Armalytix, the open banking platform, which streamlines the collection of data for the professional and financial service industries, is partnering with Legal Eye, a specialist risk and compliance advisory business supporting law firms across the UK, to provide expert input and guidance on the groundbreaking Armalytix Source of Funds questionnaire.
The partnership, which is the first of its kind, sees the two legal sector specialists working together to support law firms in ensuring that their risk and compliance processes are as robust as possible.
Legal Eye’s team, including Senior Compliance and Regulatory Specialist Norman Denton, have carried out an extensive review of the Source of Funds questionnaire designed by Armalytix to verify that the questionnaire is fit for purpose for busy lawyers.
Armalytix is on a mission to create a form-free future for professional and financial firms and their clients. Digital questionnaires are a critical part of this, enabling firms to combine accurate data from their clients’ bank accounts with the answers they need and evidence to back it up – all in a simple, slick, digital experience. For legal firms, there is growing pressure on meeting regulatory needs and minimising reputational risk. The Armalytix Source of Funds questionnaire is an answer to that – transforming time-consuming, resource-heavy manual processes into a digital journey that takes only a few clicks for the firm and their clients alike with no app or software downloads.
As well as endorsing the questionnaire, this partnership will also see Armalytix offer their clients access to Legal Eye’s independent AML Audits and Training Academy – providing a vast catalogue of options of high-quality risk and compliance tools for law firms.
Paul Saunders, MD of Legal Eye:
“Accurately identifying Source of Funds is a challenging area for firms. Not only can getting the information be complex and time-consuming, it’s often difficult to provide accurate and complete evidence in support of a decision to proceed with a transaction. Armalytix’ questionnaire is an exciting development which is designed to reduce risk for firms by providing a streamlined, more efficient, way of sourcing and collating data on source of funds ready for review by the fee earner or case handler in charge.”
Tom Lyes, Head of Legal & Property at Armalytix, added:
“I’m delighted that Legal Eye have decided to lend their support to our Source of Funds questionnaire. Working with them on the project has been insightful and they have added a significant amount of value to our offering – especially around the evidential requirements for various sources of wealth. Both parties have a clear vision to support conveyancers in navigating the various challenges posed by Source of Funds and it seemed a natural partnership to combine the Legal Eye knowledge with our expertise in moving firms away from a manual process toward a slick digital journey.”