From Russia with Dislike

The cost of living crisis, competitive landscape and ongoing war in Ukraine are causing major headaches for the legal industry

2023 carries on where 2022 left us: in a protracted cost of living crisis that’s causing significant damage to every industry, from real estate to grocery shopping. And the consequences are making their way to the legal sector.

An industry survey of 200 partners by Financial News found 44% are facing client pressure to reduce fees in the face of increasing costs, while 46% said clients are moving to less expensive competitors.

And the invasion of Ukraine further complicates matters too. Continued stringent checks for anti-money laundering (AML) and source of funds is needed while firms are banned from doing transaction work for Russian clients. This is particularly prevalent in conveyancing, but it applies to all areas of law.

There is also an expectation for greater cybersecurity and verifications for online activity as IT professionals are wary of increased risks of cyber attacks.

And then there’s the long-awaited (and much-delayed) replacement for the UK GDPR. In 2022, we saw Boris Johnson’s Government introduce the Data Protection and Digital Information Bill but its progress through Parliament was stalled following his resignation – and stalled again by the resignation of hawkish lettuce Liz Truss.

Despite the reshuffling at Number 10, the UK Government remains keen to make things simpler for businesses and has since announced plans to replace the UK GDPR with a new British data protection system. The UK Government will want to retain its adequacy status under the EU GDPR, so reforms are likely to be subtle.

Against this backdrop, it’s clear that legal firms are facing trouble on all sides.

While there’s no one magic bullet to solve all of these problems, APLYiD’s customer onboarding and ID verification software comes pretty close.

First let’s tackle the fallout between Russia and Ukraine: our simple, seamless biometric ID verification checks automatically meet all AML compliance requirements – include PEP & Sanction checks – so you don’t need to worry about exposure to Russian clients or firms.

Our checks protect against cybercrime too. Law firm Russell McVeigh first started using APLYiD in 2020 and has found the service meets 100% of its due diligence needs. Every onboarded client and transaction has been 100% risk free, AML compliant and has eliminated fraud.

Finally there’s that other big problem: customers demanding reductions in fees, or – worse still – going to cheaper competitors. You wouldn’t think that a paid service like APLYiD’s technology is going to make it easier to save money.

But it does.

Our onboarding tech works directly on customers’ phones with no downloads. There’s no formfilling either by the client or by your firm – it’s all handled automatically with OCR reading technology. It’s completely paperless, formless and automatic. This can save your firm thousands of hours in chasing clients for identification verification purposes, and manual data entry work.

Partner Learne Hurd of Cavell Leitch found that there has been a 50% increase in clients onboarding since using APLYiD? She says it’s a “really fast, efficient way to verify client due diligence.” Which means you can spend more time finding and retaining customers.

To find out more about how APLYiD works, check us out here.

Read More News & Insights

Industry News

Tranche 2: The Next Big Step in compliance

If you are a Lawyer, Real Estate Agent, or an Accountant in Australia, you may be wondering what exactly this ‘Tranche 2’ stuff will mean for you in practical terms.

Read more
Financial Services

Press Release: APLYiD Partners with HES Fintech to Enhance Digital Identity Verification Solutions

Press Release: APLYiD Partners with HES Fintech to Enhance Digital Identity Verification Solutions

Read more
Estate Agents

Unmasking Property Fraud with Biometric AML Technology

It's not hard to scam an agency, and HMRC is on the hunt for AML negligence with £5k fines. Yikes. But there is an easy way to fix this...

Read more
Industry News

Heartbreaking Fraud

As Valentine's Day approaches, love is undoubtedly in the air, but unfortunately, so is the risk of identity theft within the online dating sphere.

Read more
Industry News

New Year, New AML regulations?

As we kick off the new year, APLYiD, a leading identity verification company, is navigating through changes in the regulatory landscape.

Read more
Industry News

The Power of Biometric Verification

In today's fast-changing world of digital security, biometric verification has become a crucial way to authenticate identities.

Read more
EDD

What is Enhanced Due Diligence (EDD)?

What is Enhanced Due Diligence and why is it so important?

Read more
EDD

Enhanced Due Diligence with Outsourced ACAMS Professionals and Software

At APLYiD our mission is to end identity fraud and digital crime – that’s why we’ve made the best biometric identity verification software on the planet. But as our technology gets more sophisticated...

Read more
Financial Services

How are hackers beating banks’ ID verification software?

At APLYiD our mission is to end identity fraud and digital crime – that’s why we’ve made the best biometric identity verification software on the planet. But as our technology gets more sophisticated...

Read more
Legal Services

From Russia with Dislike

The cost of living crisis, competitive landscape and ongoing war in Ukraine are causing major headaches for the legal industry

Read more
Vehicle Finance

New plates, same old problems

The new 2023 plate change will come in a volatile, ultra-competitive market. Here’s how to win over those harder-to-reach customers

Read more
Estate Agents

Moving on up?

There are some tiny, fragile signs that the UK Property market is recovering

Read more
Accountancy Firms

Count me out

The accounting industry is in crisis – but with one simple software tweak it could become a fun, rewarding job once more

Read more
Financial Services

Abandon(ment) hope

As interest rates continue to rise, so too do abandonment rates. By creating a better customer experience, you can cut those rates while protecting your business from fraud

Read more
Accountancy Firms

What keeps accountants awake at night?

The entire accounting industry is changing. For some that means new opportunities for growth and diversification; but for others the change can be traumatic.

Read more
Industry News

The best YouTube channels for Cyber Security

Watch and learn with our pick of the 14 best YouTube channels to follow if you’re serious about cyber security

Read more
Financial Services

Will this be the year of identity?

Passwords are hacked with ease, and MFAs are not the answer. Isn’t it time the biggest companies protect their clients and workforce with an identity-based perimeter?

Read more
Accountancy Firms

The beginner’s guide to Knowing Your Customer (KYC)

New to KYC? Here’s your at-a-glance guide to the ins and outs of Knowing Your Customer.

Read more
Financial Services

Challenger banks: they shouldn’t stand alone

The FCA reports that the UK’s top challenger banks still don’t do enough to eliminate identity theft and cyber fraud – but there’s nothing but silence from the companies that are supposed to be protecting them.

Read more
Vehicle Finance

How vehicle finance companies can win in 2023

The next year is going to be a tough one, with fewer car registrations than ever. Follow our tips to make the most of every customer and drive ahead of the competition.

Read more
Financial Services

How will Consumer Finance be affected in the Recession of 2023?

Some predict a bumper year for consumer finance; other suggest the industry will suffer. Either way recessions can wreak havoc – but here are some ways you can navigate the choppy waters ahead.

Read more
Estate Agents

How Estate Agents can beat the doom and gloom of 2023

Wherever you look the experts are predicting an annus horribilis for Estate Agents next year. But we’ve unearthed some ways you can beat the property market slump and thrive next year

Read more
Legal Services

How Law Firms can survive – and thrive – in a recession

Conventional wisdom predicts that legal firms do well in a recession. But that’s not always the case – unless you follow our top five tips for 2023

Read more
Accountancy Firms

2023: by the numbers - Top three trends to help Accountancy Firms thrive in 2023

Well, 2022 was a bit of a hellscape, wasn’t it? Recessions, political merry-go-rounds, Royal dramas, problematic world cups, and the ever-present ghost at the feast that is Brexit have all left their mark on the

Read more
Financial Services

Why Banks Need To Start Taking Ownership

There are many reasons why elite sports stars can end up poor and homeless. Drug habits, concussions, bad investments, you name it. But Cindy Brown is different.

Read more
Industry News

ID Verification With Face Matching

The safest, fastest and most trustworthy onboarding process to verify your customer’s identity.

Read more
Industry News

Biometrics - The Future Of Customer Onboarding

The best customer onboarding experience… and the best defence against digital fraud.

Read more
Financial Services

The Seamless Paradox

Digital-first banks attract customers with no-fee accounts and simple, seamless setups. But their appeal to fraudsters means the more seamless they get, the more dangerous they become.

Read more
Industry News

The Human Cost Of Identity Theft

The myth persists that identity theft is a relatively harmless, victimless crime aimed mostly at the elderly and vulnerable… but the data doesn’t agree.

Read more
Legal Services

Legal Stimulants

Our complex world and its resultant threats to businesses mean General Counsel and legal firms are getting less sleep than ever. But there’s more to it than just risk: finding the right balance can give in-house

Read more
Accountancy Firms

Is Our Mission Impossible?

So much of the world is under threat from scammers, bad actors – and governments that give them shelter. But we can defeat the bad guys if the good guys band together.

Read more
Financial Services

Everything you need to know about Knowing Your Customer

KYC is an important part of protecting yourself – and your customers – from fraud, regulatory breaches and bad actors. Luckily APLYiD makes KYC compliance quick, seamless and effective.

Read more
Accountancy Firms

2022: A perfect storm for identity fraud

Imagine returning from a well-earned holiday and putting your key in your front door only to find the locks have been changed…. then a stranger opens the door and asks who you are.

Read more

Contact us today