicated to supporting our clients in maintaining compliance with these new regulations, while continuing to offer exceptional service.”
Verify 365’s sanctions screening capabilities are a crucial asset for law firms looking to navigate these new challenges. Some of its top features are:
Adverse Media Screening
Uncover hidden risks through extensive media checks, revealing critical information about clients beyond standard compliance measures.
Continuous Monitoring
Stay informed of any changes in client profiles or risk status with ongoing monitoring, enabling proactive compliance management.
Politically Exposed Persons (PEPs) Identification
Efficiently identify high-risk individuals involved in public functions, crucial for maintaining stringent AML standards.
Advanced Biometric ID Verification
Incorporate the latest in biometric technology for accurate and secure client identity verification.
Efficiency in Compliance Procedures
Automate and streamline compliance processes, saving valuable time and resources while enhancing accuracy.
Risk Mitigation
Early detection of high-risk clients allows for timely measures to reduce potential legal and reputational risks.
Global Sanctions and PEPs Database
Access a comprehensive international database for thorough checks on international clients.
Building Client Trust and Firm Reputation
Demonstrate commitment to ethical practices and due diligence, bolstering client confidence and enhancing the firm’s reputation.
Up-to-Date Regulatory Alignment
Stay current with the latest in AML and sanctions compliance, ensuring your firm is always compliant with regulatory changes.
By integrating our solution, law firms can confidently manage their client relationships, secure in the knowledge that they are fully compliant with the latest sanctions.