Client due diligence platform Thirdfort has announced the release of a newly rebuilt platform that brings together ID and document verification, know your business (KYB) checks, anti-money laundering (AML) screening, and source of funds analysis.
Thirdfort, which works with more than 1,500 regulated businesses across the legal and property sectors, says the rebuild from the ground up has enabled it to incorporate artificial intelligence and supports future innovation and product development.
As the responsibilities on law firms to comply with ever-changing anti-money laundering regulations have grown, so too have myriad processes and systems needed to manage them, Thirdfort explained. As a result, client due diligence (CDD) is fragmented, “split across systems, teams, and inboxes, creating constant back-and-forth.”
The newly released platform centralises this process and gives full visibility of risk across a firm’s entire client base, with the platform using AI to scan, extract and analyse source of funds data, with greater automation of the full CDD workflow
Olly Thornton-Berry, co-founder and CEO of Thirdfort: “Compliance teams are under more pressure than ever – from regulators demanding greater rigour and from fee earners and their clients wanting less friction. Too often, the tools they’re working with make that harder. We’ve rebuilt our platform from the ground up to change that, giving compliance teams full visibility of risk across their entire portfolio.”
A task management layer allows compliance teams to track outstanding actions, escalate checks automatically and monitor progress across the firm. New reporting and activity log functionality gives compliance leads the evidence they need to demonstrate rigorous processes to regulators, insurers and senior partners. While AI automates data extraction and surfaces risk, every decision is accompanied by a clear audit trail showing how it was reached ensuring matters retained “human oversight”, Thirdfort said.
Jack Bidgood, co-founder and chief product officer of Thirdfort, added: “The rebuild gives us two things at once. For our clients, it means AI they can trust – every output shows its workings, with a human in the loop and a full audit trail. For us, it means we can move faster than ever before: adding new capabilities, responding to regulatory changes and building toward a more automated compliance workflow.”
The rebuild has moved Thirdfort from a digital ID business to an intelligent CDD platform, Bidgood concluded.
