Legal profession

Comply with the AML directive without disrupting your client relationship

AML software for the legal profession

You are expected to identify and verify your client following initial contact. In addition, you must report unusual transactions in accordance with the AML directive. It is your task to make critical inquiries and to ensure detailed recording of supporting documentation. With this so-called “onboarding” of your client, under the AML directive you are obliged to work in accordance with the guidelines and lay a basis for an audit by the dean. Difficult requirements imposed on you by the AML directive. How do you meet this efficiently without over-asking your client and disrupting your relationship of trust?

Regulatory Lab offers software to automate the AML copmpliance process. This makes client acceptance objectified, and the onboarding process will feel much more comfortable for you and your client. By digitally streamlining all activities required by the AML directive, you also have more time for other matters.

Module

AML

The AML directive has two core obligations; customer due diligence and the obligation to report unusual transactions. The AML module supports you with the identification and verification of clients and the recognition of unusual transactions.

KYC only

The KYC module facilitates this identification and the mandatory recording thereof. The module also provides a real-time overview of the number of KYC only cases compared to AML cases. This obligation is applicable to all lawyers.

You are relieved from UBO forms

By setting up your AML process completely digitally in accordance with automated workflows, you are finally relieved of working with time-consuming UBO statements. These forms, often sent in PDF, are a thing of the past as of now. Automating and objectifying this process prevents frustration for you and your client. The Regulatory Lab digital process contains all requirements that follow from the AML Directive and is updated in the event of legislative changes. You save time and money and always work in accordance with the latest legislation.

FAQ

Where is the data stored?
On its own domain in the EU or in the Netherlands.
Does the application generate a summary for the regulatory body?
Yes, the application generates a detailed summary with all the relevant information for the regulatory body.
Is the AML content kept up-to-date?
Yes, the application is kept up-to-date. In case of any legislation amendments, the application is amended accordingly.
Does the application check for any sanctions as well?
Yes, the application checks and monitors all mandatory sanctions lists, the UN, EU and Dutch lists. In addition, the high-risk country lists are also checked and monitored. This way you no longer have to subscribe to expensive suppliers where you can check names. Manual checking is a thing of the past.
Are the files separated from the case files?
Yes, AML and Voda information is stored separately.

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