KYC and Compliance Checks Made Easy in Vertec

Opening a new case or mandate in your law firm software is like creating a foundation of a house: It must be stable, secure, and carefully planned, otherwise the whole building might collapse. And before construction begins, it is worth taking a closer look at who is involved, what structures are there, and where might be hidden risks?

KYC (Know Your Customer) sounds simple at first, but in practice it is often a tedious, manual process filled with documents, lists, and reconciliations. With the right technology, a tedious routine effort can be transformed into a clearly structured workflow. Risk can be identified faster, information can be entered centrally, and lawyers gain valuable time to use on their cases.

Structured mandate review

The KYC function brings order and structure to an area that can otherwise be confusing. All relevant information – from company data to documents to risk analysis – is centrally available in one location, so you always have an overview of the audit status and know exactly which steps have already been completed.

With just a few clicks, you can start a new KYC check directly from within a case. Each check is based on a clearly defined template that guides you through the process while leaving room for adjustments.

As flexible as your law firm

No law firm works like the other. This is why templates are at the heart of the KYC function. These allow you to start audits in a standardized manner and at the same time flexibly adapt them to the individual requirements of your law firm.

The templates can be customized or created from scratch in the settings. By selecting them, a checklist is automatically created, which is divided into clear areas:

• Company data
• Documents
• Risk analysis
• Risk rating (low, medium, high)
• Additional checks – anything that is not included in the pre-defined areas, but should be checked can be added here

In the list of activities, the individual items can be marked as “Not Necessary” or “Completed” with a checkbox. Next to the checkbox, you can immediately see who created the task and when. Additional remarks can also be added.  

Associated companies and contacts can be viewed and managed in their own folders, including the history of checks that had already been performed.

As a result, the KYC function seamlessly adapts to your internal processes and supports you in implementing legal settings efficiently.

Affiliated companies and contacts

The KYC function also makes it easy to manage connected companies and contacts. All relevant companies linked to a case can be conveniently viewed in the “Connected Companies” subfolder. From here, new KYC checks can be started immediately or already completed checks can be opened without having to switch between different systems.

Because KYC audits are always mandate-related, multiple audits can be performed for a company, so you always know which audit has been completed and when.

The contacts associated with the companies are also visible at any time – including position and previous audits. This way you know immediately which people have already been checked and which steps are still open.

If necessary, a person check can be created for each contact. Based on the selected KYC template, an activity list is automatically created that includes all the necessary check steps. You can assign a role for each person (e.g. beneficial owner, legal representative or PEP), enter public or political interest as well as remarks.

The following video explains how straight-forward this process works in practice:

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Compliance check via Company.info

In addition to the classic KYC check, Vertec users can also use the Company.info integration to automatically check people for sanctions or politically exposed role (PEPs). The check is performed directly on the person's profile: After entering the first and last name, the system automatically searches for relevant entries. Finds can be checked directly or marked as harmless; when multiple hits are made, all options are clearly shown and PEP relationships are automatically highlighted.

The system matches all important data – such as address, commercial registration number and contact details – taking into account different spellings and checking for duplicates. A color-coded status display immediately shows whether the information is up-to-date or a detailed check is required.

KYC checks are completed quickly, efficiently and directly in your Vertec CRM – without having to switch between different systems.

More information on the integration can be found at Company.info.

Advanced Anti-Money Laundering Compliance Check with Legalian

Vertec also integrates seamlessly with Legalian, the leading platform for fully-automated anti-money laundering checks in law firms. Using advanced analysis algorithms, the platform creates automated anti-money laundering profiles of clients from over 700 official data sources, documents risk-based anti-money laundering processes, and significantly simplifies client onboarding.

The Vertec integration includes:

• Automatic creation of audit cases and adoption of client and contact information
• Regular automatic updates for new or changed cases
• Complete documentation of all test steps directly in the system
• Efficient processing of all examinations within the existing workflow

For more information on the Legalian integration, read their see blog post.

Automatic address verification in Vertec

Furthermore, Vertec offers the Additional Feature Address Verification (Germany). Via the integrations of Company.info and Legalian, company addresses can be checked automatically, duplicates can be detected and missing data can be added. This way, the data quality in your CRM remains high and consistent.

Conclusion

With a clear structure, mandate verification in your law firm becomes simpler and more efficient. Standardized processes, traceable steps and centralized documentation ensure that no details are lost and audits can be completed quickly. This makes the entire process clear and manageable.

For more information and details on how to install and use the KYC feature, see the Knowledge Base Article.

Please reach out to us, if you would like to learn more on this feature or would basically get to know Vertec. We are happy to give you a quick tour at a date convenient for you.

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