Source of Wealth - How using the right AI can transform compliance

A major challenge for law firms is ensuring they are documenting their source of wealth reporting completely and accurately with many receiving warnings from their regulators about how they are not evidencing the work they are doing. Peter Ambrose will be explaining how his law firm, The Partnership, having struggled with this issue, developed Legalito’s Source of Wealth feature to reduce the overheads involved by analysing clients’ financial documents, tracing the movement of funds, identifying unexplained transactions and generating a structured, editable report with a clear audit trail.

The uptake by firms of all sizes has been remarkably swift, validating the work that they have produced and recognising that this is a genuine need that is not being addressed by the current crop of source of funds technology which is too limited for the demands placed on lawyers today.