Source of funds - let technology remove the risk

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Verifying who you are dealing with when it comes to your responsibilities under the Money Laundering Regulations 2017 is becoming increasingly challenging as organised crime finds newer, smarter and more effective ways to perpetrate fraud and launder funds from criminal activities.

  • 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.

Thirdfort is the latest in Lawyer Checker’s innovative suite of products helping to defend law firms against the persistent threats lurking in the legal sector, by providing enhanced due diligence to source of funds and ID checks. It uses a mobile app to digitally confirm a client’s identity by combining facial recognition technology with document scanning and open banking, enabling you to confidently “Know Your Customer.”

Commenting on the benefits of Thirdfort’s introduction, Waqar Ali Director at Wilfrids Law 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.

Join our webinar to find out how Thirdfort can reduce your AML admin and how you can save even more time by ordering it directly from Lawyer Checker. You can also book a demo to understand how Thirdfort works for you and your client.


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