Transform your process into a strategic advantage

The time, cost and effort associated with compliant KYB practices is one of the most consistent challenges we hear from law firms. As we enter a period of renewed vigour and oversight into firms compliance practices, getting on top of these challenges is as critical as ever.

Identifying and verifying your client, its UBO and all associated parties is complicated. Managing differing levels of data availability across regions, as well as the need for enhanced due diligence that may arise, makes it difficult to build a repeatable and efficient process. Ensuring that process is consistently followed across the firm, without creating undue overhead, has proven unachievable for many firms.

Delivering a market leading KYB product that solves this is a key strategic focus for Legl.

The feedback on our KYB product validated that we are taking the right approach, but we still believe there is a lot more we can do to help firms turn this into a strategic advantage. Both in managing your own operations, as well as delivering a differentiated client experience.

Our approach

Our approach to delivering a market leading KYB solution is supported by two key pillars; Interconnectedness and Smart automation.

| Interconnectedness

The key challenges we noticed when speaking with firms was that their existing products were either offering a point solution, meaning they required a suite of suppliers to complete all the necessary due diligence work.

Or that they were offering a one size fits all solution, which doesn’t account for the nuance and differing requirements from one client to the next, making it difficult to build a process around.

OurSmart approach to those challenges, leveraging both Legl’s existing no code workflows  as well as newly developed products, is to create an interconnected and more dynamic compliance experience,  seamlessly connecting the solution with the underlying data.

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What that means:

You have at your fingertips all the tools required to complete the necessary due diligence, based on your clients profile available in one beautiful toolbox. 

1. Data can be verified, or gaps filled, through client facing requests seamlessly integrated throughout the workflow
2. Enhanced due diligence, or internal escalations, are proactively identified and managed within Legl.  
3. Additional, matter specific, due diligence such as source of funds or counter party checks are all managed and completed in the same application.

The flexibility lets you build a solution that works for you, whilst rich data insights are  all stored in the one place, providing entity level visibility and a full audit trail. 

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| Smart automation

By leveraging smart automation, we are focused on reducing operational overhead for firms  and ensuring they become SRA compliant and audit ready by design.

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What that means:

By informing Legl of your firm’s policy and risk based approach, Legl’s KYB workflows  will identify opportunities to:

1. Automate the standard and necessary tasks (e.g. Shareholder PEPs and Sanctions screening), and or 
2. Leverage our AI tools to proactively identify gaps, assess them and recommend next steps where applicable.

To see the product in action, please speak with a member of our sales team.

Core capabilities

Legl are with you for the journey, building smart solutions inspired through our collaborative development,  inspiring us to rethink the KYB landscape whilst  onboarding and monitor thousands of clients every day.

Central to how we think about this core layer of KYB is the concept of entity level visibility. Enabling you, at a glance, to identify any compliance gaps across the client entity and any associated parties. Leveraging this visibility, we strive to enable firms to implement firm wide consistency in process and compliance. 

Underpinning this are a number of core capabilities, available within our solutions today:

1. Entity level visibility; client pages providing, at a glance, a full audit trail of activities completed and data collected for a client and any associated parties.
2. Company data verification (including ownership, credit risk, filing document and much more) for over 160 locations.
3. Global Watchlist checks (PEPs, Sanctions, Adverse media etc) on corporate entities and associated individuals, including daily monitoring by default.
4. No code workflows to leverage Legl’s full suite of existing products; CDD, SoF, eSignatures, Document requests and more.
5. MLRO Oversight, providing firm wide visibility of compliance gaps.
6. Automation of tasks, enabling firm admins to standardise actions across their firm.
7. Deep data integrations, creating a single source of truth for KYB data, bringing simplicity to complex and disperate KYB data estates.

Upcoming focus

Our product is constantly evolving and we are always in a discovery day 1 mindset at Legal Validating the next problem for us to solve. We are fortunate to have incredible clients and partners, whose support and work with us as a community of product builders and users inspires our roadmap.It is that collaboration that has inform the next three focus areas for us:

1. Client matter intake & final due diligence validation
   At Legl we firmly believe that the client experience is key to making KYB, or any compliance process, a strategic advantage for law firms. While this is already a core part of our product, we will be doubling down in this area. Streamlining the collection, curation and  validation of data during KYB from simple to complex orgs with third party instructions. Reducing the burden for both the client and the firm.
   
   
2. Extending our monitoring capabilities
   Always be audit ready. We’re focused on removing the burden of ongoing client monitoring, by proactively alerting and actioning potential compliance gaps or conflicts of interest created by any and all changes across the entity and associated parties.
   
   
3. Smart automation for process standardisation
   Input your firms policy or risk based approach and let Legl take care of the rest. Ensuring standardisation of process across your firm. We will automatically screen parties where appropriate - UBO’s, directors, shareholders etc - or alert your firm’s users (and MLRO) what actions are required next based on your policy. These actions will be powered by our no code workflows, ensuring everything can be completed in the one place and providing visibility across the firm.

In a world of new tech this is only the beginning for Legl. We are constantly looking for feedback and collaboration partners. If you want to influence what the future of KYB could look like then we would love to hear from you.

To learn more about Smart KYB, download out latest white paper — the ultimate guide to KYB for law firms.