Actionstep has enhanced its case management system to offer Know Your Client (KYC), Anti Money Laundering (AML), Source-of-Funds (SoF) and ID Checks through an integration with the leading digital client onboarding platform Verify 365.

Law firms that use the Actionstep practice management system can now seamlessly verify clients and undertake SRA-required AML, source of funds and ID checks by using an integrated Verify 365 tech stack within Actionstep’s dashboard and workflows.

The seamless integration removes the need for law firms to use any additional AML software and ensures lawyers using Actionstep case management software are meeting the required ID checks and anti-money laundering compliance regulations.

The integration streamlines the process that law firms must go through when onboarding new clients to prevent fraud.Biometrics and other ID verification technologies can help the legal sector create seamless and secure client experiences through digital client onboarding and stave off disruption in the process.

Rudi Kesic, CEO at Verify 365, said:

“This partnership allows law firms to use the perfect eco-system between Actionstep and Verify 365 to quickly adopt and integrate the latest client onboarding technology and create a more secure and convenient onboarding process for clients to verify themselves on their smartphone devices. The integration provides law firms an opportunity to switch to Actionstep cloud case management system which now integrates with Verify 365 and get access to HM Land Registry Safe Harbour Digital ID compliant digital onboarding solution, built with the latest biometric and blockchain technologies — allowing lawyers to start using the world’s best fraud-prevention and anti-money laundering solution in minutes.”

Verify 365 claims that the company’s new “Dynamic Risk Management Engine” can identify fraud and money laundering risks faster and more accurately than any other AML software currently available in the marketplace.

Oliver Tromp, UK Director at Actionstep, said:

“We are delighted to be working with Verify 365. The legal sector has long been a target for criminals to process dirty money and for many years now that has meant solicitors and conveyancers are exposed to identity fraud, false or manipulated proof of funds evidence, and sanctioned clients. Using a high-quality AML checks provider with a client-centric case management system as one unified solution helps to protect law firms from fraud and identity theft risks. Traditional paper-based methods for ID verification and source of funds checks usually create frustration and they’re simply not designed for the new ways that people are interacting with law firms or paying bills. We are excited about the integration between Actionstep and Verify 365 and we can now provide our customers with an easy-to-use AML onboarding solution which was specifically developed by lawyers for lawyers to assist with AML compliance and protect them from money laundering risks and ID fraud.”

Powered by Verify 365 – Digital Onboarding Technology, law firms that switch to Actionstep from other case management systems will benefit from automated client verifications through which they can run instant AML and ID checks, and automated source of funds analytics from within Actionsteps’s case management system dashboard, which now includes FCA-regulated “Open Banking” digital bank statement analytics covering 4,000 banks and transaction-specific data that would usually take weeks or months to retrieve from clients.

Azeem Rashid, CMO at Verify 365, said:

“The Solicitors Regulation Authority’s 2021 Technology and Innovation in Legal Services report found that nearly all firms (87%) surveyed used technology such as video conferencing to deliver legal services. This is great for the legal sector, but it leaves law firms vulnerable to criminals who can easily take advantage of this. Online AML platforms such as Verify 365 not only protect law firms with enhanced checks but also streamline processes for consumers.”

With the UK Government working to encourage and unify ID verification across sectors through the UK Digital Identity and Attributes Trust Framework (DIATF), integrations between CMS and AML client onboarding software will play a big role in driving awareness of the technical capabilities available and dispelling misconceptions around digital ID tools.

Director of AML at the Solicitors Regulation Authority, Colette Best, recently said:

“Digital identity technology, if used properly, can be a good way of mitigating risks of money laundering, fraud and identity theft. Electronic AML checks is an increasingly important tool in the fight against financial crime.”

Verify 365’s recent research found that as the speed and complexity of fraud and cyberattacks increases in the legal sector, law firms must look to agile technology solutions and integrated platforms, such as the Actionstep and Verify 365 partnership, that can provide law firms with security as well as convenience.

“While there are many competitors that offer basic ID document dashboard checks, not all of them are compliant with the legal industry’s AML regulation frameworks, such as the Solicitors Regulation Authority and HM Land Registry, and the high level of privacy, security and regulatory oversight which is required in the legal sector. Through this integration with Actionstep, law firms can adopt a market-leading, effective, and secure digital onboarding solution and accelerate time-to-market with streamlined client onboarding through Verify 365 as a single trusted source,” added Rudi Kesic.

Mev Dzihic, CTO at Verify 365, said:

“Reading ID data directly from a Passport’s NFC chip provides the highest security and the ability to check whether someone has tampered with the document. Digital onboarding which used digital identities in the blockchain can be taken to a new level as most passports today are already equipped with the chip, and the chips are being added to all other ID documents across the globe. Verify 365’s technology has been independently vetted and approved to ensure we meet legal industry expectations for security and client privacy, including onsite security assessments, penetration testing, and ongoing compliance audits.”

The platform also includes advanced and qualified e-signatures, searches, and HM Land Registry digital forms, saving clients potentially months of negotiations with different providers.

Legal News by Verify 365 News Team

4 Dec 2022 – Stratford-upon Avon


About Actionstep:

Actionstep is a fast growing, dynamic SaaS business with a global customer base and team. As the first true cloud-based practice management system in the world, Actionstep’s mission is to free lawyers from the constraints of old desktop technology and to build truly efficient and modern practices. We specialise in the delivery of Legal Practice Management software to ambitious law firms around the globe. At Actionstep, we have deep respect for what lawyers do. Lawyers impact every milestone in our lives and businesses. We believe it benefits everyone when lawyers have the freedom and tools to do their best work for their clients. That’s our focus at Actionstep: to give lawyers the freedom & tools to be awesome.

About Verify 365:

Verify 365 is a legal sector AML, Onboarding and ID verification platform that protects law firms and their clients from online identity fraud by making sure that a person is who they say they are. The platform was developed with compliance regulations at its core and was the first AML provider in the world to meet HM Land Registry “Safe Harbour Digital ID Standard”. Verify 365 can analyse thousands of technological and behavioural variables in seconds, verifying over 10,000 documents from 195+ countries. By using Verify 365, lawyers can stay compliant in the knowledge their AML due diligence is completed quickly and securely. The identity document checks are automated making verification lightning fast.

About Verify 365 and Actionstep Partnership and Integration:

Using the Verify 365 integration, Actionstep customers now have access to:

– Fast and Powerful Biometric ID Verifications: instant verification of the client and their ID document using the latest biometric and NFC-chip reader technology using Verify 365 app. Verify 365 can instantly verify over 10,000 documents from 195+ countries.

– Automated Address Verification Service: validating the client’s address automatically through the app with proof of address upload. This is required for SRA and HM Land Registry compliance.

– Automated Source of Funds Checks and Digital Bank Statements Analytics through Open Banking technology: providing lawyers with financial and risk profile information, including instant digital bank statements directly from the 40,000+ banks.

– Enhanced Customer Due Diligence Checks (CDD): allowing the client to provide detailed information and a breakdown of where the funds have come from, along with supporting evidence.

– Global PEPs & Sanctions and Adverse Media Checks: verification and confirmation of whether a client is on an international PEP or Sanction list, including global adverse media checks, as required for SRA’s and FCA’s AML compliance.

– Know Your Business (KYB) Verifications: instant verification of the business or company, including the accounts, shareholders, persons with significant control, ultimate beneficial owners (UBOs).

– eSignatures as part of the Onboarding process: Signatures from Verify 365 are legally binding and have the same legal standing as pen-and-paper signatures. This is known as Qualified Electronic Signature (QES). Affixed to each Verify 365 signature request is a non-editable audit trail to ensure every action is thoroughly tracked and time-stamped.