When onboarding a new client or starting a new business relationship with a client, notaries and legal practitioners are legally required to perform customer due diligence checks on any individual that they will be offering their service to.

As subject persons, notaries and legal practitioners are legally bound to adhere to Customer Due Diligence (CDD) and Anti-Money Laundering (AML) procedures.

In order to reduce risks, and make it as hard as possible for criminals to launder funds earned through illegal activities, concrete assessments need to be conducted.  Subject persons such as notaries, lawyers and other legal practitioners are required to procure satisfactory evidence of the identity of their clients and their source of funds. They are also required to keep a record of the procedures undertaken and to monitor a client’s situation if the relationship is ongoing.

Reduce the Cost of Compliance

Small notary and legal firms may consider the costs of implementing and maintaining such AML processes prohibitive for the size of their practice. Ongoing monitoring also significantly increases the work load, and keeping such reports updated can be quite taxing.

StartKYC addresses all these problems through its “easy to subscribe to” and affordable packages or through its bespoke solutions that can be tailored for the more mature firms.

The additional great news is that we offer full system functionalities on all our packages.  This means that every user gets access to all customer due diligence tools making it easier to fulfil your CDD obligations.  StartKYC also supports your automation process through a quick and easy API integration, which is backed up with ongoing technical support.

We can help

As a notary or legal practitioner of any size, StartKYC’s functionality offers the following benefits:

• Full client profile reports for AML and CFT within seconds
• A monitoring functionality that sends email alerts when changes in a client’s profile are identified. These alerts can be used as a trigger for a file review.
• Client check reports that are always easily accessible for compliance evidence during audits.
• Client reports that can be saved as a soft copy or downloadable in a printer friendly version for storing in client file.

Feeling Lost?

Our free industry experts have drawn up a FREE PDF to help you get started in KYC for the legal industry. Click here to download PDF.