Streamlining Client Due Diligence for an International Law Firm

Client Overview:
A renowned law firm with a significant client base across APAC was looking to automate its due diligence process without compromising on the depth and quality of the background checks.

Challenge:
The firm needed to ensure thorough vetting of new clients to avoid engaging with individuals or entities involved in financial crimes. This process was becoming increasingly labor-intensive and was slowing down the onboarding process. 

Solution:
The law firm adopted Link KYC to streamline their background checks and ensure compliance with local and international AML laws.

Implementation:

1. • Process Integration: The KYC/AML service was embedded into the client intake workflow of the firm.

• • Customization: Due diligence forms were customized to capture all relevant information required for AML checks and firm specific information.

• • KYC/AML Checks: The system conducted real-time screenings against global and regional databases, identifying potential risks.

• • Compliance Tracking: All steps from data collection to final decision-making were systematically recorded.

• • Audit Preparation: The platform enabled easy generation of compliance reports for regulatory scrutiny.

Results:
The law firm benefited from a 35% increase in efficiency in client vetting processes, along with the ability to quickly respond to audit requests. The automated system reduced the risk of human error and ensured consistent and comprehensive due diligence.

Conclusion:
The legal services firm’s strategic decision to embrace automation in KYC/AML compliance revolutionized its approach to regulatory adherence. The firm not only fortified its compliance framework but also reclaimed its lawyers’ time for client-centric work, reinforcing its reputation for excellence and trustworthiness in the legal sector. This case study exemplifies the transformative impact of technology in aligning compliance with business efficiency.