Anti-fraud platform partners with Law Society

A London headquartered risk management platform has agreed an affiliate partnership with the Law Society.

The Law Society has appointed Thirdfort as an Affiliate Partner to help lawyers better meet their Know Your Client (KYC), Anti Money Laundering (AML) and Source-of-Funds (SoF) compliance requirements.

The agreement will see the two organisations work together for the benefit of the Law Society’s more than 150,000 members, which includes all qualified practising solicitors in England and Wales. As a result, Thirdfort and the Law Society will co-create advice and guidance to help members navigate growing fraud and money laundering risks.

Thirdfort’s risk engine rapidly informs professionals of risks with onboarding and allows them to begin transacting with new clients, whether individuals or corporates. The risk engine is powered by best-in-class KYC and AML services alongside Open Banking and transaction-specific data.

The business already onboards clients on behalf of 700 businesses, including law firms such as Penningtons Manches Cooper, Humphries Kirk and DAC Beachcroft and conveyancers such as Thomas Legal, among others. Thirdfort also partners with Dye and Durham, TM Group, Xpress Legal Services as well as insurance underwriter Inperio.

Thirdfort recently raised £15m in a Series A funding round. The business will use the funds to ramp up growth and product development, in line with its vision to build a seamless and flexible platform for beautifully secure client onboarding.

Olly Thornton-Berry, co-founder and MD at Thirdfort, said: “With spiralling payment scams, and money laundering now costing the UK economy £100bn annually, regulated professionals face an ever-growing risk and compliance burden.

“Manually tackling this burden is not only costly but the client experience suffers from transactions bogged down by paper, endless repetition and increased fraud risk. Our partnership with the Law Society enables us to work closely with the Society to enable its members and their clients to move fearlessly.”

Fiona O’Mahony head of partnerships at the Law Society, said: “Thirdfort is an innovative provider of KYC, AML and Source-of-Funds verification for lawyers, supporting professionals as they face an ever more regulated business environment.

“We’re delighted to partner with Thirdfort and look forward to working closely with them to ensure our members get the help they need.”