AML regulations are in a constant state of change and it is a tough challenge for law firms to ensure adherence to compliance and prevent exposure to financial and reputational risks. Anti-Money Laundering (AML) policies and procedures have always been subject to rapid change but combined with changing digital economy landscape and with post-pandemic working practices, ongoing geopolitical uncertainty, regulations have never been stricter and organisations are facing a constant compliance battle.
Conveyancing is recognised as a high-risk area in terms of financial crime and AML, and Verify 365 solutions are tailored to address these specific risks. Verify 365 meets the ‘Safe Harbour’ Digital ID standard set by HM Land Registry, providing solicitors with a robust framework for identity verification that is both compliant and secure.
A small firm was fined £20,000 by the Solicitors Regulation Authority (SRA) for anti-money laundering (AML) compliance breaches earlier this year and recently they announced that increased powers meant that SRA could be issuing ‘unlimited’ fines. Therefore, it is essential to improve and enhance AML policies and procedures at your law firm.
So how can law firms can stay up to date with AML changes and ensure compliance with regulations?
Embracing a technology-driven, risk-based approach to AML is the key. With our platform your firm can streamline the due diligence process, removing the uncertainty from ID verification, Source of Funds, and Sanctions screening. This approach not only simplifies compliance but also ensures accuracy and efficiency in meeting regulatory demands.
Revolutionise the way you manage your compliance and due diligence with our fully configurable solution by replacing your manual AML, CDD or KYC procedures with data driven workflow processes.
Your lawyers can combine data capture forms, ID checks, compliance checks and eSignatures into one seamless process. This will allow you to quickly verify, assess and screen new customers more quickly and take payments on account.
Leveraging our cutting-edge platform and advanced technology, we empower legal firms to streamline onboarding, strengthen defences against financial crime and effortlessly meet compliance requirements, encompassing individual and company identity verification, PEPs and sanctions screening, global address verification and source of funds checks.
Verify 365 goes beyond conventional approaches to compliance, focusing on building and maintaining trust at every stage of the client onboarding process. Our platform integrates cutting-edge technology to ensure that compliance is not merely a tickbox but a commitment to safeguarding trust in the legal profession.
Our platform offers state-of-the-art biometric identity verification, Politically Exposed Persons (PEPs) and sanctions screening, electronic address verification, and open banking source of funds analysis. These features enable law firms to conduct comprehensive due diligence, identify potential risks, and ensure compliance with global AML regulations.
Solutions within Verify 365
Verify 365 offers law firms a complete, customisable solution for managing client risk.
Our platform offers a rich array of features and benefits designed to empower law firms in their quest for compliance excellence:
DynamicID® Biometric Identity Verification
Comply with SRA and HM Land Registry’s ‘Safe Harbour ‘Digital ID through our proprietary technology Dynamic ID®, the most enhanced identity verification software covering 10,000+ documents in over 195 countries.
Instant Address Verification
Verify your client’s address using our digital address verification. We check the client’s address against local and national databases to provide real-time proof of address, with the option to upload documents.
Open Banking Source of Funds
Connect to your clients bank account using FCA-regulated Open Banking technology to verify Source of Funds. Verify 365 can verify source of funds securely and easily through our FCA-regulated Open Banking technology. Our Account Information Service extracts individual or company transactions and balance data from multiple accounts, using bank-side authentication and consent processes. We can access over 3000 banks and analyse financial data to provide detailed insight.
PEPs & Sanction Checks
Meet AML compliance with our global sanctions screening. Checking over 500+ databases, we provide daily ongoing monitoring for adverse media, PEPs and sanctions.
Get documents signed quickly and securely, with the option of simple, advanced or qualified digital signatures. Our eSignature solution is perfect for documents that need to be signed without delay.
Request a Payment on Account or Invoice Payment through your own branded payments portal or within the Verify 365 onboarding workflow. Receive digital payments in up to 135+ currencies.
KYB Company Checks
Identify key information such as UBOs and Company Officers for a detailed insight into the company structure. Our KYB solution provides better risk management and seamless compliance in minutes.
Access to digital Legal Forms
Simplify property transactions with fully integrated property searches.
Verify 365 harmoniously integrates with leading case management systems, simplifying AML checks and client onboarding with a single click. Law firms operate within an ecosystem of tools and systems, and Verify 365 streamlines your processes by reducing the time and effort of data entry and document migration.
Comprehensive Due Diligence and Continuous Ongoing Monitoring
From verifying identities to ongoing monitoring, Verify 365 ensures your firm consistently meets legal and regulatory standards. Verify 365 features an intuitively designed platform that seamlessly fits into your daily workflow. No steep learning curves, no disruptions. By reducing time spent on software intricacies, you and your team can focus more on what you do best – practicing law.
In addition to enhancing security and efficiency, Verify 365 also offers a user-friendly interface that simplifies the complex processes of AML, KYC, and CDD. This ease of use translates into faster client onboarding, a vital factor in today’s fast-paced legal environment. Real-time digital payments in multiple currencies, along with eSignature capabilities, further streamline client transactions, enhancing client satisfaction and trust. By reducing the time spent on due diligence and ongoing monitoring, Verify 365 enables your firm to allocate more resources to strategic legal work, thus driving better business outcomes and fostering long-term client relationships.
Take the first step towards transforming your firm’s approach to compliance and client risk management. Experience the difference with Verify 365 – where security meets efficiency. Contact us today to learn more and to start your journey towards compliance excellence and enhanced client service.