Case study | Legal

THE CLIENT

A fully integrated global law firm with over 30 offices across the world. This legal firm provides clients with M&A, real estate, financial services, litigation and corporate risk practices.

THE CHALLENGE

The KYC review process of our client was manual, inefficient and costly, requiring extensive amounts of resources across multiple departments. Our client identified several areas of complications related to its customer due diligence for Russia and CIS region – navigation through shell companies, complicated access to publicly available information that requires work with numerous online and offline sources, translation differences and lack of local knowledge as a whole.

THE SOLUTION

SPARK boasts a wide array of features that help our clients to receive up-to-date information and multidimensional analysis about legal entities and private entrepreneurs in Russia and the countries of the former Soviet Union. SPARK has aggregated information from more than 65 official sources that are updated regularly and enable the user to monitor the situation around any legal entity in almost real time.

The system offers user-friendly interface and allows to perform search not only by names but also by various contact details (i.e legal address, domain or phone number), registration codes, enforcement proceedings and other parameters. Such a search algorithm enables our client to avoid possible format and translation difficulties. SPARK helps to identify potential shell companies and businesses with worrying financial results or poor payment discipline.

PROVEN RESULTS

Having a far more comprehensive system for EDD in Russia and CIS has created significant efficiencies for the firm allowing the business to enhance its KYC procedures. So far, the client is actively using SPARK and is impressed with the avail and accessibility of our platform.