In the legal sector, money laundering is a growing concern for most law firms. Fraudsters continue to take advantage of weak security measures and they continue to slip through the safety net. Creating a continued threat to practices. AML checks are a critical process in a law firm’s security measures to mitigate the risk of money laundering. For many, these AML checks are inadequate and not rigorous enough to stop these criminals. In order to become more AML compliant, it is vital that proper AML checks are being conducted on clients whether that’s individuals or businesses.
This isn’t to say AML processes are not in place, although that can also be true in some cases. But rather and more likely is that the manual checks that are being conducted are not effective because fraudulent driving licenses and passport are now so real it’s proving difficult to highlight them as fake documents.
Digital ID verification is key
When the fifth money-laundering directive was published this year, the most noticeable change was that Customer Due Diligence measures should identify the customer based on information that is reliable and from a single source, including electronic identification, implying that digital ID will be the focus moving forward. During the pandemic, there was a huge shift towards remote working as the world adapted to a different way of living, the ‘new normal’. A more convenient way of life has always been a priority for individuals but now more than ever it’s at the forefront of their demand.
Digital ID verification has been widely recognised as a more secure, robust, and efficient process in comparison to manual checks that are more vulnerable to errors and letting fraudsters get away with money laundering activities. Verify 365 is an all-in-one app-based solution for instant ID verification, fraud prevention, address validation, source of wealth verification and KYC/AML compliance specifically developed by lawyers for lawyers. Not only is using a digital AML check platform more convenient than manual checks, but it is also much more reliable. But don’t just take our word for it, we worked closely with one of our partners, WYM Legal as they transitioned from traditional AML software to Verify 365. Through Verify365, WYM Legal were able to implement a digital verification system that genuinely verified the client’s identity, documents and finances in a compliant way that was in-line with both SRA and HMLR guidelines.
Time is of the essence
Solicitors are very busy people with very limited time and therefore they need the quickest and the most efficient platform to verify clients. They might be out and about and want to make a quick decision on a potential client, this is where Verify 365 can help. Often, they are verifying a passport or other ID paperwork in a client’s home, but now it’s harder than ever to see if these are real or not, and at the same time a much lengthier process.
Our integrated app gives you the chance to say goodbye to ID / AML compliance paperwork and transform your compliance process with our AML suite encompassing both individual and company AML checks for Solicitors. Our AML suite lets you automate ID/AML checks and manage all client data in an easy-to-use web based verification dashboard.
Verify 365 provides remote ID checks
Verify 365 can digitally verify all documents remotely. This allows users to conduct instant AML checks and receive the results to their handheld device within minutes, in an effortless and simple process.
The AML software system checks documents fraudulency and legitimacy and runs a biometric verification against documents supplied. Verify 365 alone can verify 10,000+ documents from 190+ countries in 39 languages. The app then carries out an address verification which instantly validates a client’s address against various sources, while also allowing clients to upload supporting documents which can be held on file. The final two steps allow the client to provide their “source of funding” financial information directly through “online banking” giving a great level of detail and insight on their finances and expenditure. The app then runs instant “PEPs and Sanctions checks” against hundreds of global sanctions lists to ensure a user isn’t’ globally sanctioned.
With the growing presence of international fraudsters and the risk of forged identity documents becoming common place, the introduction of digital ID verification by Verify 365 has created more confidence and certainty in the AML process for law firms and their AML compliance.
We understand that the legal world is stressful with long hours, and those working in the sector are under pressure to meet billable targets and help their clients, so they need to be able to do quick checks. Verify 365 offers a quick and effortless way to perform more efficient AML checks than they would in the office or out in the marketplace. Our app offers a greater amount of freedom and flexibility to Law firms that ultimately enable them to spend more time serving their clients instead of being caught up in AML compliance problems.
Conclusion
There are many benefits to a remote AML check for solicitors, including: great compliance, speed of the verification, a more robust and harder to beat system, a greater and more in-depth check on the client, and etc. But one key benefit is the move to become a forward thinking, future focused law firm. AML checks for solicitors and AML checks as a whole are changing and those that change and move with the times gain the most benefit while those that stand still, Risk becoming stagnant and falling behind competitors.
