When it comes to “adverse media” checks, there is a broad range of definitions, but in simple terms, adverse media can be defined as any type of negative publicity surrounding your potential client, from a variety of sources. Collecting data from these sources can come from news websites, regulatory documents, social media posts, blog articles and so on.
Essentially, it is you checking multiple different source which might refer to your client in such a way where you might be wary of working with them. All key words that stem from an adverse media search can be useful to flag areas of risk and the need for further AML checks.
Carrying out an adverse media screening is an essential element when completing client due diligence and compliant AML checks. These screenings reduce the risk of going into business with an individual or potential business with a history of financial crime like money laundering.
What are the Key Features of Verify 365 Adverse Media Screening module?
Verify 365 risk and compliance platform is at the forefront of technological innovation within the legal sector. We are streamlining processes and crucially, enabling lawyers, solicitors, conveyancers and estate agents to practice compliantly within the regulatory frameworks set by the authority figures.
The key features include:
– Complete Instant ID Checks – Using our awarding winning, government graded DynamicID technology, this ID verification software can verify over 10,000 government-issued documents from 200 countries using NFC and biometrics.
– Enhanced Client Due Diligence or Lite Checks – In addition to our ID checks being fast, we are fully compliant within the regulatory frameworks set by the regulation authorities. You can complete fast, simple lite checks so you can verify an individual’s information within a few seconds, but for more complex, enhanced client due diligence checks in conveyancing, we have innovative tools including a comprehensive source of funds questionnaire, FCA-regulated open banking access with financial analytics, and property searches, so you can complete effective client due diligence.
– Land Registry Digital ID Safe Harbour Standard – Verify 365 ensures you achieve maximum compliance as our technology meets the Land Registry Digital ID Safe Harbour standard. This ensures that (a) you benefit from no recourse in cases of fraud; (b) it’s much easier for your staff to detect any potential risks and financial crimes; and (c) you can verify the validity of your clients ID documents securely from anywhere in the world.
– Everything your firm needs in one unified platform – By using us, you will streamline your processes by implementing the best technology into your firm or agency. The platform has everything you need in one place, eradicating the need for manual processing, saving you time to focus on the core work of your business.
What are the Benefits of undertaking Adverse Media Screenings for Law Firms and Estate Agents?
Having measures in place to combat challenges adverse media brings its advantages including enhanced due diligence and risk management.
– Adverse media screening measures enable firms to confirm the identity of an individual or business but also highlight any anomalies that could pose a threat to their firm or agency.
– Vital screenings ensure you complete client due diligence whether your checks are lite or enhanced.
– In addition to this, you reduce the risks posed to your firm or agency with effective adverse media screenings, enabling you to gain the information you need on an individual or business.
Case study: Optimus Law using Verify 365 software
Innovative and respected law firm Optimus Law were looking for a streamlined, effective and compliant client onboarding platform. Specialising in immigration law, Optimus Law wanted to ensure they were practicing compliantly within the regulatory guidelines but also have effective measures to tackle common challenges like PEPs and sanctions as well as adverse media checks.
After integrating Verify 365 AML and KYC tech platform into their processes, Optimus Law were able to check the identity of individuals and businesses with NFC and biometric checks removing the manual passport checking procedures. The checks also enabled the firm to identify potential risks. The integration has further enabled lawyers within the firm to practice compliantly and focus on the core legal work, leaving compliance to Verify 365 technology.
Furthermore, Optimus Law were able to analyse source of funds information using our source of funds technology, check global PEPs and sanctions lists on individuals and business owners, and streamline their overall address check processes.
Essential AML and KYC Checks Completed through Verify 365
Verify 365 enables law firms and estate agents to practice compliantly and complete KYC client due diligence with innovative Verify 365 technology which is changing the legal landscape. This includes adverse media checks, which are essential given the significant risks sanctioned individuals and businesses pose if these AML measures are not effective.
Partnering with an innovative software platform like Verify 365 can give lawyers the assurance around both individuals and businesses.
This all-in-one AML and KYC client onboarding platform ensures that you’re practicing compliantly within the regulation agency guidelines.
For more information call us on 0121 274 2312.
