The legal industry is constantly evolving, and with increasing pressure to adopt new technologies and meet regulatory requirements, law firms need innovative solutions to stay competitive.
Which is why, leading legal sector focused IT services, Accesspoint Legal Services and Verify 365 Digital Onboarding Technology have partnered to revolutionise the way law firms onboard clients.
The strategic partnership between Accesspoint and Verify 365 aims to provide cutting-edge digital onboarding solutions, streamlining the client journey processes and enhancing overall efficiency.
The partnership’s significance lies in providing law firms with tools to comply with the latest Solicitors Regulation Authority anti-money laundering (AML) requirements. Verify 365 advanced fraud prevention, identity protection, and risk management tools, crucial in today’s fast-paced legal environment, where AML compliance is of utmost importance. The state-of-the-art technology offered by Verify 365 aims to streamline the client onboarding process for law firms, enabling them to quickly and efficiently onboard new clients. With advanced biometric identity verification and a comprehensive range of AML compliance tools, law firms can confidently meet their regulatory obligations.
Investing in digital onboarding technology brings numerous benefits to law firms, including streamlined processes, cost reduction, and improved client experiences.
In this article, we will explore five key advantages of an integrated risk and compliance focused client onboarding solution with case management software for your aw firm and delve into each aspect to understand its significance fully.
Streamlined Onboarding Workflow
An integrated client onboarding solution, when combined with case management software, creates a seamless and efficient onboarding workflow. By automating repetitive tasks, gathering relevant data, and conducting due diligence checks, the process becomes more streamlined and accelerates the onboarding timeline. Lawyers can focus on providing legal expertise, while the software takes care of data entry, document collection, and risk assessment, resulting in a smoother client experience and improved client satisfaction.
A law firm that take son 100 new matters a month faced challenges in the onboarding process, including manual document collection, lengthy AML checks, and the risk assessment process, leading to delays and increased workload for their legal team.
The integration allowed software to automate data entry by extracting essential information from client-matter and faster initiation of identity and AML checks. All of the relevant documents and forms as part of the due diligence checks were performed automatically, flagging potential risks and conflicts of interest, which were promptly entered onto the matter file. As a result, the client onboarding timeline was reduced by 30%, and the legal team could allocate more time to focus on providing legal expertise and building stronger client relationships with a streamlined onboarding workflow.
Enhanced Risk Identification and Mitigation
With integrated risk and compliance-focused client onboarding, law firms gain access to advanced risk assessment tools. The software can automatically verify client identities, conduct anti-money laundering (AML) checks, and screen for potential conflicts of interest. By identifying and mitigating risks at an early stage, law firms can avoid engaging with high-risk clients and prevent potential legal and reputational hazards. This proactive approach fosters a safer and more secure working environment for the firm and its clients.
For all law firms, risk management and compliance are of utmost importance, considering they are a regulated practice. The integrated solution addressed these concerns effectively by giving them over 7 different due diligence solutions in one integrated platform including, Identity Checks, Sanction Checks, Adverse Media Checks, PEP Checks, Address Checks, Company Checks and Source of Funds Checks.
Automated risk assessment tools conducted AML checks, verifying client identities and screening for potential risks during the onboarding process. The software flagged any high-risk clients or conflicts of interest, ensuring that the firm adhered to industry regulations and minimised potential legal and reputational risks.
Enhanced Client Experience
The integration of client onboarding and case management software fosters seamless communication within the law firm. All stakeholders access and update client data in real-time, streamlining teamwork and reducing delays. Transparent communication channels with clients keep them informed, enhancing trust and overall client satisfaction.
By providing clients with a seamless and efficient onboarding experience and keeping them informed throughout the legal process, law firms can set themselves apart from the competition and build lasting relationships with their clients. The integrated solution strengthens the client-firm relationship, positioning the law firm as a reliable and client-focused legal service provider in today’s dynamic and competitive legal landscape.
With a more efficient onboarding process, clients experienced a marked improvement in their overall experience with the law firm. The software’s user-friendly client portal allowed clients to securely submit necessary documents, track the progress of their case, and communicate with their legal representatives.
Real-time updates and notifications kept clients informed throughout the onboarding process, fostering transparency and trust. Clients appreciated the faster turnaround time and personalised attention, leading to increased client satisfaction and a higher likelihood of repeat business and referrals.
Centralised Data Management and Security
The integration of Verify 365 with Accesspoint Legal Services offers law firms a seamless and secure client onboarding process. With cyber threats on the rise, law firms must prioritise data security to safeguard sensitive client information. The integrated solution offers robust security measures to protect against data breaches and unauthoriaed access.
Law firms can efficiently manage client data from a centralised repository, adhere to regulatory requirements, and foster transparent communication, ultimately strengthening their reputation as trusted legal service providers.
Onboarding clients with Verify 365 and Accesspoint Legal Services allows companies to leverage the advanced features of both platforms, focusing on enhancing data security and compliance with industry regulations.
By integrating Verify 365’s two-factor authentication, the company added an extra layer of security to user logins. This feature required users to provide two forms of identification, such as a password and a one-time passcode sent to their mobile device, before gaining access.
The two-factor authentication significantly reduced the risk of unauthorised access, protecting sensitive client data from potential cyber threats. Moreover, the integration facilitated compliance with GDPR and other regulatory standards, ensuring that client data was securely managed and protected.
Meeting Compliance Regulations
Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations are critical in preventing financial crimes and ensuring client authenticity. The integrated solution helps law firms conduct thorough AML and KYC checks during the client onboarding process.
Verify 365’s advanced AML checks verify client identities and screen for potential risks.
The platform checks for politically exposed persons (PEPs) and sanctions, ensuring that clients do not have any illicit financial ties. Compliance officers can monitor and track the AML compliance status through Accesspoint Legal Services’ compliance dashboard, allowing for timely risk assessments and proactive risk management.
To maintain compliance, companies must have the ability to generate comprehensive audit reports. Accesspoint Legal Services’ integration with Verify 365 allows for real-time monitoring and reporting of client onboarding and compliance activities.
Prior to using the Verify 365 integration there was poor processes that did not verify the individual or check them for sanctions. Once the firm starting using Verify 365 through the case management system integration, the software performed identity verification, PEPs, and sanctions checks, minimising the risk of financial crimes. Compliance officers could access real-time AML compliance status through Accesspoint Legal Services’ dashboard, allowing them to promptly address any potential risks.
The integrated solution enables law firms to navigate the complexities of compliance with ease, fostering a culture of compliance that aligns with industry best practices and regulatory requirements.
Partnerships like this play a crucial role in enabling law firms to stay ahead of the curve in technology adoption. Collaborating with leading technology companies allows law firms to benefit from the latest innovations, ensuring they remain competitive in an ever-evolving marketplace.
In conclusion, the Accesspoint Legal Services and Verify 365 partnership represents a significant advancement in legal technology for law firms. By offering cutting-edge digital onboarding solutions and AML compliance tools, the collaboration enables law firms to streamline processes, enhance efficiency, and provide a superior client experience. This strategic partnership exemplifies the potential of innovative technology to transform the legal sector, keeping it competitive and adaptive in a dynamic landscape.