Do you carry out ID and source of funds checks?
Thirdfort is the latest in Lawyer Checkers innovative suite of products helping to defend law firms from the persistent threats lurking in the legal sector by providing enhanced due diligence to source of funds and ID checks.
Over £5 billion worth of UK property has been bought using suspicious wealth; a total of 421 properties complicit in laundering illicit wealth.
Furthermore, 293 property transactions concerned suspicious wealth relating to politically exposed persons (PEP), involving UK property worth more than £4.4 billion.
Earlier this year, 26 law firms regulated by the Solicitors Regulation Authority (SRA) out of a sample size of 59 were placed into a disciplinary process for adopting poor money laundering approaches and processes.
Economic crime being laundered through property has been an historic problem with identification of PEPs and illicit source of funds difficult to determine for lawyers, conveyancers and their clients.
Thirdfort’s innovative and automated identity and source of funds checks can provide additional peace of mind whilst empowering clients through a quick, informative and straightforward app.
Key stakeholders are also supported in completing Know Your Customer (KYC) checks in minutes by combining digital ID checks, facial recognition technology, document scanning and PEPs sanctions screening to provide a comprehensive overview of the client; important information to help mitigate the chances of laundered money slipping through the net.
Source of funds are analysed using Financial Conduct Authority (FCA) regulated bank linking services to automatically collate and review bank statements.
All Thirdfort sources are available direct through the Lawyer Checker portal with all new processes and services accessed through just one system.
To find out how Thirdfort can reduce burdensome and time-consuming AML administration, book a demonstration with Lawyer Checker today.
On Wednesday 6 November 2019, Thirdfort and Lawyer Checker will be hosting a free webinar on Thirdfort’s unique and vital services. The webinar will start at 10am and will explain how a law firm can bolster their AML processes and ensure they remain compliant with all regulations. Click here to register.