Why Criminals Like Lawyers Topics Risks to law
Author : debby-jeon | Published Date : 2025-06-23
Description: Why Criminals Like Lawyers Topics Risks to law firms Trust account risks Fraud risks COVID19 risks A Suspicious Mind Risk management 101 Controls The Bunch of Grapes What do these have in common Legal professional privilege Client
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Transcript:Why Criminals Like Lawyers Topics Risks to law:
Why Criminals Like Lawyers Topics Risks to law firms Trust account risks Fraud risks COVID-19 risks A Suspicious Mind Risk management 101 Controls The Bunch of Grapes What do these have in common? Legal professional privilege Client confidentiality Understand complex business structures Trust accounts Lack strong controls Naivety Revenue focused AML/CTF laws don’t apply Risks in a Law Firm Clients Types of Law Strategic, legal, financial, regulatory, compliance….. Firm wide risks / departmental risks Firm risk assessment Matter risk assessment Trust Account Risk Pooled monies Banks have no visibility Veneer of legitimacy Attractive to criminals Private bank Fraud Risk Impersonation of conveyancing / law firm Criminal controlled accounts Seller fraud Property type fraud Mortgage fraud Identity fraud – individual / company COVID-19 Emerging Risks Firms need revenue Criminal proceeds need a home Fraud Property Cryptocurrencies Sham litigation – fabricated civil litigation Red Flags Urgent transactions Uneconomic or unusually large transactions Outside your area of expertise Cancelled transactions Late change to instructions Overseas clients Too good to be true Assessing Risk 101 Risk appetite Likelihood x consequence = inherent risk Controls Residual risk Accept, reduce, reject Identify, mitigate, manage Risk Controls Training, training, training Verification of client identity Beneficial ownership of client Source of funds / source of wealth Client acceptance policy Third party payments The Bunch of Grapes The Bunch of Grapes A frozen trust account Attempted sanctions busting Use of proceeds of corruption Paddy Oliver Managing Director LL.B., M.Litt., M.B.A., G.A.I.C.D 03 9636 3632 0431 174 124 poliver@amlexperts.com.au www.amlexperts.com.au @amlexpert au.linkedin.com/in.paddyoliver
