An AML and GDPR platform for Law firms

With NewBanking’s solution for law firms the process of collecting information from your clients is managed digitally. It is easy and safe for both lawyer and client.

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Law firms

Information must be managed, controlled, approved and stored safely so that it can be used later as evidence to supervisory and regulatory authorities.

In NewBanking’s solution for law firms, the primary focus is to ensure compliance with those legal requirements the legal profession must adhere to. In addition, great emphasis has been placed on the ability to document all actions towards authorities and supervision.

The focal point is the Anti-money laundering and Terrorist Financing Act (AML) and the General Data Protection Regulation or simply GDPR.

There are many similarities between the AML and GDPR, as personal data is always needed when an individual customer relationship is to be disclosed.

NewBanking serve companies that are under financial law, which means that you will be able to comply with the strict requirements laid down by the Financial Supervisory Authority e.g. KYC and AML documentation. Similarly, the system can also be used to comply with the requirements and guidelines laid down by the local legal community.

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In order to comply with the Anti-money laundering Act, there are a number of activities that inevitably involve the customer, including collection of information when establishing a customer relationship, and also as data is to be validated or renewed on an ongoing basis.

Fully integrated into your website/environment

NewBanking will be integrated into your company website or similar to ensure a good customer experience when uploading and providing information.

Individual collection of customer data (personal and business)

We support several different information flows. This enables you to ensure that you get the correct information depending on which type of customer you handle.


All data communication is end to end encrypted. Thus, only your company and your customer have the opportunity to decrypt data. Data is stored encrypted at rest.

Automatic data collection from national and international data sources

This makes it significantly easier for customers, because the system automatically fetches information for your customers, who subsequently only have to verify and confirm that the data is correct.

Digitization of identification information

When a passport or driver’s license is uploaded, we make sure that it is both verified against a number of security requirements and that data is digitized and used in the subsequent process. Again, customers do not have to enter data themselves.

Uncovering beneficial owners

Knowing the beneficial owner of a business is central to compliance with the Anti-money laundering Act. We integrate with some of the world’s largest and best data sources and can automatically retrieve this information.

Support for multiple document types

We support the possibility for your customers to upload additional documentation, such as articles of association, term sheets, etc. in the various formats normally used (images, PDF, Word, Excel, etc.).

Compliance features

Adherence to the Anti-money laundering Act, ensuring the correct handling of personal data and being able to handle proper archiving also takes up a large part of the daily work in compliance. We make sure that there are features in place that support and digitize these processes.

Real-time verification of passports, driver’s licenses, etc.

NewBanking is integrated with Gemalto, the world’s largest supplier of passports, driving licenses and national identity cards. This means that when your customer have to submit that type of document, they are scanned for authenticity using the same technology that also scans passports and ID papers at airports around the world. A real-time security check can therefore be made of all public identity documents.

PEP scans

All customers can undergo a PEP scan to determine whether they are particularly politically exposed. We can perform this scan against both national and international lists, without having to involve your customer.

Creating "not online” customers

Not all customers are ready for online onboarding. Therefore, it is possible for business users to create customer profiles in the system on their behalf.

Integration with international data sources

One of the most important things when dealing with anti-money laundering requirements is the ability to ensure a correct foundation of data. We are directly integrated with the largest data providers in the world, including Bureau van Dijk, BisNode, and ComplyAdvantage, and we also support local suppliers such as BIQ / CIQ, NemID and others.

Customer data from cradle to grave incl. filing

Only one set of customer data exists. This follows the customer from initial contact until the customer relationship ceases and data is archived. This ensures a stable audit trail on the individual cases.

Data relation based on the individual case management

All data relationships are based on the individual cases that concern your customer. This provides the ultimate assurance that money laundering checks have been carried out in relation to the individual case.

Audit trail on events and data

When working with compliance, it is important that evidence of all events and data is available. Therefore, all relevant activities have an audit trail that can be accessed and documented.

Advanced user management

The platform supports requirements of larger organizations used by many different users. Partners, compliance employees, etc. can handle tasks across the board, based on access rights.

External documentation/notes on customers

Money laundering cases often require additional internal or external documentation or need for individual case notes.

Full GDPR track and data transparency on your customers

At the core of GDPR is the requirement for transparency and insight into what data has been exchanged between companies and individuals. We ensure that individuals can see what data has been exchanged at any given time.

Secure data sharing with third parties

You can securely share customer data with colleagues and business partners without them having to create NewBanking accounts. There is full logging on such shares, so you can always see later what you have shared with whom and when, and whether that person has seen the shared data.

Organizing customer data

You can use tags to organize your customer data exactly as you want. For example organise your customers by company name, registration number and case number. All tags are searchable, so you can quickly find relevant data again.

Additional feature options

In addition to the above services that are aimed at attorneys for their internal assignments, we have a number of services that some of our customers utilizes as a tool towards their customers.

Collection of KYC information on investors for fund management

Funds, mutual funds and venture funds often outsource many of their legal duties to lawyers as the natural partner. We offer law firms to handle “Know Your Customer” processes based on the NewBanking Identity platform.

HR sensitive data management (criminal record, banking information, etc.)

Managing sensitive employee data is a growing challenge due to increasingly stricter legislation. This results in the tasks more and more often being outsourced to lawyers.

Handling of your customers’ KYC data in accordance with legislation

In line with increased demands on individual companies’ internal documentation of their ownership / ownership circles, also known as the beneficial owners, several companies entrust this practical task to their lawyer.

Obtaining information about share programs

Law firms can, through the NewBanking Identity platform, gather all necessary information on future owners of bank deposits in relation to larger international equity programs for their employees.

How do we differ?

From the beginning, we have chosen to handle data ownership based on the basic principle that your customers own their own data. They want to be able to grant access to their data, but they must retain ownership of it. For your customers, this means that they can reuse data partly in relation to the cases that have to be handled in-house and partly when they have to use data with another party.

Why should you trust us?

We are supplier to several Danish law firms, many of them are in the top 10 segment. Here is a great focus on security, encryption, data storage etc. We are aware of the importance of this and are continuously strengthening the platform with certifications and independent audit statements.

In addition to our focus on security, our customers also expect us to continuously adapt to market developments, both in terms of the increased regulatory requirements that are ongoing and the increasing expectation from partners and customers.

Most recently, PWC has issued an “ISRS 4400 Report”, and we have committed to obtaining an ISO 27001 certification in 2020.

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Your next step

Find a plan that works for your business – and please contact us if you need to have tailor-made the right solution for your business’ needs. If you want to try out our business account you can do so for free for 14 days.

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