Hong Tran
Accesspoint have developed in-depth integrations for Verify365 into P4W (Partner For Windows) & SOS Practice Management Systems
In an increasingly digital world, anti-money laundering (AML) compliance has become a priority for law firms. Verify 365 is a market leading provider of robust Client Onboarding and AML compliance solutions. Its advanced technology streamlines the onboarding process and ensures thorough compliance checks, making it an indispensable tool for modern law practices. Verify 365 offers a variety of KYC and KYB solutions within one single system tailored for legal professionals to stay compliant with AML regulations, streamline their workflow and enhance client onboarding processes.
Accesspoint have partnered with Verify365 to offer law firms a detailed level of integration with their Practice Management Systems such as P4W and SOS. For example, within P4W users can request the AML checks by simply making tick box selections with the client contact details from the PMS data automatically uploaded to Verify365, reducing duplication of data entry. When the results are available, the AML report is automatically uploaded to the AML module in P4W ie. completing the ‘traffic light’ system of green for pass and red for fail and auto filing a copy of the AML report into this specific area as well adding a copy into the case manager file.
The Significance of Verify 365 in Legal Client Onboarding and AML Compliance:
- Streamlining Client Onboarding: Verify 365 revolutionises client onboarding by automating data collection and ID verification. This results in a swift, efficient onboarding experience, creating a positive first impression and building client trust from the outset.
- Robust AML Compliance: In the legal sector, adhering to AML regulations is crucial. Verify 365 offers a comprehensive solution that simplifies compliance, efficiently conducting due diligence and risk assessments on new clients. Its ability to handle complex AML checks positions it as an indispensable tool for law firms.
Verify 365 – Risk and Compliance Technology Solutions
Below is a summary of the key risk and compliance technologies offered by Verify 365:
ID Verification (KYC)
Verify 365 Provides digital ID verification using proprietary DynamicID biometrics, document checks, and database searches, enabling automated and fast customer onboarding.
DynamicID technology utilises AI for facial recognition and document authenticity checks and offers a single dashboard for managing verifications.
Address Verification Service (AVS)
Verify 365 provides automated global address validation against official data sources such as the Electoral Roll and Credit Reference Agencies, providing real-time address verification and formatted address outputs.
Provides a facility for client document upload and OCR recognition of the documents uploaded as proof of address, or proof of ownership (conveyancing transactions).
PEP and Sanctions Screening (PEPS):
Verify 365 provides automated PEPs and Sanction checks with data generation in a constant live state, with real-time risk assessments of over 1,800 global watchlists, PEPs, and adverse media.
Real-time risk screening – using AI, AML/CFT data is acquired in minutes, not days, with a single alert of all the information needed to make an informed decision, including teams of global data experts that review and edit problematic profiles and high-risk clients.
Source of Funds Checks (SOF)
Verify 365 provides fully automated digital checks for verifying a client’s source of funds using the most advanced open banking technology, aiding in compliance with AML regulations.
Offers a unique source of funds analytics dashboard for real-time monitoring and reporting and provides a summary of “transactions of concern” for enhanced security.
Company Checks and UBO Verifications (KYB):
Verify 365 offers a comprehensive KYB and UBO verification service for purchasing reports on over 500 million companies world-wide based on specific requirements, aiding in informed due diligence.
Provides global coverage, comprehensive datasets, real-time screenings, and a cloud-based dashboard for accessing live company data.
Advanced Open Banking Technology (Safe Harbour Compliant):
Verify 365 enables the use of digital bank statements using Open Banking technology for identifying risks and preventing fraud during client onboarding.
Provides real-time analytics of client’s financials, transaction analytics, and instant bank statement risk assessments, promoting an efficient workflow.
Global Compliance and Risk Management
Designed to align with international regulatory standards, Verify 365 is an ideal choice for law firms operating in multiple jurisdictions or dealing with international clients, ensuring global compliance.
Enhanced Security Measures
Security is paramount in client onboarding and compliance. Verify 365 employs advanced security protocols to protect sensitive client data, aligning with the highest industry standards.
In summary, Verify 365 emerges as a leading solution for law firms seeking to enhance their client onboarding processes and ensure rigorous compliance with AML and other regulatory standards. It’s blend of automation, accuracy, security, and global compliance capabilities makes it an invaluable asset for law firms aiming to streamline their operations and uphold the highest standards of client service and legal compliance. Accesspoint’s detailed integration with P4W & SOS enables a seamless process that removes duplication of data entry and automates the updating of results within the PCMS AML modules. Should you wish to find out more or would like to arrange a demonstration of Verify365 and the P4W or SOS Integration, please contact Hong Tran at Accesspoint on hong.tran@theaccesspoint.co.uk