AML Compliance for Law Firms: Why Verify 365 Stands Unmatched in the Digital Age

Amidst a rapidly evolving global landscape, Anti-Money Laundering (AML) compliance has become an indispensable cornerstone for law firms. In navigating the intricate maze of regulations, client expectations and potential threats, the need for a digital client onboarding platform that can streamline the client journey, improve operational efficiency, and ensure rigorous compliance is paramount.

With a plethora of general biometric eIDV checks and AML compliance platforms available in the market, the pivotal question becomes: Which AML platform offers the optimal blend of robustness, reliability, and regulation-centric design for law firms?

In this comprehensive article, we pit Verify 365 against other noteworthy contenders in the arena: Thirdfort, Legl, InfoTrack eCOS, Minerva, and Credas.

Let’s dive deep.

  1. Platform Accessibility: Biometric & NFC ID Native Apps and Web
  • Verify 365: A seamless blend of an iOS and Android Apps, backed with a Web-platform, offering complete versatility.
  • Thirdfort: An App-only solution, potentially limited in terms of flexibility.
  • Legl: Web-app only platform, therefore limited in terms of flexibility and usability.
  • InfoTrack eCOS: While traditionally a Web-app only platform, Infotrack have recently ventured into the native app world, but with limited functionality.
  • Minerva: Confines users to a Web-app only experience.
  • Credas: An App & Web platform, similar to Verify 365 technology.

Conclusion: At the outset, it becomes apparent that Verify 365 and Credas offer the best in terms of accessibility.

  1. Technological Superiority: The Foundation of Compliance
  • Verify 365: The only platform boasting its proprietary UK-developed and UK-owned technology, including the unique DynamicID® biometrics and DynamicAI® artificial intelligence risk engine.
  • Thirdfort: Leverages licensed biometrics software and APIs from ReadID and Onfido.
  • Legl, Minerva & Credas: Depend on licensed biometrics software from providers like Onfido and GBG.

Conclusion: With proprietary technology that’s not just developed but also owned in the UK, Verify 365 clearly offers a distinctive edge to solicitors firms.

  1. HM Land Registry “Safe Harbour” Digital ID Compliance
  • Verify 365: Takes the crown as the first eIDV and AML tech company to comply with the Land Registry’s Safe Harbour Digital ID Standard.
  • Others: Also fully compliant with the Safe Harbour Digital ID Standard

Conclusion: The fact Verify 365 were the first company to comply with the Safe Harbour requirements places them at an elevated echelon, showcasing its unwavering commitment to best practices in conveyancing.

  1. Specific Design for Law Firms
  • Verify 365: Stands out, having been developed in partnership with the regulators, emphasising its niche-focus.
  • Minerva: Also claims a similar emphasis.

Conclusion: Verify 365 and Minerva are the ones that stand out as the legal sector specific platforms.

  1. Robustness of Features: Where the Real Battle Lies
  • From Open Banking Source of Funds Verifications (where Verify 365 offers bank account AIS verification and detailed analytics) to Electronic Signatures (boasting advanced and qualified eSignatures) and Integrated Digital ePayments Portal (with a fully branded e-payments portal), Verify 365 consistently outperforms its competitors.
  • In terms of AML PEPs & Sanctions Checks, all companies offer instant screening of over 1,800 global lists, including adverse media checks, with ongoing 24-hour status monitoring.
  • Verify 365 and Thirdfort KYB Company Checks verify over 500 million companies instantly, offering UBO checks, but Verify 365’s KYB Concierge Service is unmatched any competitor.
  • Verify 365 unique offerings like SecureSend®, MyID® Digital Identity, and a Full-Service Legal e-Forms Library containing over 4000+ eForms delivered in partnership with FormEvo, confirm Verify 365’s status as the leading AML platform for law firms.

Conclusion: Verify 365 and Thirdfort are the ones that stand out as the legal sector specific platforms.

  1. Case Management Integrations, Training and Support
  • Whether it’s training or 24/7 customer support, custom integrations with Legal Software Platforms such as Actionstep, P4W, SOS or Clio, or features like a Firm Branded iOS/Android App, Verify 365 offers a seamless experience.
  • Most competitors provide these services too but Verify 365’s comprehensive ecosystem gives it a definitive edge.

Conclusion: Verify 365 and Legl stand out as the platforms with the best case management system integrations.

Overall Verdict

While each AML platform brings its strengths to the table, it’s evident that in terms of accessibility, technological prowess, feature richness, and client-centric offerings, Verify 365 emerges as a front-runner.

For law firms seeking an uncompromised blend of compliance technology and client convenience, Verify 365 offers a complete AML solution that stands unmatched in the current digital client onboarding and compliance landscape.