New digital onboarding solution for clients

Wikborg Rein and PSA Consulting are now launching a digital solution for onboarding of clients for the legal industry. The Money Laundering Act and increased focus on protection of personal privacy and data security require that law firms develop control routines associated with money laundering, and that it can be documented that law firms oversee that routines and statutory requirements are followed.

This has resulted in considerable internal time consumption and work processes which include manual operations within different systems, performed by various persons with great risk of small and large breaches of routines and guidelines.

To be able to register new clients and cases in a more comprehensive and automated process Wikborg Rein has entered into a collaboration with the software and consulting company PSA Consulting. The collaboration has resulted in a new digital solution where the entire onboarding process is modelled as user-friendly steps which automatically searches within various public registers and information databases, authenticate the clients through Bank Identifier Code and store (and delete) all data in accordance with current GDPR legislation. 

Improves quality

When the client itself is involved in the process by confirming or updating registered data, and all other administrative systems as finance, CRM as well as case and document control systems are updated continuously, considerable savings and increased quality in the processes are achieved. Activities and approvals are logged simultaneously, so that all stages during the process can be documented for the purpose of supervision and for internal quality control.

Ensures compliance with regulations

The system is built in such a way that the lawyer itself categorizes what kind of assignment it is. The system has a built-in risk matrix which triggers off further processes in accordance with the Money Laundering Act's requirements for measures when onboarding new clients and new cases for existing clients. Where the types of cases fall outside the requirements of the law, the system will provide workflow support so that the law firm's own routines for what kind of information which has to be collected about clients are met and that new cases and clients automatically are created in the underlying systems.

Digital and customer-oriented user interface

Wikborg Rein has with its expert knowledge about the Money Laundering Act and consultants from PSA Consulting developed the solution.

– The solution replaces many manual processes and technical solutions which earlier where not integrated with each other. Now the users may through an intuitive, adjusted web interface register new clients and cases, see to that necessary information is collected and verified by clients and data sources in accordance with current regulations. Additionally, the solution easily provides necessary approvals internally and everything is documented automatically, explains Jill Françoise Nordby, former Head of Case Control in Wikborg Rein. 

– It has been a very exiting process to be part of developing the solution which we think will save Norwegian law firms a lot of time and money. The solution will make it easy to follow laws and regulations and to work in accordance with The Norwegian Bar Association and the Supervisory Council for Legal Practice's guidance for client actions in accordance with the regulations of the Money Laundering Act, says Martin Flatsetø, Managing Partner in PSA Consulting. 

From the left: Martin Flatsetø (Managing Director, PSA), Petter Kristiansen (consultant, PSA), Jill F. Nordby (former Head of Case Control, Wikborg Rein), Tone Indrebø Næs (Head of Marketing, Wikborg Rein), Jan Backer (Partner and Money Laundering Responsible, Wikborg Rein) 

Read more about innovation and digitalization in Wikborg Rein.