- AML, ID Verification, KYC, UI
Helping Knight Frank digitally transform their client compliance process and accelerate onboarding times.
Key benefits
Helping Knight Frank to meet compliance regulations and onboard client much faster and safely.
Compliance intervention
Less compliance team intervention needed for efficient onboarding.
Streamlined sales approach
All compliance onboarding is now automated.
Better decision-making
Enabling faster, data-driven decision-making when onboarding.
Background
Knight Frank is one of the world’s largest residential and commercial property firms with a reputation for providing excellent, personable and dedicated client services. However, in a competitive market, they identified that they had to provide a fully compliant and seamless onboarding experience for clients to offer differentiated customer service truly.
Regulated firms, like Knight Frank, need to comply with stringent Anti-Money Laundering (AML) regulations and are required to complete in-depth Know Your Customer (KYC), Identity Verification (IDV) and Client Due Diligence (CDD) checks.
70+
Different Knight Frank branches actively using the NorthRow solution
1,896
Saw the foundation of Knight Frank and company recently celebrate their 125th anniversary
384
Offices across 51 territories and over 16,000 employees
The challenge
Transform the client onboarding process and reduce costs.
The Deputy Money Laundering Regulatory Officer (DMLRO) and Head of Customer Due Diligence at Knight Frank, wanted to transform their client onboarding process whilst also significantly reducing their compliance costs.
Previously, their sales team relied on a centralised onboarding and identity verification process, which, although compliant, proved to be time-consuming, subject to error and costly, negatively affecting the sales operations of their business.
As a result, a de-centralised CRM system was required, remote from their head office, to manage all client due diligence checks across their UK branches, making collecting, checking, and storing documents easier for auditing purposes.
Why NorthRow?
NorthRow brings best-practice insight to complex compliance.
After reviewing Knight Frank’s business challenges, NorthRow brought best-practice insight and knowledge to address the complex compliance and onboarding needs and built a bespoke and single-point solution.
The benefits
Built a bespoke and single-point solution.
NorthRow configured their SaaS platform to automate Knight Frank’s identity verification on individuals, including real-time address, ID document, PEPs and Sanctions checks. Knight Frank now only needs to input client information once. The single-point solution will check client data against multiple high-quality data sources in real-time, enabling the compliance team to make instant data-driven decisions about who they do business.
NorthRow’s solution met Knight Frank’s objectives perfectly, but it was the unexpected change in Knight Frank’s sales team’s approach to the new way of working that exceeded her expectations.
What now?
70+ branches utilising automated onboarding.
All compliance onboarding is now automated, with only the transactions that have been flagged for an enhanced client due diligence reviewed internally by the Knight Frank compliance team. Following this successful implementation across 70+ branches on the residential side of the business, Knight Frank has now turned to NorthRow once again, this time for the letting side, to complete the digital transformation across the whole business.
In summary, Knight Frank has reduced its client onboarding times, streamlined the compliance process and significantly reduced the cost of compliance with the added benefit of making the sales team approach a much more positive one, all thanks to NorthRow.
Testimonial
“…there has been a positive change towards client onboarding. We have seen a significant improvement from a cost and time perspective.”
Deputy Money Laundering Officer & Head of Customer Due Diligence
Knight Frank
About NorthRow
Highly secure KYC/B and ID and verification cloud software.
With an extensive breadth of experience and leading software solutions, NorthRow helps businesses to successfully onboard new clients and employees. We do this through robust compliance, monitoring and remediation capabilities giving you peace of mind knowing the burden of risk management is taken care of. We unlock more time for you to focus on the single most important task – growing your business safely.
We’ve worked with hundreds of regulated businesses. Let’s work together.
Book your free demo of our comprehensive ID&V, KYC, KYB and AML compliance management solution today.
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The system efficiently and effectively completes our KYC and KYB verification requirements during onboarding.
Robin Kear
Senior Account Executive
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