Easy Convey software to include electronic identity checks in line with new Anti-Money Laundering legislation
Published: Friday March 28, 2008
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Law firms will now be able to verify the identity of customers swiftly and with confidence thanks to a collaboration with GB Group
Easy Convey Ltd (www.easyconvey.com), a leading developer of electronic conveyancing products and services, has today announced the inclusion of an electronic identity checking service within its Conveyancing Administration Software Application (CASA), in association with identity management specialists, GB Group.
The new ID checking service will enable solicitors who are using CASA to meet the demands of the latest anti-money laundering legislation that came into effect at the end of last year. As part of the new Money Laundering Regulations 2007, solicitors will now need to ensure that they are following risk-based assessments which include certain checks into the business dealings of their clients.
The URU™ ID checking solution, jointly developed by GB Group and BT, is now integrated with Easy Convey's CASA, so that users can cross-check personal client details against a range of population data sources such as the Electoral Roll, as well as financial data supplied through Callcredit, a variety of telephone and address data, and also deceased and ‘gone away’ files.
As an integral part of CASA, the service will also confirm the authenticity of common proofs of identity such as a passport, driving licence, or utility bill. The PEP (politically exposed persons) and Sanctions databases are also checked, and GB’s enhanced PEP checking service – to be introduced later this month – will also be integrated into Easy Convey’s identity checking system.
"This new service has been launched to meet the requirements of this new Anti-Money Laundering legislation specifically," says Dominic Cullis, managing director, Easy Convey Ltd. "A basic identity check simply isn't enough anymore, since the possibility remains that a new client is actually using a stolen identity, and/or appears on the PEP or Sanctions list. To be absolutely sure of a client's identity, we would recommend running this check on each and every client, especially as it so economical.”
A critical requirement of the latest Anti-Money Laundering regulations is to confirm that a new or existing customer – whether an individual or an organisation – is who they say they are, a process known as KYC or Know Your Client. Having access to this information and making use of it underpins all Anti-Money Laundering procedures, and is therefore the most effective way of ensuring that law firms aren't inadvertently helping to launder the proceeds of crime.
Easy Convey's clients using the new service will be provided with an instant pass or fail result, based on scoring defined specifically for the legal sector, and in full compliance with Joint Money Laundering Steering Group (JMLSG) requirements. As such, the new service will ensure that the process of confirming an individual’s identity is faster, more robust and far more efficient than traditional, manual checks.
CASA already has a proven track record for assisting lawyers and licensed conveyancers with all areas of conveyancing administration. It is the first electronic conveyancing application to provide automated case tracking, and to integrate with all three NLIS Channels. The application can be used to generate letters and to complete forms and other documents via automated workflows, all with the added convenience of making sure that information only needs to be entered into the system once.
In addition, law firms and licenced conveyancers can also use CASA to submit their Inland Revenue SDLT returns electronically, and to print the certificate immediately on acceptance of the submission. Previously, the need to use printed forms sent via the post meant that this process could take up to four weeks. However, by using CASA to manage this same information electronically, the process now takes just minutes, with the submissions guaranteed to be correctly formatted and completed.