The battle to remain compliant is a daily challenge for lawyers, solicitors, conveyancers and estate agents as they attempt to confirm the identity of their clients. One challenge in particular that can bring complications is identifying whether someone is “Politically Exposed” (PEP) or a “Sanctioned” individual.
Having dealings with any sanctioned business or individuals can be detrimental to your law firm as its recognised as a compliance failure so it’s essential your client onboarding processes are effective and within the regulatory guidelines so you can not only identity a politically exposed person or business but protect yourself and your law firm.
What are the Key Features of Verify 365’s Comprehensive PEPs and Sanctions Monitoring Service?
Verify 365 risk and compliance technology platform ensures you are completing compliant identity and business checks within the set guidelines by the regulation authorities. Legal professionals tackling the ever-changing AML PEPs and sanctions regulations are assured our innovative, cloud-based and fully automated client onboarding platform enables them to complete thorough client due diligence whether your potential client is a business or individual.
Verify 365 AML platform has many modules and features that will offer you the peace of mind that you are practicing compliantly within the set regulations thereby protecting yourself and your firm from potential risk and financial penalties.
The key features include:
– Ongoing PEPs & Sanctions Monitoring – Our technology provides instant AML reports to law firms during the client onboarding process with ongoing monitoring which last for 12 months, or longer, if necessary. This means you are constantly updated on any changes to your client’s status whether that be the individual or the business. This sanction monitoring is there as a safety net for firms, providing lawyers, solicitors, conveyancers and estate agents with updates on any change of status to indicate if they have been sanctioned.
– Risk-based Alert Frequency – We have access to the latest and up to date information to analyse a potential client or business so you can be sure that you have completed the required client due diligence. Incorporating risk-based alerts ensures that your firm is notified when a potential high-risk client poses a threat or risk to your practice.
– Differentiated Risk Screening Levels – Classifications and differentiating risk levels are dependent on the regulation authorities. Because Verify 365 is built within the frameworks of the Solicitors Regulation Authority and HM Land Registry guidelines in the UK, you’ll be able to see the level of risk a client could pose during the client onboarding processes.
These features are all part of the Verify 365 platform and are very effective. They ease the concern of AML non-compliance practicing and enable you to focus on completing through due diligence to identify a client or business within the anti-money laundering frameworks of the regulation authorities.
Law Firm Onboarding Processes Transformed by Verify 365
You’ve seen the impact Verify 365 is having on law firms across the UK and beyond. Respected law firm Starck Uberoi switched their AML provider to Verify 365 for several reasons including as their previous supplier wasn’t HM Land Registry Safe harbour compliant and the need to implement a more effective, faster onboarding process.
Verify 365 technology has enabled Starck Uberoi Solicitors in London to streamline their AML compliance processes, complete compliant ID checks, verify source of funds, verify addresses, etc, all within few minutes, so that the fee earners can focus on key legal work.
A significant factor in Starck Uberoi’s decision to implement Verify 365 into their processes was the fact Verify 365 meets the Land Registry digital ID ‘Safe Harbour’ standard. This standard ensured the Starck Uberoi conveyancing team were able to complete checks without any HM Land Registry compliance concerns.
Following Verify 365’s introduction, Starck Uberoi were able to significantly cut client onboarding times and improve other areas of the firm including the client experience and overall efficiency within the firm. Verify 365 also gave them the scope to expand their services internationally, given that the DynamicID check covers over 200 countries and over 15,000 ID documents, including the latest NFC reader and biometrics technology.
Switch & Transform Your Client Onboarding Processes with Verify 365
Verify 365’s reliable monitoring solutions ensure you can know your customer (KYC) and your business (KYB). Our PEPs and sanctions check technology and ongoing monitoring enables you to complete thorough due diligence and get regular updates if there are any changes to a person or business’s status.
Having effective compliance strategies is essential for lawyers, solicitors, conveyancers and estate agents as they look to establish who exactly they are going to be working with.
Verify 365 is the ultimate UK-developed AML and compliance solution ensuring your firm is adhering to the relevant anti-money laundering regulations so your fee-earners can focus on the essential areas of your work.
The platform can transform your law firm for the better allowing you to streamline and enhance your business.
For more information call us on 0121 274 2312 (Birmingham, UK) or email info@verify365.app.
