Affordable services to manage your AML / KYC processes

Digital client onboarding is a feature of The Link App to help you embrace smart technology to effortlessly communicate with clients using a secure alternative to emails and other messaging apps.

Improve your business function and benefit from satisfied clients and positive client feedback. Simply communicate with your clients within The Link App and safely share sensitive information. Digital onboarding allows you to transform the client experience whilst keeping secure communication all in one place.

Brand recognition is important to growing your business, no matter which platform you’re using. That’s why we now offer The Link App as a fully white-labelled product, customised to your brand. It’s as easy as uploading your logo into The Link App and selecting your colours. We’ll handle the rest: your branding will be automatically propagated into your documents, and our Omni-Channel Notifications will now be sent from your firm, taking your brand to every device. Your brand will be placed across every part of the platform including all of our features such as Smart Forms.

Before Lauren Riley qualified as a solicitor She completed a business management scheme as a graduate. Nothing to do with law, everything to do with customer service. When Lauren Riley qualified as a solicitor She was extremely proud, but shocked to see how basic business principles that applies universally to all other sectors were being disregarded. After searching the market for a tool to help clients and my colleagues, Lauren Riley couldn’t find anything… the app to solve their communication challenges didn’t exist. Lauren Riley is also passionate about technology innovation in a traditional sector.

It’s not just your clients who you want to impress; engagement is a common issue when onboarding teams into new software platforms. You want them to get the most out of the product you paid for. Imagine you introduce The Link App to your team, but it’s not The Link
App at all: it’s your firm’s own software platform, just like you built it. (If they don’t want to leave the comfort of the CMS they’re already used to, they won’t have to.) Your team will love the feeling of working at a firm with their own bespoke software, and every week they’ll be hearing from clients who are just as impressed.

Take your clients’ experience to the next level by easily spinning up your own instance of The Link App which they can download from the App Store and from Google Play. There’s no need for any technical work from you or your IT specialist, just say the word and it’s done. Your app will receive exactly the same upgrades as the main platform including all new features. Your firm’s app will get better all the time. You won’t be competing with our other customers for resources; your firm’s app will be hosted on its own dedicated infrastructure, ensuring top speed and performance at all times.

It’s critical for your business to manage KYC checks and demonstrate Anti-Money Laundering compliance to avoid possible penalties, including fines, damage to your reputation and even imprisonment.
Our AML check service offers a straightforward and affordable online KYC service, no matter what size your organisation. Introducing automated AML checks can keep you compliant with the latest legislation, introduce more robust identity verification and even improve the on-boarding experience for your customers.
Before entering into a relationship, it’s important to do your due diligence. You wouldn’t get married without getting to know your partner and you wouldn’t risk hiring someone without an interview. So why take the risk of entering into a bad relationship when onboarding new clients or customers?

Know Your Customer or KYC processes help organisations to identify and verify customers. By carrying out customer due diligence and identity verification, the risk of unwittingly working with people or organisations involved in illegal activity or money laundering are minimised. This is particularly important for banks, financial organisations, gaming operators and other organisations that are frequently targeted by fraudsters.

As well as preventing misuse by criminals, KYC helps organisations to understand and manage potential risks during the customer onboarding process. In turn, this can help organisations to appear more trustworthy to potential new customers.
Transform your clients’ experience right from the beginning with The Link App’s digital ID verification that helps you boost conversions, fight fraud and stay compliant, no time-consuming paperwork required. We’ve partnered with GBG—a global leader in the industry who bring this feature to over 70 countries—to enable you to assign your clients self-serve ID checks almost instantly.

Just select the check you’d like carried out, be that a Data Check, a PEP Check, an AML Check, or just having your client scan their ID via mobile, and we’ll instantly notify them with what you need and how they can get it.

This has been such a pain point for firms and their clients, all having to find creative ways to navigate lockdown requirements while keeping to compliance regulations; The Link App makes this so much easier, and reduces the workload for you and your clients. Use this feature on its own, as the first step to digital transformation, or as part of The Link App’s full suite of tools. You choose. All documents are encrypted, protected by best-practises cybersecurity, and a complete audit trail is maintained. The best thing? No waiting, noexplaining, no chasing. You can even set reminders for your clients to complete the checks when they’re due.

KYC and AML: Why is KYC Important?

It’s estimated that between 2 – 5 per cent of the world’s Gross Domestic Product (GDP) is laundered every year, which is equal to between £616 billion and £1.47 trillion. For that reason, many Anti-Money Laundering (AML) laws, regulations and processes require the use of Know Your Customer.
KYC checks remove the risk of onboarding customers involved with money laundering, fraud or other illegal activities like financing terrorism. This is very important when onboarding a politically exposed person, such as someone working in public office, who could be a target for bribery or corruption.
It’s important to get your approach to KYC right. If you don’t, you could risk being fined or potentially facing criminal prosecution. There’s also reputational damage to consider. As a customer, would you want to do business with an organisation that has been associated with illegal activity?
At a minimum, KYC checks should be carried out when onboarding a new customer, but it is best practice to repeat these checks from time to time, to make sure everything is as it should be. By monitoring customer accounts in this way, suspicious behaviour can be more flagged more quickly.

KYC Compliance: What are my obligations?

Even if you’re not legally obligated to carry out KYC checks, knowing more about your customers can help you manage risk and keep out unwanted customers. Demonstrating KYC compliance also helps to build trust by showing that you’re going above and beyond what’s expected of you.
KYC regulations are ever-expanding. So, if you believe your market is likely to become regulated in the future, getting a head start on it now could save your business a painful retrofitting process.
To ensure KYC compliance, you’ll need to put adequate internal controls and monitoring systems in place to flag money laundering threats as they happen. You’ll also need to keep records of customer due diligence activity for at least five years after a transaction takes places or the relationship ends.
It is best practice to document your KYC and AML policy, controls and procedures for preventing money laundering, with details of the key employees who are responsible for managing this.

KYC Solutions: How can automation help?

With so many regulations and so much at risk, it can be difficult to understand which ones apply to you when developing a customer onboarding process. At the same time, it can also be challenging to get the balance right between impressing new customers with a seamless onboarding experience, while at the same time giving them confidence that their money and assets will be safe and secure.
The challenge many organisations face is that KYC processes often increase the time it takes to onboard new customers and this can negatively impact their experience. Often, staff will be expected to manually input information into a system or manually validate it every time. Not only is this immensely time-consuming, but it is also prone to human errors.
Automation can help. Automating KYC and AML checks can reduce your reliance on paper-based checks, while also removing potential risks and staff costs. Organisations can automate key processes using robots that will reliably and automatically carry out data-driven tasks.
Find out how The Link App automated identity checking can help you meet your global KYC requirements. Future-proof your firm today with The Link App and book a demo with one of our innovators.

Source: Plato Data Intelligence