In a move to bolster their Anti-Money Laundering (AML) compliance, ID checks and client onboarding process, Harbans Singh & Co, a Birmingham-based law firm, has announced their association with Verify 365. The integration of Verify 365’s cutting-edge technology into the law firm’s processes will enable the practice to enhance their client due diligence procedures, ensuring greater compliance with the Solicitors Regulation Authority and HM Land Registry regulatory requirements. The decision is a testament to the firm’s commitment to providing their clients with top-tier legal services while adhering to the highest ethical and professional standards.

Harbans Singh & Co is regarded as a Community Based law firm, serving the people of Birmingham and the Black Country, delivering legal services for over 30 years. With a team of experienced solicitors who specialise in conveyancing, commercial property law, criminal defence, family law, immigration and notary services, the firm has a great reputation for delivering high-quality and personalised legal advice. The firm decided to focus greater attention on complying with SRA’s AML checks and KYC regulations in order to bring improvements in services and become more effective, embracing a less time-consuming platform by incorporating Verify 365.

Why Harbans Singh chose Verify 365 for AML Checks

Harbans Singh & Co’s decision to adopt Verify 365 for their Anti-Money Laundering checks, source of funds verifications, ePayments and eSignatures has been driven by their desire to improve the firm’s compliance and implement an enhanced client onboarding process. The move comes at a time when the legal industry is facing increased regulatory pressure to tighten their AML procedures and prevent financial crime.

Gurpreet Bhatia, Managing Partner at Harbans Singh & Co, said, “By integrating Verify 365’s advanced technology, we are now able to streamline our AML checks, allowing us to identify and mitigate risks associated with financial crime more effectively. The association will also enhance our firm’s source of funds checks, ensuring that our clients’ financial resources are legitimate and transparent. In addition, Verify 365’s ePayment and eSignature features will enable us to offer a seamless and secure client journey experience for our clients.”

The move comes at a time when many law firms are pivoting towards digitisation and embracing technology to improve their operational efficiency. The decision to associate with Verify 365 is a strategic move that positions Harbans Singh & Co with the ability to support essential transformation, demonstrating their commitment to providing valued legal services while adhering to the highest ethical and professional standards.

Rudi Kesic, CEO at Verify 365, said, “Before joining with Verify 365, Harbans Singh & Co were using alternative providers whose technology was not as advanced as the Verify platform. Often its seen, that the result of a time-consuming process increases the risk of human error, leaving firms vulnerable to potential violations of regulations. The Verify 365 offering provides the firm with a cutting-edge and comprehensive AML and eIDV solution which includes biometric and NFC identity checks, instant address checks, PEPs and sanctions checks, and FCA-regulated open banking source of funds and financial analytics, all in one place, and in full compliance with SRA and HM Land Registry regulations.”

By switching to Verify 365 Enterprise platform, Harbans Singh & Co can now complete AML checks in real-time, within seconds, ensuring greater accuracy and eliminating the possibility of human error. Verify 365’s DynamicID biometric identity verification technology also adds an extra layer of security, verifying that the person providing the identity information is the same person in question. Meanwhile, the open banking source of funds and finance analytics that cover over 4000 global banks provide the firm with clear insights and understanding of their clients’ financial profiles, enabling the solicitors to make informed decisions about the risks involved in providing legal services to a particular client.

The Verify 365 technology is far advanced and includes a native iOS and Android app, which is far user-friendly and seamlessly integrates into the firm’s existing systems and Lexcel procedures, allowing for a smooth and efficient client verification and onboarding process.

“The integration of Verify 365’s technology it is expected will be a game-changer for us at Harbans Singh & Co. It has significantly reduced the time it takes to complete AML checks and has reduces the potential of fraud with the robust nature of the due diligence that is undertaken. The feature that stood out the most for us was the UK-developed DynamicID biometric identity verification, which adds an extra layer of security to our onboarding process. Verify 365’s platform is user-friendly, and its seamless integration into our existing systems has made the transition smooth and efficient. We are confident that this investment in cutting-edge technology will improve compliance us stay compliant and provide our clients with the highest level of security and service,” added Mr Bhatia.

The Benefits of Switching to Verify 365 for AML Compliance

The legal industry has undergone significant changes in recent years and there has been a general shift towards using legal technology. This has brought numerous benefits to law firms, including streamlined operations, improved productivity, reduced costs, and better client service. In addition to digital client onboarding, document automation and case management software for example, can help law firms automate their document assembly, reduce the risk of errors, and save time. Similarly, cloud-based practice management software platforms can help firms manage their time, billing, and client communications from a single platform. By adopting legal tech such as Verify 365, law firms can stay ahead of the competition and offer clients a modern, efficient, and innovative service.

Using Verify 365 to Prevent Fraud in the Legal Industry

Law firms have become a prime target for cybercriminals and fraud prevention is now one of the most crucial concerns for firms. The consequences of fraud can be devastating, leading to a loss of reputation, litigation, regulatory fines, and a loss of clients. Fraud can take various forms, including identity theft, money laundering, phishing, and cyberattacks. To prevent fraud, law firms must take proactive measures such as implementing automated ID verification checks, source of funds checks, address checks, PEPs and sanctions screening, and transaction monitoring. In addition, it is important to educate support staff on how to recognise money laundering and prevent fraud and invest in secure software platforms and cyber protection policies. A comprehensive fraud prevention strategy can help law firms safeguard their reputation, reduce their exposure to risk, and protect their clients’ interests. By implementing these measures, law firms can detect and prevent fraud before it causes any harm, building trust with their clients and enhancing their overall reputation in the sector.

If you would like to enhance your client onboarding journey with our best in class AML checks – book a free demo here.