Law firms under pressure from KYC to truly know clients

Recap

Generally, lawyers are seen as risk-averse and want the human touch in their practices. However, risk is inherent in what we do, and with the pressure we’re put under from Know Your Customer (KYC) and truly understanding our clients — not just tick-boxing — we need support. Without it, we risk losing a client because our KYC process is too long, and our compliance officer is unhappy with any shortcuts. In some cases, larger firms start the work, take the risk and conduct KYC in parallel. They may consider outsourcing it but are uncertain about whether they can. Watch the full discussion here.