Information must be managed, controlled, approved and stored safely so that it can be used later as evidence to supervisory and regulatory authorities.
In NewBanking’s solution for law firms, the primary focus is to ensure compliance with those legal requirements the legal profession must adhere to. In addition, great emphasis has been placed on the ability to document all actions towards authorities and supervision.
The focal point is the Anti-Money Laundering and Terrorist Financing Act (AML) and the General Data Protection Regulation or simply GDPR.
There are many similarities between the AML and GDPR, as personal data is always needed when an individual customer relationship is to be disclosed.
NewBanking serve companies that are under financial law, which means that you will be able to comply with the strict requirements laid down by the Financial Supervisory Authority e.g. KYC and AML documentation. Similarly, the system can also be used to comply with the requirements and guidelines laid down by the local legal community.
In order to comply with the Money Laundering Act, there are a number of activities that inevitably involve the client, including collection of information when establishing a client relationship, and also as data is to be validated or renewed on an ongoing basis.
NewBanking will be integrated into your company website or similar to ensure a good customer experience when uploading and providing information.
We support several different information flows. This enables you to ensure that you get the correct information depending on which type of client you handle.
All data communication is end to end encrypted. Thus, only the law firm and the client have the opportunity to decrypt data. Data is stored encrypted at rest.
This makes it significantly easier for clients, because the system automatically fetches information for the clients, who subsequently only have to verify and confirm that the data is correct.
When a passport or driver’s license is uploaded, we make sure that it is both verified against a number of security requirements and that data is digitized and used in the subsequent process. Again, clients do not have to enter data themselves.
Knowing the beneficial owner of a business is central to compliance with the Money Laundering Act. We integrate with some of the world’s largest and best data sources and can automatically retrieve this information.
We support the possibility for clients to upload additional documentation, such as articles of association, term sheets, etc. in the various formats normally used (images, PDF, Word, Excel, etc.).
Adherence to the Money Laundering Act, ensuring the correct handling of personal data and being able to handle proper archiving also takes up a large part of the daily work in compliance. We make sure that there are features in place that support and digitize these processes.
NewBanking is integrated with Gemalto, the world’s largest supplier of passports, driving licenses and national identity cards. This means that when clients have to submit that type of document, they are scanned for authenticity using the same technology that also scans passports and ID papers at airports around the world. A real-time security check can therefore be made of all public identity documents.
All customers can undergo a PEP scan to determine whether they are particularly politically exposed. We can perform this scan against both national and international lists, without having to involve the client.
Not all clients are ready for online onboarding. Therefore, it is possible for admins to create client profiles in the system on their behalf.
One of the most important things when dealing with money laundering requirements is the ability to ensure a correct foundation of data. We are directly integrated with the largest data providers in the world, including Bureau van Dijk, BisNode, and ComplyAdvantage, and we also support local suppliers such as BIQ / CIQ, NemID and others.
Only one set of client exists. This follows the client from initial contact until the customer relationship ceases and data is archived. This ensures a stable audit trail on the individual cases.
All data relationships are based on the individual cases that concern the client. This provides the ultimate assurance that money laundering checks have been carried out in relation to the individual case.
When working with compliance, it is important that evidence of all events and data is available. Therefore, all relevant activities have an audit trail that can be accessed and documented.
The platform supports requirements of larger organizations used by many different users. Partners, compliance employees, etc. can handle tasks across the board, based on access rights.
Money laundering cases often require additional internal or external documentation or need for individual case notes.
At the core of GDPR is the requirement for transparency and insight into what data has been exchanged between companies and individuals. We ensure that clients can see at any time what data has been exchanged at any given time.
You can securely share client data with colleagues and business partners without them having to create NewBanking accounts. There is full logging on such shares, so you can always see later what you have shared with whom and when, and whether that person has seen the shared data.
You can use tags to organize your client data exactly as you want. For example organise clients by company name, registration number and case number. All tags are searchable, so you can quickly find relevant data again.
In addition to the above services that are aimed at attorneys for their internal assignments, we have a number of services that some of our customers utilizes as a tool towards their clients.
Funds, mutual funds and venture funds often outsource many of their legal duties to lawyers as the natural partner. We offer law firms to handle “Know Your Customer” processes based on the NewBanking Identity platform.
Managing sensitive employee data is a growing challenge due to increasingly stricter legislation. This results in the tasks more and more often being outsourced to lawyers.
In line with increased demands on individual companies’ internal documentation of their ownership / ownership circles, also known as the beneficial owners, several companies entrust this practical task to their lawyer.
Law firms can, through the NewBanking Identity platform, gather all necessary information on future owners of bank deposits in relation to larger international equity programs for their employees.
From the beginning, we have chosen to handle data ownership based on the basic principle that clients own their own data. They want to be able to grant access to their data, but they must retain ownership of that. For your clients, this means that they can reuse data partly in relation to the cases that have to be handled in-house and partly when they have to use data with another party.
We are supplier to several Danish law firms, many of them are in the top 10 segment. Here is a great focus on security, encryption, data storage etc. We are aware of the importance of this and are continuously strengthening the platform with certifications and independent audit statements.
In addition to our focus on security, our customers also expect us to continuously adapt to market developments, both in terms of the increased regulatory requirements that are ongoing and the increasing expectation from partners and customers.
Most recently, PWC has issued an “ISRS 4400 Report”, and we have committed to obtaining an ISO 27001 certification in 2020.Read about security