360 Law Group Examines E-Verification at The Law Society’s Property Seminar
At the Law Society’s three-day Property Seminar on 6th – 8th October 2020, 360 Law Group will present and demonstrate its V-Sign Service for fast and secure E-Verification.
360 Law Group’s V-Sign service allows Solicitors, their clients and connected parties to electronically verify a client’s or party’s identity, in real time, for AML, KYC or other purpose, from photographic ID’s such as a passport or driving licence, as well verify address data . It also enables them to electronically or wet sign and witness document, in the same session (if required), all of which is recorded on video, thereby providing verified evidence of identity.
For those working in the property sector, the service offers a low-cost and highly effective solution that is in-line with the current recommendations and guidelines set out in the Law Society’s guidance on electronic verification (E-Verification).
Robert Taylor, CEO & General Counsel at 360 Law Group says, “E-Verification will be a major game changer in the property market. Our service speeds up the process of verifying identity documents and as its tightly integrated into over 250 identity databases globally, helps tighten up identification, which in turn will help to minimise money laundering. By having the information all in one place on our secure servers for download at any time, there is no more searching for filed evidence such as the video, the signed documents, the identity documents and pass/fail data.
He adds, “Our aim has always been to directly challenge the traditional law firm model and V-Sign has an excellent role to play in reducing costs and enabling the industry to pass on genuine savings directly to its clients. We have built 360 Law Group on a low overhead model and our proprietary state-of-the-art technology now supports a distributed team of over 250 highly qualified lawyers across 65 countries.”
360 Law Group brought V-Sign into operation in March 2020 to assist Insolvency Practitioners to sign off members voluntary liquidations (“MVL”s), which resulted in Companies House accepting electronically signed MVL’s a few days later. More recently, the firm has adapted V-Sign to sign Wills (in a videoed environment) in accordance with legislation that came into force on 28th September 2020.
Note: The Law Society’s guidance is that electronic verification (“E-Verification”) is an acceptable option as long as the Solicitor obtains “satisfactory evidence of identity”. This “satisfactory evidence of identity” is not prescriptive, but provided the duties under applicable regulations show that appropriate steps are taken to verify identity of an individual then E-Verification can meet the legal obligations of a law firm.
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