How LegalTech and automation helps in KYC compliance for law firms
With the increasing requirements for legal compliance, the risk for law firms steadily increases as well. KYC refers to “know your customer” that refers to the process of verifying the identity of your respective potential customers. KYC has become a critical procedure as it helps businesses identify customers with criminal intentions that in turn helps them protect their business from illicit financial transactions. KYC also plays an essential role in eliminating risks associated with crimes such as money laundering, bribery, fraud, and more. As regulations of legal compliance and AML have been developing drastically that involves the legal industry as well, law firms have been taking advantage of technology to handle the entire legal KYC compliance process through automation , particularly when it comes to Customer Due Diligence and onboarding that is usually time-consuming and complicated. According to a survey by Thomson Reuters, the average length of time it takes...