The prevention of property fraud obviously relies on the accurate verification of the parties to the transaction. Even in the best of circumstances, lawyers checking the identity of their clients personally can be inconvenient to both. It also relies on the skill and attention to detail of person doing the checking, which can be variable.
By contrast, there are technological platforms, such as Verify 365, that can verify electronic passports and other ID documents in a highly consistent and accurate manner and in less than 5 seconds.
Unfortunately, most law firm’s client onboarding processes in conveyancing do not feel very 21st century and they have proved difficult to maintain in the current economic climate.
What can your law firm do to prevent property fraud?
The answer is Verify 365 – digital client onboarding and identity checks which have been developed specifically for the conveyancing sector.
We believe that cryptographic and biometric checking of identity, using NFC microchip-enabled passports or identity cards presents the only robust and convenient answer to the challenges we are currently facing and the requirement to verifying your client’s identity, checking their address, verifying their source of funds, ensuring they’re not on any PEPs and sanctions lists, etc.
The current economic and energy crisis have highlighted the immediate need for an easy-to-use, compliant, remote and digitally secure way for conveyancers to securely identify the buyers and sellers of a property.
For any law firm, client onboarding is important, and that means getting clients to formally instruct you and to engage with your legal services. Digital client onboarding from Verify 365 delivers an opportunity without the risk. It’s one of the most effective tools to grow your legal practice, make a lasting first impression, without having to compromise on compliance obligations.
The complete digital onboarding process can often be completed in a matter of minutes — much faster than traditional methods of onboarding that could take up to three weeks, which means you can free up time for other important tasks.
Determining how you can provide a good client experience in a way that’s efficient for your firm is important because clients who are happy with the ease of process are more likely to remain loyal and continue to access and recommend your law firms services.
With digital ID verifications at the core of the Verify 365 client onboarding platform, law firms can securely reach new clients in all corners of the globe, help drive revenue, and keep up with industry compliance regulations.
Recent guidance for the legal sector from the Legal Sector Affinity Group noted:
“As an alternative to face-to face documentary verification, legal practices and practitioners may adopt or further utilise electronic means of ID&V [identity and verification] where appropriate to the risks present in the client/transaction.”
As the market for conveyancing services expands again post lockdown conveyancers will be looking for solutions that support distanced working. There are currently nearly 4,000 active conveyancing businesses and they are looking to providers to give them the safe and secure solution they can rely on deliver great customer service at a distance.
Why should your law firm switch to Verify 365 Digital Identity Checks?
Using cryptographic combined with biometric identity solutions is the only solution approved by HM Land Registry in full compliance with the Safe Harbour Digital ID Standard.
When using these technologies, the user places their smartphone next to their passport. The Verify 365 app then analyses the information from the passport chip to cryptographically check the validity of the passport. The user then records a video, which is then compared with the passport photo on the chip to achieve facial recognition. This can be done using a smartphone (Android and iPhones included), wherever they are, and the results are near immediate.
It is essentially the same technology as is used in the automatic immigration barriers at airports. The Home Office used the process for the EU settlement scheme applications of which 79% of users rated it as easy or fairly easy to use.
“Evidence indicates Verify 365 to be a more reliable and secure identity check than visual passport or other identity document checks.”
Verify 365 – the fastest and most reliable way to capture and verify your client’s proof of address
In addition to the automated and biometric ID verification checks, Verify 365 offers the fastest and most reliable way to capture and verify your client’s proof of address. Law firms must link a client to an address as part of the necessary AML regulations. This requires a proof of address document to show the client lives where they say they do. This is automatically reviewed and verified by Verify 365 using local and national address sources.
By using Verify 365 technology, your law firm can automate the address check and know your client’s address in seconds. For your law firm this means you no longer need to manually review proof of address documents, instead relying on live data sources such as the Electoral Register. Your clients can also upload or use the camera on their device to take a picture of a document, typically a utility or credit card bill, that includes their physical address. Verify 365’s address verification offers unparalleled, instant response performance that can help you onboard clients more efficiently.
Identifying risk and preventing fraud with Verify 365 Open Banking digital bank statements
Open Banking digital bank statements from Verify 365 provide better insight and empower better decisions. Open Banking has the potential to revolutionise the way you verify and onboard clients.
As part of one digital client onboarding workflow, our Open Banking feature delivers a paperless solution that increases productivity, reduce costs, lets you work remotely and onboard faster. It’s one of the most useful tools available when identifying income and expenditure, preventing fraud without having to wait weeks for paper bank statements to be provided and analysed.
Easily Verify Source of Funds and Source of Wealth with Verify 365
Not forgetting the importance of taking a risk-based approach – in anti-money laundering (AML) compliance, customer identification and verification comes second to understanding the source of the client’s funds as an integral part of client due diligence (CDD) and for the purpose of the retainer.
As part of one digital client onboarding workflow, Verify 365 source of funds questionnaire feature delivers a paperless solution that gives you clear insight and analytics when identifying the origin of funds for a purchase.
It’s one of the most useful tools available when identifying funds and meeting AML compliance and it is entirely automated for your matter.
Get documents signed on any device using e-Signatures from Verify 365
You can make document signatures quick and hassle free for your clients using Verify 365 e-signature solution. Simple to sign, easy to send, eSign 365 is fully integrated into Verify 365 platform, so we can keep your law firm moving forward from virtually anywhere, at any time.
eSign 365 automatically verifies a signer’s government-issued photo IDs.
eSign 365 is mobile-friendly signature app and available in over 200 countries, covering over 10,000 government issued IDs. eSignatures from eSign 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 eSign 365 signature request is a non-editable audit trail to ensure every action is thoroughly tracked and time-stamped.
It’s very important to verify your signer’s identity. You must know who you’re doing business with. eSign 365 is a single platform that provides digital signer identification and authentication through enhanced methods to help you protect your high value agreements, reduce risk and support compliance with the Solicitors Regulation Authority and HM Land Registry’s Know Your Customer (KYC), Anti-Money Laundering (AML) and other regulations.