As law firms face ever-growing compliance demands, client onboarding becomes a critical area of focus. Verify 365, a comprehensive risk and compliance technology platform, is designed to streamline this process, putting a spotlight on Anti-Money Laundering (AML) checks as an essential part of modern onboarding practices. In this comprehensive guide, we will dive deeper into the benefits of using Verify 365 to expedite and enhance your AML checks and client onboarding procedures.

Streamlined Onboarding

The client onboarding process is your firm’s first impression and therefore needs to be efficient and seamless. Verify 365 offers:

– One-stop Platform: The beauty of Verify 365 lies in its ability to unify multiple aspects of onboarding into one user-friendly platform. This eliminates the need to juggle between different systems and increases efficiency.

–Customised Questionnaires: The platform offers tailored questionnaires, allowing you to gather client-specific data effectively.

– Digital Identity Verification: With digital ID checks, you can quickly and securely verify the identities of your clients, which forms a crucial step in the onboarding process.

– Anywhere Access: Verify 365 is designed for the digital age, providing 24/7 access to clients. They can complete the necessary information from anywhere, at any time, on any device.

Enhanced AML Compliance

Complying with Anti-Money Laundering regulations is non-negotiable for law firms. Verify 365 empowers firms to perform thorough AML checks:

– One-click AML Checks: Verify 365 makes it easy to order an AML report with just a click. The platform uses data from the ID check process to provide faster, more reliable AML checks.

– PEPs and Sanctions Screening: The system automatically screens clients against Politically Exposed Persons (PEPs) and sanctions lists, adding an extra layer of security.

– Continuous Monitoring: Verify 365 offers ongoing monitoring at no additional cost. This ensures your firm remains compliant even as situations change.

Improved Risk Management

Verify 365 enables better risk management through:

– Verification of Funds: In addition to identity checks, Verify 365 includes bank-grade verification of funds, helping you to prevent financial fraud.

– Audit Trail: Verify 365 offers a complete audit trail, making it easier for you to evidence your compliance for assessments and renewals.

– Dashboard Overview: A unique dashboard gives you full oversight over all new transactions within your firm, enabling you to track onboarding and Know Your Client progress at a glance.

Personalised Client Experience

Verify 365 goes beyond compliance to enhance your client’s experience:

– Fully Branded App: The Verify 365 app can be personalised to match your firm’s branding, providing a professional and familiar interface for your clients.

– Safe Harbour Compliance: The Verify 365 app is also Safe Harbour compliant, further reinforcing the trust between you and your clients.

By enhancing your AML checks and overall onboarding process, Verify 365 not only assists in meeting compliance requirements but also improves client satisfaction, reduces risks, and saves valuable time. This comprehensive solution can transform the way you onboard clients and handle critical compliance checks, making it an essential asset for any forward-thinking law firm.