More law firms are benefiting from significant time savings while improving the consumer experience they provide clients by adopting the latest in anti-money laundering and client verification technology.
More law firms are benefiting from significant time savings while improving the consumer experience they provide clients by adopting the latest in anti-money laundering and client verification technology.
Law firm protection specialists Lawyer Checker has partnered with Thirdfort to enable customers to order the next generation client verification app directly from their Lawyer Checker account.
The latest practice to take advantage of the tie-up is Wilfrids Law Solicitors who have implemented the technology in their conveyancing department.
Commenting on the benefits of Thirdfort’s introduction, Waqar Ali Director says:
“This product is simply amazing. As a firm, we simply enter the client’s name and telephone number and the rest is done by the client and Thirdfort. The client downloads an app on their smartphone and follows a simple procedure of taking a selfie, a short video and uploads their ID documents.
“They also can integrate their online banking details and in return, we receive a report with the client’s bank statements and summary of entries over the last 12 months. Fantastic for overseas clients and clients who cannot attend in person.
“Not only do we feel more confident and secure in our risk management, but our customers have commented on their experience of using our services compared to previous dealings with legal organisations.”
Thirdfort has made waves in the industry, combining facial recognition technology, document verification, and open banking technology into a mobile phone app. Whilst conveyancing is an obvious practice area in which to focus efforts, the Money Laundering Regulations apply to law firms across their practice areas and firms have benefitted from a wider implementation.
Commenting on the tie-up, Tom Lyes Key Relationship Manager at The Practical Vision Network, home of Lawyer Checker, says
“More law firms are understanding that compliance need not be a burden but that there are technologies out there that help to turn it from a sunken cost to a potential benefit to the business.”
Thirdfort simply requires a name and mobile telephone at which point the recipient is directed to download the mobile app. Once authentication is complete, the onus is on the individual to complete the simple step-by-step ID verification and source of funds check, which provides an interpreted result of the risk to the law firm.
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