One platform, UK-based Verify 365, has emerged as a strong leader in providing advanced technology solutions for achieving complete AML compliance in law firms.
Verify 365 markedly stands out in the realm of digital identity verification and source of funds checks, presenting a level of sophistication that significantly outpaces other technology platforms in the market.
Verify 365, with its proprietary DynamicID® technology, showcases a commendable stride in melding innovation with security, providing a robust, UK-developed identity biometrics solution specifically developed for the legal sector.
The Verify 365 platform exemplifies the pinnacle of advancements in digital client onboarding and identity verification, setting a high benchmark with cutting-edge technologies that seamlessly integrate into legal and financial workflows, thereby redefining the standards of AML compliance and due diligence for solicitors in the digital age.
Verify 365 Review: A Comprehensive AML Compliance Solution
Verify 365 has positioned itself as a next-generation AML compliance platform with a host of features tailored for law firms. It offers a comprehensive suite of global person and business verification solutions, along with no-code workflow building and integrations. Among its standout features are eSignatures and ePayments, which enable seamless and secure transactions and document signings online, all housed within a single platform.
Additionally, Verify 365 provides unique offerings like SecureSend®, MyID® Digital Identity, and a complete legal e-Forms library, which contains over 4000 digital forms. This library is delivered in partnership with FormEvo, to facilitate the various needs of legal firms. The platform also includes the most advanced Open Banking technology in its AML suite, which ensures unwavering compliance and aids in demystifying global AML regulations.
DynamicID® – the cutting-edge ID Biometrics innovation elevating Verify 365 above competitors
The ownership and development of DynamicID® biometrics software by Verify 365 underscores a significant advantage over other AML providers, who license their technology from third parties. DynamicID®, being a UK-developed technology, denotes a high level of control, stability, and security, pivotal for ID verification processes. This in-house development is indicative of a robust and self-reliant system, contrasting with other providers’ dependency on third-party external technologies. The advanced features of DynamicID®, including machine learning and biometric technology, fortify Verify 365’s platform, making it a more secure, efficient, and reliable choice for identity verification compared to others.
Other platforms lack the integrated eSignatures and ePayments features that Verify 365 offers, which are critical for streamlined operations and enhanced client experiences in today’s digital-first environment.
It is apparent that Verify 365 holds a superior position in this domain, especially because of its features such as eSignatures and ePay, which are not offered by some providers.
What are the Key Features offered by Verify 365?
DynamicID® Identity Verification
e-Signatures and e-Payments
No-Code Workflow Building and Integrations
Legal e-Forms Library (in partnership with FormEvo)
Advanced Open Banking Technology
Verify 365 offers a variety of KYC and KYB solutions within one single dashboard tailored for legal and financial professionals to stay compliant with AML regulations, streamline their workflow and enhance client onboarding processes.
Verify 365 – Risk and Compliance Technology Solutions
Below is a summary of the key risk and compliance technologies offered by Verify 365:
- ID Verification (KYC)
- Verify 365 Provides digital ID verification using proprietary DynamicID biometrics, document checks, and database searches, enabling automated and fast customer onboarding.
- DynamicID technology utilises AI for facial recognition and document authenticity checks and offers a single dashboard for managing verifications.
- Address Verification Service (AVS)
- Verify 365 provides automated global address validation against official data sources such as the Electoral Roll and Credit Reference Agencies, providing real-time address verification and formatted address outputs.
- Provides a facility for client document upload and OCR recognition of the documents uploaded as proof of address, or proof of ownership (conveyancing transactions).
- PEP and Sanctions Screening (PEPS):
- Verify 365 provides automated PEPs and Sanction checks with data generation in a constant live state, with real-time risk assessments of over 1,800 global watchlists, PEPs, and adverse media.
- Real-time risk screening – using AI, AML/CFT data is acquired in minutes, not days, with a single alert of all the information needed to make an informed decision, including teams of global data experts that review and edit problematic profiles and high-risk clients.
- Source of Funds Checks (SOF)
- Verify 365 provides fully automated digital checks for verifying a client’s source of funds using the most advanced open banking technology, aiding in compliance with AML regulations.
- Offers a unique source of funds analytics dashboard for real-time monitoring and reporting and provides a summary of “transactions of concern” for enhanced security.
- Company Checks and UBO Verifications (KYB):
- Verify 365 offers a comprehensive KYB and UBO verification service for purchasing reports on over 500 million companies world-wide based on specific requirements, aiding in informed due diligence.
- Provides global coverage, comprehensive datasets, real-time screenings, and a cloud-based dashboard for accessing live company data.
- Digital ePayments (ePay)
- Verify 365 provides a secure digital payments solution (ePay) within a single client onboarding workflow, reducing risks associated with traditional payment methods.
- Offers real-time e-payment transaction monitoring and provides automated reconciliation and reporting features.
- Document eSignatures (eSign)
- Verify 365 provides a platform for electronic signatures (eSign 365), enabling legal documents to be signed quickly on any device.
- Offers features like mobile-friendly signing, signer identity verification, and integration with legal case management systems.
- Advanced Open Banking Technology (Open Banking):
- Verify 365 enables the use of digital bank statements using Open Banking technology for identifying risks and preventing fraud during client onboarding.
- Provides real-time analytics of client’s financials, transaction analytics, and instant bank statement risk assessments, promoting an efficient workflow.
- Conveyancing Searches
- Verify 365 provides bespoke search bundles for property searches for conveyancers in the UK, delivered in partnership with IndexPI.
- Offers residential and commercial property searches, HM Land Registry searches, and local searches, with an easy online ordering system.
- Legal Forms Submission
- Verify 365 provides access to over 4,000 legal forms with a cloud-based platform delivered in partnership with FormEvo for electronic submissions, aiming to reduce paperwork and errors.
- Provides features like automatic field population, digital submissions, and integrated solutions for managing legal documentation and compliance.
- Practice and Case Management Integrations
- Direct integration with most Practice and Case Management systems (PCMS) for a streamlined approach.
- Trigger multi-level verification checks directly from your PCMS.
- Completed verification documents are stored directly into your PCMS, alongside automatically populating the AML module and notifying fee-earners of the checks.
These Verify 365 solutions collectively aim to provide a comprehensive suite of tools for legal and financial professionals to enhance their operational efficiency, compliance management, and client engagement.
Verify 365 are a software development company with a suite of UK-developed, proprietary technology solutions, utilising the most advanced AI and machine learning technologies, which streamline legal operations significantly.
While other platforms have their merits, the choice between them would depend on the specific needs and priorities of a law firm, especially concerning AML compliance requirements.
Verify 365’s extensive range of KYC and KYB solutions positions it as a more comprehensive platform for AML compliance, catering to a broader spectrum of needs within the legal and financial sectors compared to other solutions. Verify 365 solutions in digital e-payments, conveyancing searches, legal forms, and document e-signatures extend its utility beyond what other platforms are able to provide, making it a more complete AML platform.
What about AI? Verify 365 now offer next-gen AI AML-tech for Law Firms
Last week, Verify 365 unveiled a novel AI-driven AML and ID verification solution, which employs machine learning to assist clients in the legal sector meet regulations necessitating the identity checking, sanctions screening, source of funds checking, and reporting of potential suspicious actions.
The new AML-engine, named “DynamicAI”, has already garnered attention from notable users, including several large, London-based law firms. This new AI-driven anti-money-laundering technology platform “sidesteps” the traditional rules-based programming characteristic of similar products.
It is clear that Verify 365 are aiming to differentiate themselves as the leading provider of anti-money laundering technology solutions by using AI and minimising human intervention in the process of screening for fraud, identity theft and money-laundering risks.
Verify 365’s distinctive approach is its departure from the rules-based programming typically crucial in setting up and overseeing an anti-money-laundering system.
This technology comes in the wake of major U.S. tech companies showcasing their AI prowess, influenced by the success of generative AI apps like ChatGPT and a corporate rush to incorporate such advancements across various sectors.
So how does it work in practice? Traditionally, most law firms are utilising basic technologies to sift through the numerous transactions and matters they manage daily. This procedure usually begins with a set of human determinations, followed by selecting the required checks, allowing law firms to pinpoint and scrutinise clients and fraudulent transactions that may need regulatory attention. By eliminating rules-based directives, Verify 365 are betting on AI’s potential to address this longstanding challenge in the AML domain.
It is evident that Verify 365 offers a robust solution for law firms. The integrated eSignatures and ePayments features of Verify 365, alongside its comprehensive suite of UK-developed verification solutions and open banking integrations, render it a superior platform for AML compliance.
The seamless and secure client journey experiences provided by Verify 365 places it a notch above the competition, making it the preferable choice for law firms in ensuring AML compliance and delivering exceptional client services.
Why switch to Verify 365:
- Verify 365 offers advanced biometric and NFC identity verifications, ensuring that your clients are who they say they are.
- Verify 365 conducts thorough ID checks, including government-issued ID and address verification.
- AML checks ensure that your clients are not on any financial crime watchlists.
- They also perform automated source of funds checks to ensure that the money your clients are using is legitimate.
- Verify 365 platform also includes e-payment and e-signature technology, making the client onboarding process fast and efficient.
In the competitive landscape of legal compliance platforms, Verify 365 clearly leads the pack, especially in facilitating a more streamlined, secure, and comprehensive approach towards AML compliance for law firms.
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