AML compliance for small law firms
Post by Admin , Dec 23, 2019.
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), which came into effect on 26 June 2017, have posed a challenge for firms of all sizes. Recently the Law Society published a three-part series that looked at the MLR 2017 from the perspective of small firms and provided tips on effective compliance.
How can Technology help small firms improve efficiency and comply with their regulatory obligations?
Unlike many larger firms, smaller practices may not have the resources to employ a centralised compliance team or expensive software, however there are a few automated solutions that will improve efficiency, are cost effective and ensure compliance regulations are met.
Rubix ProveID. Compliance in one click.
The UK's stringent AML and KYC guidelines recommends a risk-based approach to money laundering prevention. Rubix Prove ID is software which we have designed and provides a seamless integration between Visualfiles and Experian to undertake these checks with a one click process.
No more entering information into different system it really is a one click solution to send the information securely to Experian, gather the information you need and make sure a complete record is held within Visualfiles. Find out more about ProveID here
Rubix Sign - Digital Signature Solution
In September this year, the Law Commission confirmed that digital signatures are valid and electronic signatures can be used to execute documents, including where there is a statutory requirement for a signature. This means that, in most cases, electronic signatures can be used as a viable alternative to handwritten ones.
Rubix Sign has been designed with Law Firms in mind, providing a digital signature software solution that improves customer experience, maximises ROI and ensures compliance. Our electronic signature solution allows you to get documents signed securely, legally and in a matter of minutes.
Rubix Sign can integrate seamlessly with Visualfiles and your case management system, meaning that as soon as the document is signed it is instantly added to your case history ensuring that you will never lose track of important documents. Need more than 1 person to sign the document? Rubix Sign allows you to send more than 1 document to more than 1 recipient. It really is that easy! Find out more about Rubix Sign here
Rubix Practice Management
RPMs recognises that every area of law is different and has been built to be applied across all sectors of a law firm. Rubix Practice Manager is a case management system that takes the principles of case management system and improves on them resulting in a best of breed solution for law firms.
RPM has been designed for smaller law firms with up to 50 users. It provides a functional user interface that is intuitive and simple to implement and manage.
Key features of RPM includes
· Case creation and contact management
· Robust time recording solution
· Complete file history
· Integrated into Microsoft products
· Full regulation and compliance system including complaints manager
· Template letter and bespoke document generation
· Fully integrated accounts solution
· Case diary and case transaction scheduling
· Management information suite
RPM is packed with functionalities that all law firms need, irrespective of the type of work performed. Find out more here
Rubix are experts in this industry. We have taken our experience of working with law firms and combined this with our knowledge of software to craft optimum efficiency and compliance solutions. Other legal technology products include:
For a demonstration of Rubix Practice Management or any of our other products please call us on 0203 947 3695, email us at firstname.lastname@example.org or click here to make an online enquiry.