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Lindsays - anti-money laundering

Lindsays

Background

Lindsays is an award winning Scottish law firm offering a full range of legal services for individuals, families and businesses.  The firm has offices in Edinburgh, Glasgow, Dundee, Jedburgh and North Berwick.

For over eight years Callcredit has worked with Lindsays to help protect the practice from money laundering.  The now Money Laundering Reporting Officer at Lindsays first used Callcredit’s services in 2002 when he was a partner at another law firm, Fyfe Ireland, and anti-money laundering was in its infancy. Because of the importance of having a solution in place that removed the difficulty of just using paper based documents but also complimented the process of Identity verification, when he became MLRO at Lindsays, he immediately committed it to using CallML.

Over the years Lindsays has had different requirements which Callcredit has also been able to assist with, from helping to confirm to regulators and others that the firm didn’t have any politically exposed people (PEPs) on its books, to helping to unite individuals with legacies and other items that were being held on their behalf.

Objective

With Lindsays having several offices across Scotland meeting with a large number of new clients every day, the business needed an easy solution to help;

  • meet anti-money laundering (AML) regulations
  • verify clients’ identities.

In 2010, as part of a distinct project, Lindsays was required to review all its clients and confirm whether it had any politically exposed people listed as clients. This meant the practice needed a solution that could;

  • quickly and easily cross reference its database and identify any PEPs.

In 2011 the Law Society of Scotland required that law firms needed to act to reunite funds that they were holding on inactive client accounts with its rightful owners.  Due to this Lindsays needed to;

  • trace individuals who were entitled to those funds.

Solution

CallML
Specifically designed to help comply with the latest anti-money laundering regulations Callcredit’s CallML solution was recommended to Lindsays.  CallML enables Lindsays to also prevent fraud, reduce operational costs and improve customer satisfaction.

Quick and simple to use, CallML was integrated into Lindsays’ systems providing the widest range of data quality sources in a single electronic search.  This resource could then be used in conjunction with paper based documents to provide further corroboration on an individual’s ID where Lindsays felt it was required.

CallML instantly produces a report which provides Lindsays with a clear transparent decision on whether the client has been successfully verified or not.  The firm can also see a summary of the data sources used to make the decision, as well as identify any warning signs or negative data matches.  The solution also provides Lindsays with the reassurance it has a robust solution in place to verify an individual and meet AML regulations.

CallTrace
In order for Lindsays to meet the Law Society of Scotland’s requirements Callcredit provide the practice with its CallTrace solution.

CallTrace enabled Lindsays to locate individuals through its powerful address links function.  By inputting the last known address of an individual Lindsays is able to search for any links to other addresses and quickly identify their current residence.

Results

Lindsays can confidently identify individuals quickly and easily where paper based documents aren’t sufficient or deeper checks are required on an individual.

  • CallML helps Lindsays comply with all aspects of money laundering regulations.
  • In one quick check Lindsays was able to confirm that it had no politically exposed people listed as clients.
  • CallTrace allows Lindsays to find current addresses and then return funds to parties who could not otherwise be found, and to comply with its regulatory obligations.

“I am asked lots of questions about AML issues in the course of my job.  If they are just about identification issues, it is great to be able to say, “Put it through CallML,” confident that this will provide an independent check of the information that we have, and an alarm bell about anything that we should know, as well as a concise record of both.”
Partner, Lindsays

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