By Azeem Rashid – COO at Verify 365
30 October 2022 – London
[ez-toc]
1. Verify clients in fewer steps than ever before
Traditional methods of identity verification and client due diligence have always relied on manual ID verification, which usually requires an individual to travel to the office with ID documents such as a passport or a driving licence amongst other paper documents. The law firm ‘checks’ that the document photo and document information match with the individual in front of them, a photocopy is made, a form is filled out and the lawyer and client are ready to proceed with the next steps.
Sounds simple? Not quite. Manual verifications are time-consuming and do not accommodate the needs of the law firm or the client.
Fast onboarding of the client is what every solicitors practice strives to attain, to prevent losing clients to competitors who can reduce the processing times.
Using an identity verification software, such as Verify 365, the client is not required to attend the office nor are documents required to be sent to the law firm’s office. Risky clients that require additional KYC checks can be identified in seconds and onboarding can be reduced from two weeks to 5 minutes.
Verify 365 uses the latest NFC and facial biometric technology meaning that the identity document is verified using Near Field Communication (NFC) cryptographically checking the authenticity of the document alongside the individual.
For a verification be completed the law firm does not need to do more than few simple steps, and the client will complete the identity verification check using a smartphone or web portal in their own time, unrestricted to the constraints of both parties availability.
2. Compliant with HM Land Registry ‘Safe Harbour’ Digital ID Standard
As a legal or property professional, completing an identity verification that meets the HM Land Registry ‘Safe Harbour’ Digital Identity has a lot of advantages for your firm. One of the biggest challenges when manually verifying a client is human error, because humans unlike modern technology get tired and lose focus and easily make mistakes.
Solicitors and conveyancers adopting the “Safe Harbour Digital ID Standard” approach indicate to HM Land Registry that they have taken all reasonable steps to conduct digital identity checks which provide a higher standard for verified identity by using biometrics and cryptographics giving clarity and certainty to the legal professional undertaking the identity verification.
Let’s look at the ‘Safe Harbour’ and what is required to meet this standard:
1. Requirement 1 – Obtain evidence from the client
2. Requirement 2 – Check that this evidence is genuine
3. Requirement 3 – Make sure the evidence matches the client
4. Requirement 4 – Obtain evidence to ensure the transferor, borrower or lessor is the same person as the owner
Verify 365 AML app is fully compliant with the Safe Harbour Digital ID Standard.
Remarkably, if correctly done HM Land Registry will not pursue any recourse claim against the conveyancer or lawyer resulting from the registration of a fraudulent transaction. You can read more about the HM Land Registry requirements in this blog.
3. Grow your law firm with fast biometric verifications that work in over 195 countries
If your law firm wants to grow and scale into new markets, it would be extremely difficult without the use of automated identity verification. Automated AML identity checks can help your law firm to verify and onboard new clients in real-time, wherever they are.
Verify 365 identity verification solution can verify international documents from over 195 countries, empowering your firm to take on new clients securely and confidently. So, if your solicitors practice is looking for a solution that can help your business grow whilst carrying out the required AML checks and maintain a high compliance standard then you must consider a streamlined digital client onboarding platform such as Verify 365.
Read our Case Studies – and see how other law firms have utilised the platform to their competitive advantage.
4. Fast and efficient digital verifications completed on any device
On average, client onboarding times can be up to 98% faster using Verify 365, reducing the onboarding time from two weeks down to 5 minutes.
By using a digital identity verification platform that incorporate facial biometrics and liveness test scanning means that your law firm doesn’t have to wait days or weeks to get started with a new client. By providing the key information using a device such as a mobile phone, tablet, or laptop, the verification can be completed by the client quickly and efficiently, in less than 2 minutes.
Using a HM Land Registry compliant third-party platform such as Verify 365 that is digital and available on any device also allows for the swift transfer of data to be integrated with your case management system.
With a few simple clicks, your identity verification request is sent and returned directly on your case file on your case management system, such as Clio or Actionstep.
5. Enhanced AML PEPs and Sanctions checks and screening for new clients
With each AML verification completed, Verify 365 checks global lists for PEPs and Sanctions on the individual, and whilst there is no single, globally agreed definition of a PEP – in the UK, a PEP is defined within regulation 35(14). The definition extends to both domestic and foreign PEPs.
So, verifying sanction lists is particularly important, but many law firms are not aware of the digital and fully automated mechanisms that enable them to check these lists.
With Verify 365 identity verification service you can electronically and instantly check over 500 major global PEPs and sanctions lists to ensure that you can associate the necessary risk labels using real-time information to help on how to proceed with the client.
Conclusion
Law firms should consider the benefits of automated and certified identity verification technology platforms such as Verify 365 and how it can benefit your firm’s compliance and onboarding and its clients.
The legal and property sectors are heavily targeted by fraudsters and criminals and technology that is approved and encouraged by the regulators, especially the Solicitors Regulation Authority and HM Land Registry, should be used to counter the efforts of those who wish to take advantage of weak compliance practices.
Also, law firms should take into consideration the practical as well as the commercial benefits of utilising technology todeliver better client experiences, faster onboarding and to win new business.
To find out more about how Verify 365 can assist with providing identity verification for your firm, please contact us: info@verify365.app
