In the fast-paced world of corporate and commercial law, staying ahead of evolving sanctions and regulations while efficiently conducting Anti-Money Laundering (AML) compliance checks is paramount. London Law Collective, a leading provider of corporate and commercial services to innovative businesses in the UK and beyond, found a reliable partner in Amiqus to optimise their client due diligence and AML/KYC compliance processes.
A Conversation with Jo Farquharson, CEO of London Law Collective
Amiqus recently sat down with Jo Farquharson, the CEO and Founder of London Law Collective, to delve into the positive impact that Amiqus has brought to their AML/KYC compliance and client due diligence journey.
The Challenge
Efficiently navigating the complex landscape of AML/KYC compliance checks for a diverse clientele amid ever-changing sanctions and regulations posed a challenge for London Law Collective, as it often does for many law firms. They were determined to enhance the efficiency of their compliance processes, allowing their team to redirect their focus towards providing strategic legal services rather than spending too much time on data collection and manual procedures.
The Solution
Enter Amiqus, equipped with a suite of robust digital tools designed to bolster client due diligence efforts. The partnership with Amiqus delivered a multitude of advantages:
- Watchlist Checks: Amiqus’ watchlist check function emerged as a vital tool for the London Law Collective. It streamlined screening individuals against extensive databases of Politically Exposed Persons (PEPs), sanctions, and adverse media.
- User-Friendly Interface and Support: London Law Collective found solace in Amiqus’ user-friendly interface and responsive client support. The shared values and Amiqus’ transparent approach fostered a positive partnership.
- Risk Assessment Facilitation: Amiqus streamlined the process of gathering essential facts and data for risk assessment, enabling fee earners to make well-informed decisions about potential clients swiftly and effortlessly.
- Time Efficiency: Amiqus revolutionised the speed of sending check requests to clients and receiving client information, reducing it to minutes which led to streamlined operations and faster turnaround times.
- Onboarding and Training: London Law Collective experienced a seamless onboarding process with Amiqus. The comprehensive and practical training provided by Amiqus facilitated a smooth implementation of the platform across the firm.
The Results
The partnership between London Law Collective and Amiqus serves as a prime example of the positive impact of harnessing advanced AML compliance technology in the legal industry, as evidenced by the following statistics:
- London Law Collective has conducted over 2,000 checks via Amiqus.
- It takes just 3 minutes to send a check request to a client.
- Clients typically take 10 to 15 minutes to submit their information.
- London Law Collective rated their overall experience with Amiqus as a 9 out of 10, reflecting a high level of satisfaction and ease of use.
In conclusion, Amiqus has proven to be an invaluable partner for London Law Collective, enabling them to navigate the complexities of AML/KYC compliance with ease. To find out how Amiqus can do the same for your law firm, get in touch with the Amiqus team today.
This article was submitted to be 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.
