Businesses, particularly in the finance sector, must verify the identity of their customers, agents, consultants, investors or distributors are anti-bribery compliant and are actually who they claim to be.
Know Your Customer (KYC) processes assess suitability, along with potential risks of illegal intentions towards the business relationship and refers to bank regulations and anti-money laundering regulations that govern these activities.
Firms must comply with the Bank Secrecy Act and its AntiMoney Laundering rules. AML rules help detect and report suspicious activity, including offences, money laundering, securities fraud and market manipulation. For most firms, this is a time consuming process, which can be a significant cost-burden.
For businesses in the financial sector, the structures involved behind borrowers, investors and their sponsors can be extremely complex, requiring experience to unearth all the relevant information to make an informed decision.
Financial institutions face legal budgets constraints given greater regulatory burdens from events such as GDPR and requirements like KYC and AML due diligence. Using ‘traditional’ legal services to deliver this ever-growing regulatory burden can be cost prohibitive.
How We Can Help
Condor is an alternative legal solutions (ALS) provider backed by quality assurance from Fieldfisher lawyers. Condor ALS services and products provide effective and cost efficient alternatives to previous law firm time based legal processes by utilising the right staffing combinations and innovative technologies to deliver and manage work.
Condor ALS combines the legal, regulatory and data management expertise of Fieldfisher lawyers with the negotiation, project management and technology capabilities of market-leading third service providers or our very own near shore teams to offer clients a comprehensive, quality-assured suite of solutions through a single contract.
Condor provides a complete managed KYC/AML service that delivers a scalable, efficient and cost-effective solution for organisations.
Combining its managed KYC/AML service with Fieldfisher’s market leading privacy lawyers, Condor uses legal professionals based in its Belfast Service Hub and e-discovery platforms such as Relativity and Liberty for KYC/AML requests.
The advantage to organisations? We service both large and small subject access requests at a lower cost to a traditional law firm solution and can unlock more significant cost savings through longer-term engagements.
Our process
KYC Screening
Full, comprehensive search against the customer and their related entities using reputable intelligence databases
AML Policy Creation
Review existing and development of new Compliance Manual Creation of KYC checklists Development of Risk Scoring System
Ongoing Monitoring
After the initial compliance screening, borrowers need monitoring on an ongoing basis. Condor ALS undertakes comprehensive ongoing monitoring and related reporting
Onboarding
Training: Once the initial policy is in place, we deliver training across our client’s organisation to align stakeholders with the policy.
The Value We Add
Condor’s scalable, flexible and cost-effective model enables us to deliver an efficient and cost effective outcome for our clients whenever they need it.
We can scale up to meet larger requests so a client can deal with potentially disruptive requests without having to constantly redirect already scarce internal legal resources.
We provide a customised service through the most relevant combination of resources to get the solution you need.
