What is Open Banking and why is it important to you?

What is Open Banking and why is it important to you?
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  • 31m
  • Introductory
  • Released 4th Apr 2022
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For legal firms, regulation and financial crime risk require you to perform source of funds and wealth checks, as well as moving large sums of client money. In this session suitable for COLPs, COFAs, MLROs, Heads of Risk and Compliance, Managing Partners, Heads of Conveyancing and Heads of Technology we’ll explore the journey of open banking since its inception in 2018, why it’s important to you and look at the business efficiencies it is creating through automating data collection, evidence submission and analysis. The session will look at:

  • Security and Regulation
  • Anti-Fraud benefits
  • Reputational Risk
  • How and where is it being used in the legal sector
  • End client adoption
  • Predictions for open banking in 3-5 years

Have a question? If you have any comments or feedback on this content, please get in touch.

Learning objectives:

  • Awareness and understanding of the capabilities of open-banking
  • How source of funds and wealth issues can be tackled through open banking
  • How smart workplace productivity tools allow lawyers to deliver an even better service by adding genuine value

Tom Lyes

Head of Legal & Property • Armalytix

After 6 years working for a top 20 Conveyancing business, Tom joined Lawyer Checker in early 2018, helping to position them as a respected and trusted brand across the legal sector. In October 2021, Tom joined Armalytix with the aim of helping Law Firms tackle source of funds challenges through open banking technology.

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