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Law firms fail to make adequate identity checks

The legal profession is falling short of meeting its responsibilities when it comes to money laundering regulations, a survey has found.

Property search specialist TM Group and legal training provider Central Law polled 160 legal and conveyancing professionals on anti-money laundering measures in England and Wales.

Nearly 75% of respondents see money laundering as a serious threat but more than a third do not consider the regulations to be necessary.

Nick Dyoss, director of TM Group, says: “Some 65% of those surveyed still rely on checking photo IDs and utility bills for identification and are therefore falling short of best practice.”

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