The anti-money laundering scaleup empowers Inspire Legal by analysing Source of Wealth and Source of Funds evidence
Yorkshire based law firm Inspire Legal has increased its confidence in its anti-money laundering compliance operations by adopting First AML.
Inspire Legal was launched in 2020 and is at the forefront of legal tech. The firm found that due to specific Source of Wealth (SOW) and Source of Funds (SOF) compliance knowledge being limited to only one subject-matter expert, there were operational inefficiencies that slowed client onboarding. The firm needed a solution that offers support, is trackable, and could be accessed by lawyers remotely.
By leveraging First AML’s solution, Inspire Legal gains an efficient way to monitor their commercial work for potential money laundering activity. The system automatically flags suspicious activities to Inspire Legal’s MLRO, such as an unusual source of funds in property deals. This simplifies compliance by consolidating AML checks in one place, giving Inspire Legal improved oversight and freeing up resources to focus on client needs. This has instilled confidence in lawyers and reduces the burden placed on senior leaders to complete these AML and KYC tasks.
Natalie Foster, Chief Executive Officer at Inspire Legal, commented: “At Inspire Legal we are committed to innovation, but our commitment to compliance always comes first. It’s the foundation of the legal industry. Our role is about instilling confidence in our clients and to do this effectively we need to be using the best tools. With First AML, we have just that, and we are able to foster confidence across the board: for our organisation, for lawyers, and for clients.”
Simon Luke, UK Country Manager at First AML, added: “In the current economic environment, the importance of efficient and effective compliance processes cannot be overlooked. With our support, Inspire Legal can alleviate the pressures and fears that come with non-compliance, and ensure its staff are empowered to reach their personal and professional goals.”