Why US Law Firms Need Anti-Money Laundering Policies

By Kristine Safos, HBR Consulting (May 9, 2017, 12:10 PM EDT) -- In a December 2016 report, the Financial Action Task Force (FATF) singled out a number of non-financial sectors in the U.S. for failing to fight against money laundering. The legal industry was one of the sectors the FATF called out for not having "an adequate understanding of [money laundering] vulnerabilities and the need to implement appropriate controls to mitigate them." Among the priority actions highlighted in the report was a suggestion that the U.S. apply more anti-money laundering (AML) obligations to lawyers.

Today, law firms should be viewing AML compliance as more than a suggestion; it is a necessity. As mainstream...

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