Legal information is now available!
What if we told you there’s a way to automate your risk mitigation controls to avoid faulty business decisions in your everyday business?
We’re super excited to announce that our newest API, Legal information, is now available on the Swedish market! Helping you screen your corporate prospects and customers in your onboarding or KYC processes.
The traditional legal screening process
A traditional legal screening process tends to mean a lot of manual, time consuming look-ups, using multiple tools and sources. It involves the work of actually determining who the official representatives of a company are. And then use that information to, one by one, search in a legal research database. Leaving you with tons of legal documents to open up and read through, to find out if the information really is relevant in your case.
If you then wish to heighten the level of your screening process, let's say for example by including historical information about the board members, then you’re up for a real challenge. Finding and processing that type of information is likely to add several more hours to complete the screening process for just that one company.
What is the Legal Information API and how does it work?
The Legal Information API allows you to check if a potential or existing corporate client appears in any legal context. Enabling you to strengthen your entire onboarding process, lower the risk for bad business decisions.
Helping you provide a smooth onboarding process for your prospects, where screening happens behind the curtains.
Minimizing the risk of fraud, while ensuring regulatory compliance.
Saving time conducting background checks and due diligence and making sure your business relationship is solid.
So how does it work?
Simply enter the Company ID that you wish to check and the API will conduct a search on that company, its board and other official roles. If a record is found, you’re then able to collect and download the full legal document (as a Pdf) for further investigation, if needed.
Legal information in business decision
Legal information might not be the first information data set you would consider vital for an onboarding or verification process. But when you think about it, legal documents can potentially reveal very important information about a company or its representatives. Information which, if it’s found, can help you avoid doing business with the wrong clients.
The value of a “no record found” response
When working with legal documents, we often tend to focus on finding companies that occur in legal documents. And that’s completely fine, however we often fail to see the value of a “no record found” response. A simple “no record found” response allows you to give a green light to loads of companies and allow them to pass through the onboarding, KYC or AML process, in minutes, instead of hours.
Example integration
So how exactly could you integrate this API? Below is an example flowchart of how a B2B onboarding flow could look like.
