Statfin | Solutions | Legal/Account Financial Checks

LEGAL/ACCOUNT FINANCIAL CHECKS (LAFC)

Legal/Account Financial Checks assesses the legal and financial risks involved while forming business relationship such as partnerships, vendor agreements, mergers & acquisitions, investor dealings, and client contracts.

About LAFC

What are Legal, Account and Finacial Checks?

LAFC checks can potentially identify many underlying high risks that are not yet discovered which can be done through tech-powered monitoring/assessing, providing unmatchable profile validation results that strengthen your onboarding process.

Why is LAFC Important?

Identification of High-Risk Individuals: LAFC checks help detect individuals who pose significant risks to businesses and organizations.
Beyond PEPs & Sanctioned Members: High-risk individuals can also include those involved in felonies, cyber theft, or forgery.
Financial Crime Prevention: Identifies individuals capable of committing large-scale financial fraud and misconduct.
Business & Legal Protection: Helps prevent insolvency, bankruptcy, and legal disputes for businesses and financial institutions.

Key Features

Regulatory Compliance

Regulatory Compliance ensures businesses adhere to laws, verify financial and legal records, prevent fraud, and maintain transparency.

Real-time Screening

Instantly verifies financial records, legal statuses, and regulatory compliance while monitoring databases for fraud and disputes.

Legal Risk Assessments

Evaluates legal liabilities, regulatory infractions, and financial disputes through contract reviews and litigation history checks.

Risk Mitigation & Decision Support:

Identifies warning signs early, helping businesses reduce legal risks and make informed decisions.

Customization

Allows businesses to tailor verification parameters, ensuring a targeted and efficient risk assessment process.

Our Process

Identity Verification

Business Partnership Verification

Individual Service Verification

Legal Risk Screening

Financial Risk Assessment

Risk Assessment & Findings

Identity Verification

Conducts identity checks for individuals and organizations as the first step.

Business Partnership Verification

Collects essential business details, including registration, entity type, location, and key personnel.

Individual Service Verification

Gathers personal information like name, DOB, national IDs, and address for service eligibility. .

Legal Risk Screening

Analyzes past criminal records, court cases, regulatory violations, and sanction lists.

Financial Risk Assessment

Reviews credit reports, bank statements, loan records, tax filings, and financial statements.

Risk Assessment & Findings

Compiles findings with risk evaluations, highlighting potential issues and the need for further investigation.

F.A.Qs

What is a Legal/Account Financial Check?

Why is it important to perform an LAFC check?

What data is required to perform an LAFC check?

How long does an LAFC take?

Is conducting an LAFC legal?

What is a Legal/Account Financial Check?

A Legal/Account Financial check is a verification process to assess the risks involved in forming legal relations, including business partnerships, financial services, insurance procurement and other finance-related matters. It is a critical check to verify individuals/business entities against potential risk factors like fraudulent practices, money laundering, defaulting, identity and cyber thefts and other critical factors.

What is a Legal/Account Financial Check?

Why is it important to perform an LAFC check?

An LAFC check can identify high-risk individuals who can cause irreversible disruptions to a business/organization. High-risk individuals don’t necessarily have to be Politically Exposed Persons or Sanctioned Members, but can also be individuals who have committed felonies, cyber thefts, or forgery who can largely commit financial crimes and lead a business or other financial institutions to insolvency, bankruptcy or other legal disputes.

What data is required to perform an LAFC check?

Primary and advanced data or information are required to perform LAFC checks that include identity proofs, address and contact details, registration details, financial/revenue statements, tax filings.

How long does an LAFC take?

An LAFC check depends on the details to be assessed and verified. In such cases, complex details and data require 2 to 3 business days, while legal and other complex financial assessments can take 5 to 7 business days.

Is conducting an LAFC legal?

Yes. An LAFC check is legal when done with consent and must comply with data privacy and protection laws.