Half of law firms do not understand the money laundering risks facing them, according to research from LexisNexis Risk Solutions.
Nevertheless, 76% of firms anticipated increasing their technology budgets as part of anti-money laundering resources over the next five years. The report, ‘On the frontline: the UK’s fight against money laundering’, published this week, also uncovered that lawyers believe there are too many supervisory bodies and that streamlining regulatory supervision would make it more effective. Michael Harris, a director at LexisNexis Risk Solutions, said: ‘Training and education on financial crime risks is essential.’
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