A London-based risk management company has signed an affiliate agreement with the Law Society.
The Law Society has appointed Thirdfort as an Affiliate Partner to assist lawyers in achieving the Know Your Client (KYC), Anti Money Laundering (AML), and Source-of-Funds (SoF) legal requirements.
The partnership can see these two organizations collaborate to serve the Law Society’s over 150,000 members, including all solicitors who are licensed to practice within England and Wales. This means that Thirdfort and the Law Society will co-create advice and guidance for members to deal with the increasing fraud and laundering risk.
The risk engine of Thirdfort quickly informs professionals of any risks involved in onboarding and allows them to begin dealing with new customers, whether corporations or individuals. This risk-management engine runs on the best KYC and AML services, with Open Banking and transaction-specific information.
The company already has clients for 700 businesses, including law firms like Penningtons Manches Cooper, Humphries Kirk, and DAC Beachcroft and conveyancers such as Thomas Legal. Thirdfort is also a partner together with Dye and Durham, TM Group, Xpress Legal Services, and an insurance underwriter, Imperio.
Thirdfort recently has raised PS15m in an investment round in Series A. The company will use the funds to speed the growth of its business and further develop its product as part of its goal of creating an easy and flexible platform that is secure and beautiful for client onboarding.
Olly Thornton-Berry co-founder and MD of Thirdfort Olly Thornton-Berry, co-founder and MD of Thirdfort “With increasing fraud in the payment industry and money laundering costs our UK economy PS100bn every year, professional who are regulated are constantly exposed to threat and burden of compliance.
“Manually dealing with this issue is not just expensive. The customer experience suffered because of the paper-based nature of transactions’ constant repetition and increased the risk of fraud. Our association with The Law Society enables us to cooperate in conjunction with the Society to help its members and their clients take action without fear.”
Fiona O’Mahony, head of partnership of the Law Society, said: “Thirdfort is an ingenious provider service in KYC, AML, and Source-of-Funds verification services for lawyers, assisting lawyers in their struggle to navigate the ever-changing requirements of a business environment.
“We’re thrilled to be partnering with Thirdfort and are looking forward to working with them closely to ensure that our members get the support they need.”