Customer case - Njord Law Firm
How Njord Law Firm streamlined their compliance process
The international company, Njord Law Firm, was looking for a flexible system to comply with AML regulations in a reassuring way. René Nymann talks in-depth about their compliance setup and the process that led them to Creditro.
Industry
Law sector
Country
Denmark
Employees
+100
Annual AML cases
1500-2000
"Compliance is a continuous process, which constantly evolves"
With changing legislations, latest interpretations and new practices, there are big demands to meet when working with compliance. This counts not just for employees, but also for the tools and systems in place.
The challenge
A centralised AML team found it difficult to streamline their compliance processes in a previous system, which wasn't adapted to the compliance regulations of the law industry. There was a need for adaptation and freeing up more time for the core business value of Njord Law Firm – legal counselling.
The objective for compliance work in Njord Law Firm is simple:
-
To comply with the law
-
To make processes as effective and quick as possible
Did you know, that lawyers who handle cases that are subjected to the (Danish) money laundering law § 1, stk. 1, nr. 13, must comply with duties such as:
- Screening and educating employees
- Written risk assessment, as well as documented policies and procedures
- Whistleblower scheme and internal control
The solution
Due to the specialised conditions within law regulations, it is important for Njord Law Firm to have a solution that can be adapted as and when needed, whilst also streamlining their workflows. Focusing on procedures that fully support the compliance work in a cost saving way, they chose Creditro with its user friendly interface.
Standardised questionnaires
To streamline the collection of clients' data, a standardised questionnaire is sent out along with a requirement for uploading necessary documents. This makes the setup easy and effective - for Njord Law Firm, as well as their clients.
Monitoring and notifications
A big administrative task in the compliance process is monitoring and updating client information. Automatic notifications about any changes, handles this task in an effective and resourceful way.
Great sparring and management of data
There are specific requirements for data and documentation for inspections, and a complete overview makes this administrative task easier to manage. Access to webinars and support resources that offer advice on inspections, based on first-hand experiences from other customers, contributes to feeling well prepared for a potential inspection.
"I highly recommend Creditro, if you are a law firm, wanting an effective and reassuring system to manage AML compliance."
The results
Njord Law Firm has freed up ressources to focus on their core business: legal counselling. Besides overall streamlining, the system has also made them feel well prepared for an inspection. They now have a great overview of data and documents on all current and archived cases. Additionally, the automated monitoring contributes to having all bases covered in terms of updating information and archiving data in accordance with the AML regulations.
Client satisfaction, process optimisation and extra value
-
Creditro's user friendly interface has improved their overview and optimised client interaction
- By automating workflows, Njord Law Firm has optimised their processes
-
Njord Law Firm feels an added value in the meetings with their Creditro contact person, who shares advice on inspections, tips on practical matters and gives insights into other customers' experiences
Customised solutions for your business
We have helped a lot of law firms by automating their demanding KYC & AML processes. Book a demo and let us show you how our solution would fit into your specific business needs.
