Today, anti-money laundering compliance is more than identity verification; it encompasses a comprehensive approach that involves understanding clients, assessing risks, and monitoring transactions.
Traditionally, Know Your Customer (KYC) and Anti-Money Laundering (AML) checks have relied on manual procedures. This often entails in-person meetings with clients, manual identity verification, and email exchanges to gather essential documents like bank statements and other information.
Though well-established, the traditional, manual approach to AML/KYC checks can be complex and time-consuming. Firms must evaluate the compliance risks associated with this method as the consequences of non-compliance can result in heavy penalties and reputational damage.
The emergence of innovative digital technologies in the legal sector offers a promising alternative to traditional manual KYC/AML checks. These advanced solutions not only boost efficiency but also align with regulatory recommendations.
By carefully evaluating digital solutions against strict criteria, legal firms can enhance efficiency, security, and compliance while providing a top-notch client experience. The following are the key questions you should consider when selecting a digital provider for AML compliance:
- Usability: Is the solution user-friendly for your firm and clients, accessible through various devices, and easy to navigate?
- Accreditation: Is the digital provider accredited under the UK Government Digital Trust Framework or similar standards, and to what level ie low, medium or high?
- Monitoring: Does the provider offer ongoing monitoring for PEPs, sanctions, and adverse media?
- Efficiency: Does the solution streamline onboarding new clients while ensuring compliance?
- Comprehensive Support: Can the provider assist with all aspects of AML compliance, including checking relevant staff members and providing risk assessment functionality?
- Integrations: How easy is integrating the provider into your practice management software?
- Security: Is the provider ISO27001 accredited or meets Cyber Essentials Plus as a minimum requirement, ensuring data security
- Accessibility: Does the solution adhere to web accessibility standards, ensuring ease of use for clients?
- Safe Harbour: If you have a conveyancing practice, can the AML checks satisfy the Safe Harbour standard set by the HM Land Registry?
Why Choose Amiqus?
As a UK government-certified identity service provider, Amiqus offers an accredited end-to-end approach covering all aspects of AML, KYC and client due diligence. This includes the full range of checks needed for AML/KYC for your clients and staff, easy onboarding and digital back office management.
Through their strategic partnership with regulators across sectors, such as the Law Society of Scotland and ICAS, Amiqus ensure compliance with the latest AML guidance and regulations.
Whether you are considering transitioning from a manual approach to AML to a digital one, or if you’re already using a digital solution and seeking alternative options, get in touch with the Amiqus team today to discover how they can bolster your compliance and client due diligence infrastructure.
This article was published by Amiqus as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.
