Sorainen helps clients expand while automating business KYC and AML compliance

With Anita Ritere, Head of Compliance & Quality at Sorainen
Eurora's team

Case study: Sorainen

Sorainen is helping over 15,000 clients locally, regionally, and internationally succeed in business to grow prosperity in the region.

Its purpose is to make the world a better place by supporting initiatives they believe in through a sustainability strategy built on three pillars: doing good with legal work, supporting charities, and living right.

The Challenge: How to incorporate an AML system to ensure you are not unwittingly backing criminal activities?

The legal sector is vulnerable to money laundering and fraudsters invasions. The credibility of a law firm makes it a prominent target for money laundering criminals, and having weak processes is like leaving your front door open.

For instance, perpetrators may hire legal services to make their illicit financial, corporate, or real estate transactions look legitimate.

As criminals continue to use tricky schemes and transactions to launder money, lawyers have a supplemented ethical obligation not to encourage illegal activities.

With such a large clientele and an outstanding reputation, Sorainen needed a fast, simple, and global solution to perform high-grade AML and business KYC checks to get along with the compliance regulations and guard their business.

Eurora logo in blue colour
Anita Ritere
Head of Compliance & Quality at Sorainen
Introduce quote

The solution: A seamless and global product to comply with Anti-money laundering and KYC regulations

Sorainen partnered with Vespia to eradicate fraud and increase pass rates. The firm picked Vespia out of any available solution mainly for the following reasons:

Rolling global AML, KYB and KYC checks

The greater the AML/CFT risks a business faces, the more it has to do to control these risks. A small company with long-term local clients may have fewer risks than a large firm with worldwide clients, for which the global coverage of Vespia has been a tremendous asset for Sorainen.

With commercial registers of 300 jurisdictions, Vespia offers extensive data to Sorainen to know their customers better and make the ideal decision for their business.

Short processing time and high verification speed

Providing real-time and up-to-date data from 4000+ AML databases, the time set for verification decreased to 5 min with Vespia. Sorainen saved time and cash on hand while barricading their environment from criminals.

Automated KYB, KYC, and AML checks

Law firms should thoroughly understand their ethical commitments and be able to recognize complex transactions that could be of high risk. As an AML-obligated company, Sorainen is complying with regulations by using the automated solution of Vespia. Being an all-in-one platform, Vespia made KYB, KYC, and AML checks a lightweight duty.

All things considered, Sorainen eventually decided on Vespia due to the product’s high level of responsiveness and an easy, user-friendly platform. Thanks to the tailor-made solution, they didn’t have to complicate the process with coding. Another essential point was a fast response whenever an issue occurs. That’s why, among other prospects, Vespia stands out as a select partner for AML and KYC.

Level up the security barriers against fraudsters

Thanks to Vespia’s automated solution, the manual work of Sorainen compliance team was remarkably reduced while getting better results.

The company appreciates Vespia's support, the simplicity and flexibility of the product. Whereas it is user-friendly, everyone on the team can start using it.

Eurora logo in blue colour
Anita Ritere
Head of Compliance & Quality at Sorainen
Introduce quote here

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