“A modern solution to a historic problem”
About Evolve Law
Evolve Law is a law firm that offers first-class residential conveyancing services across the UK. With a focus on using the latest technology to ensure speed and effectiveness for clients, Evolve offers a full suite of services, from purchase to sale to remortgaging, all simply accessed.
Like many conveyancers, Evolve have been dealing with a rising tide of regulation as efforts to tackle financial crime step up. Complying with these legal and regulatory obligations to verify the source of a client’s funds and wealth is becoming as complicated and protracted as it is critical. Marc Lansdell, MD of Evolve and a licensed conveyancer, explains:
“As the managing director of a law firm, a large part of my role is to ensure compliance with our legal and regulatory obligations. Over the last few years, compliance involving the source of a client’s wealth has become increasingly more difficult and onerous. Reliance is placed upon lawyers to trawl through a client’s bank statement and investigate incoming payments, which due to the ease of transferring payments between parties and accounts has made the job incredibly difficult.”
The Armalytix solution
As the complexity and importance of regulatory checks has grown, technology has increasingly developed to help meet the challenge. Particularly where law firms work on a fixed fee basis, additional time spent on checks directly affects the productivity and bottom line. This means that smart firms have turned to new technology to restore efficiency and profit to their business. Evolve are a great example of this, ensuring both the internal team and clients have the best tools to get the job done quickly and effectively. For source of funds checks, the best tool was Armalytix, as Marc says:
“Using Armalytix has allowed us to produce comprehensive source of funds reports with minimal fuss. The easy-to-use interface allows us to send a request to a client within minutes and often reports are completed super quickly. For us as a firm who believes wholly in a modern and electronic c process it has allowed us to move another part of the client journey online. This is very important to us.”
A solution to centralise information in an easy-to-read format
Regulatory checks, such as source of funds, are important to get right to tackle crime and to ensure social responsibility. But using Armalytix has also provided other advantages to Evolve:
Time – In a busy law firm, anything that gives back time in the day is valuable and both the Evolve team and their clients have benefited from the simple, digital journey that Armalytix offers across mobile or desktop.
Accuracy – The Armalytix checks remove any instances of human error in reading a client’s statement and ensure that all the data is collated in one place and in an easy-to-read format.
Client communications – For Evolve, most clients want to communicate in a modern and efficient way. Armalytix enables this, negating the need for clients to access their bank to download statements and upload them, or even worse go to the trouble of having to scan them.
Marc sums up the value of Armalytix to Evolve:
“A modern solution to a historic problem that helps lawyers meet their regulatory and legal obligations regarding the source of a client’s wealth.”
Book a demo
Armalytix enables law firms to create great client experiences with a simple, digital journey integrated effortlessly into your existing workflows.
Book a time for a demo to see Armalytix in more detail. We’ll also run through how can use the reports as part of your risk-based approach to identifying, assessing, understanding, and mitigating money laundering threats.
You can also download a sample source of funds report at this link.