Heading 1

Heading 2

Heading 3

Heading 4

Heading 5

Heading 6

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur.

Block quote

Ordered list

1. Item 1
2. Item 2
3. Item 3

Unordered list

• Item A
• Item B
• Item C

Text link

Bold text

Emphasis

^Superscript

_Subscript

Heading 1

Heading 2

Heading 3

Heading 4

Heading 5

Heading 6

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur.

Block quote

Ordered list

1. Item 1
2. Item 2
3. Item 3

Unordered list

• Item A
• Item B
• Item C

Text link

Bold text

Emphasis

^Superscript

_Subscript

Heading 1

Heading 2

Heading 3

Heading 4

Heading 5

Heading 6

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur.

Block quote

Ordered list

1. Item 1
2. Item 2
3. Item 3

Unordered list

• Item A
• Item B
• Item C

Text link

Bold text

Emphasis

^Superscript

_Subscript

Both the legal and financial industries are experiencing a significant shift in how Know Your Customer (KYC) processes are managed.

Manual methods, once a standard, are being replaced by automated systems. This change comes from increased global business, more regulations, and complex financial crime.

Clients want faster service.

Regulators impose large fines for mistakes.

Automated KYC systems offer a way to address these issues.

Considering the shift from manual to automated KYC processes? This guide helps you evaluate your current methods against the potential of automation.

Estimate how much time you spend:

When you get a new client

How long does it take for one of you to:

• Write an email/ ring and ask for information?
• Follow up (if the client doesn't reply)?
• Check ID?
• Check PEP status?
• Check for sanctions/adverse media?
• Make the matter and client risk assessment?
• Store the information in the correct location?

What is the salary of the person that executes these tasks?

If it's a corporate client:

• Do everything mentioned above to verify the beneficial owners?
• Make sure that you know all the beneficial owners?
• Verify the company information in official registers?
• Check the company for sanctions/adverse media?

And what does it require from your clients?

Consider the client's perspective:

• Multiple requests for information, often redundant
• Lengthy wait times during the onboarding process
• Frustration with repeated follow-ups
• Potential loss of business opportunities due to delays
• Confusion about the extent of information required
• Concerns about data privacy and security

To ensure that these steps are being followed:

• Ongoing monitoring of your clients?
• That the manual procedures are updated on a regular basis?
• Ongoing control of the manual procedures?
• Correct documentation of risk assessments when the relationship is initiated and if it changes?
• That verification of data can be documented?
• An overview of all your clients' risk profiles
• An overview of the number of clients that are PEP
• That all client relations have been approved
• That you know and remember when you need to re-verify your clients' data
• That there isn't any personal information on clients saved in emails?
• That all client data is archived and timely deleted
• That you know exactly who has access to what information and can document who has or has had access.
• That you can tell your clients which data you handle and why.

How likely is it that you'll make a mistake or forget a step when you are busy?

When there is an audit

• How much time do you need to prepare for an audit when you have to document what you do and the evidence is lying in emails and folders of various colleagues?
• Can you pull a list with the client overview that the authorities require at an audit? List of high, medium and low risk, different jurisdictions etc.
• Can you provide that data on the clients that are selected for control?

Now that we are at it, have you remembered to make your Firm-wide risk assessment and document your policies and procedures? - if it isn't written down and reviewed annually, then it doesn't count.

What tasks could you spend your time on instead?

Consider the consequences

If your clients aren't satisfied

• How many will choose another firm where the client onboarding is easier?

If you don't pass an audit

• What will it mean for your reputation, if you get a sanction, a fine and that it is publicly known?
• A sanction can also result in your company being put on public risk lists and then your business partners will require an enhanced AML control of your company before they can work with you.

If it goes all wrong

• What will it mean if the criminals get hold of you and you unknowingly participate in money laundering and/or terrorist financing?
• How big a fine will you get?
• What will it mean to your reputation?
• Who of you will in the worst case risk going to jail, if your policies, procedures and controls aren't good enough?

The benefits of an automated KYC system

✓ Increase onboarding conversion rates by 60%
✓ Reduce the costs of running AML compliance operations by 75%
✓ Improve your compliance team productivity 3-4 times on average
✓ Give your clients a good first impression with a professional onboarding
✓ Stop the criminals, avoid fines and stay GDPR and AML compliant

Automated systems cut time spent on repetitive tasks. This frees your team to focus on complex risk assessments and strategic compliance planning. KYC policies are applied consistently, with real-time updates and comprehensive audit trails.

These systems boost your defence against financial crime. They generate audit trails for regulatory inspections and detect suspicious activities faster through real-time monitoring. This limits criminal exploitation, protects your reputation, and helps avoid regulatory penalties.

Your team can concentrate on high-risk cases and compliance planning. KYC policies are applied uniformly across all clients, reducing human error—a common audit issue. As regulatory scrutiny and fines increase, automated KYC strengthens risk management and maintains smooth operations.

Consider how automation could enhance your workflows, improve accuracy, and boost your team's ability to meet growing regulatory demands.

Not sure if an automated KYC system is right for you? Contact us. We're here to advise based on your specific needs.

‍

_____________________

Sign up here to get more news, updates and event invitations from Meo!

For law firms, a strong compliance culture means ethical behaviour becomes standard practice in all operations. Automated know your customer (KYC) systems play a key role in developing this culture, helping to ensure integrity across the firm's activities.

The compliance culture challenge

Many law firms find it difficult to create a widespread compliance mindset. This frequently stems from several common obstacles:

• Perceiving compliance as a burden rather than a core value
• Inconsistent application of KYC procedures across departments
• Limited understanding about the importance of thorough client due diligence
• Resistance to change from traditional manual processes (“but we’ve always done it this way”)

How automated KYC enhances compliance culture

1. Standardisation across the firm
   Automated KYC systems enforce consistent procedures for all clients, regardless of which solicitor or department handles the case. This uniformity reinforces the idea that compliance is a firm-wide responsibility, not just the job of a dedicated compliance team.
2. Increased transparency
   With centralised data and clear audit trails, automated KYC makes compliance efforts visible throughout the organisation. This transparency helps emphasise the importance of these processes to all staff.
3. Empowering employees
   User-friendly automated systems give employees the tools to perform KYC tasks efficiently and accurately. This empowerment can increase engagement with compliance processes and reduce the perception of KYC as a difficult task.
4. Facilitating ongoing education
   Many automated KYC systems include built-in guidance and updates on regulatory requirements. This feature supports continuous learning about compliance, keeping it at the forefront of employees' minds.
5. Demonstrating firm commitment
   Investment in advanced KYC technology communicates the firm's dedication to compliance. This visible commitment can help change attitudes throughout the organisation.

Implementing a compliance-focused culture

1. Leadership buy-in
   Managing partners must champion the importance of compliance and the role of automated KYC in achieving it. Regular communications from leadership about compliance successes and challenges can reinforce its priority.
2. Comprehensive training
   Beyond teaching the mechanics of the KYC system, training should emphasise why compliance matters. Include real-world scenarios and consequences of non-compliance to emphasise its importance.
3. Performance metrics
   ‍Include compliance-related goals in employee performance reviews. This could involve metrics on KYC accuracy, timeliness, or participation in training sessions.
4. Open dialogue
   ‍Create channels for staff to discuss compliance challenges and suggest improvements. This collaborative approach can increase buy-in and identify practical ways to enhance processes.
5. Celebrating successes
   Recognise and reward employees who excel in compliance-related tasks or who suggest valuable improvements to KYC processes.

The wider impact of strong compliance culture

A robust compliance culture, supported by automated KYC, extends beyond regulatory adherence:

• Client trust: clients appreciate firms that take their compliance obligations seriously, viewing it as a sign of overall professionalism and reliability.
• Risk reduction: a compliance-focused culture helps identify and address potential issues before they become serious problems.
• Mitigating financial crime risks: strong compliance practices minimise the risk of the firm unwittingly participating in money laundering and terror financing, or failing an audit.
• Competitive edge: firms known for strong compliance cultures may attract clients who prioritise ethical business practices.
• Employee satisfaction: clear processes and the right tools can reduce stress associated with compliance tasks, improving job satisfaction.

Automated KYC. Driving cultural change

Implementing an automated KYC system can serve as a catalyst for broader cultural change within a law firm. By improving processes, ensuring consistency, and providing data-driven insights, these systems make compliance more tangible and manageable for all staff.

The move to automated KYC isn't just a technological upgrade—it's a step towards a more integrity-driven organisational culture.

In today's regulatory environment, this cultural shift is becoming essential for law firms aiming to succeed and maintain their reputation in the long term.

Creating a culture of compliance requires time and effort, but with the support of automated KYC systems, law firms can build an environment where integrity and regulatory adherence guide every action and decision.

‍

_____________________

Sign up here to get more news, updates and event invitations from Meo!

Meo accelerates European expansion with launch in Austria

Today, we're thrilled to announce that Meo is expanding into the Austrian market through a partnership with Compass-Gruppe. This move marks a significant milestone as we continue our mission to help our customers set new standards in compliance operations globally.

We're also excited to welcome Steffen Bilde, our former Chief Product & Technical Officer, as Meo’s new CEO. Steffen’s leadership will usher in a new phase of growth as we prepare to introduce even more advanced digital compliance solutions across markets.

Partnership with Compass-Gruppe

Our partnership with Compass-Gruppe is a key highlight of this expansion. Compass-Gruppe is the leading provider of business information in Austria and has been supplying companies and institutions with reliable and up-to-date data for 157 years.

"This partnership allows us to offer unique Austrian company and ownership data, streamlining operations for compliance teams and enhancing their efficiency," says Steffen Bilde, CEO at Meo.

Why Austria?

Austria is a natural fit for our growth ambitions due to its strong adherence to EU AML regulations and proactive adoption of digital compliance solutions. This market presents a robust opportunity for Meo to demonstrate our capabilities and expand our footprint.

With our entry into Austria, Meo now operates in five EU countries, reinforcing our dedication to providing tailored compliance solutions internationally.

Welcoming Steffen Bilde as our new CEO

Steffen Bilde brings a wealth of expertise from his previous roles at Dixa and Coinify, where he led product and customer-driven growth. We are excited to embark on this next chapter of our journey under his leadership.

"Steffen’s extensive experience is invaluable as we continue to innovate and enhance our platform for compliance teams," says Lars Jensen, Chairperson of the Board at Meo. "His ability to balance perfecting products with timely delivery, along with his deep customer focus and leadership across all organizational levels, will drive our next phase of growth."

About us

Meo is a modern operating system for compliance teams in AML-regulated businesses. Our end-to-end platform for KYC and KYB enhances compliance capabilities for B2B clients in the legal and financial services sectors. Founded in 2017, our mission is to simplify complex regulatory landscapes into manageable, user-friendly solutions, fostering safer business operations.

Stay tuned for more updates as we continue to grow and innovate!

_____________________

Sign up here to get more news, updates and event invitations from Meo!