InfoTrack enhances customer due diligence with new One-click AML

Legal technology pioneer InfoTrack has launched a new enhanced One-click AML check to speed up customer due diligence within the client onboarding process.

Embedded within InfoTrack’s digital client onboarding solution eCOS, solicitors can now benefit from this innovative AML check that uses identity data extracted during the Verification of Identity process directly from a scan of the individual’s ID document.

In a bid to help law firms combat identity and financial fraud, One-click AML provides an additional layer of confidence by ensuring the AML check is being conducted against a real person whose identity has just been verified. These combined ID and AML Checks are compliant with the EU’s AML 5^th Directive and HM Land Registry’s Safe Harbour standard, with law firms also benefiting from ongoing monitoring of PEPs and sanctions for 12 months.

Sam Jordan, InfoTrack COO, comments:

“The One-click AML is an exciting innovation. The cleverness is in extracting data directly from the ID Scan to power the AML Check.

“It fulfils the dream of reducing admin and saving time while also increasing data accuracy, improving compliance, and reducing risk for law firms.”

Law firms have been quick to share their enthusiasm about the new One-click AML service, including how quick and easy it is to use.

Devanshi Sayanwar, Conveyancing Team and Offshore Operations Manager at Askews Legal, says:

“InfoTrack’s eCOS made the ID checks procedure at Askews very simple and quick.

“With the addition of the new AML check feature, this has become even more convenient. In no time, you get a concise AML report. It’s very straightforward.”

Anita Gillam, Licensed Conveyancer at Oliver & Co Solicitors, adds:

“The new one-click AML in eCOS really streamlines the process for us. It reduces the time it takes to do our AML and KYC checks and we have the peace of mind that we’re using a verified client identity.

“Having a single report and the ability to comment and update the results makes life so much easier too.”

eCOS from InfoTrack is a powerful digital onboarding tool including client care letters, Verification of Identity, Source of Funds checks, AML checks, onboarding questionnaires, and digitised TA forms. The result is onboarding that can be measured in hours instead of days or weeks.

Kindly shared by InfoTrack

Main article photo courtesy of Pixabay