Van Deventer & Van Deventer Incorporated Partner with DocFox to Enhance Their FICA Compliance Process

Why Van Deventer and Van Deventer Incoporated chose DocFox:

DocFox Can Help Identify High-Risk Clients, Enabling Early Detection of Potential Bad Actors

Prior to implementing DocFox, the challenge the firm faced was that they were not able to ascertain the level of risk that a client potentially had. One of the ways the firm is easily able to do this is by using the DocFox system to identify immediate and ongoing threats by making use of the watchlist and adverse media checks feature. Further to this, the system has helped the firm by putting risk rating measures in place. Potential customers that come back with a high risk rating should undergo enhanced due diligence and therefore help the firm mitigate risk and operate more securely.

Did You Have Any Specific Processes In Place Before Setting Up Your Requirements with DocFox?

Before implementing DocFox, the firm had FICA and Know Your Client (KYC) processes in place, although they were rudimentary. The extent of intricacy needed varied based on the specific mandate being handled, whether it was conveyancing or litigation. 

While they covered the basics, the firm found that clients were often hesitant when it came to providing necessary documentation, like proof of address for the past three months. This reluctance made it challenging to obtain the required information.

The benefit of using a system like DocFox is that you can ensure all staff can follow the same process each and every time.

What Options Did You Consider As Ways To Meet Your Challenge or Overcome Your Obstacle?

One option the firm explored was gathering information from clients before scheduling a consultation, setting clear expectations about the required documents. This approach helped ensure that clients were committed to the process before receiving our services.

 As a law firm, it is important to educate your clients on the necessary FICA compliance requirements. Du Toit explains that “prior to the initial consultation with your client, clearly outline the documents needed from them to set boundaries and manage expectations”.

The Convenience of Digital Technology Reduces The Time Needed To Access Important Information

Du Toit states that law firms continue to operate in a traditional manner compared to other institutions, relying heavily on physical documentation. The difference that DocFox has made in the firm is that the digital aspect has significantly decreased the time it takes to access information. With DocFox, we are not only able to verify compliance and KYC requirements, but also streamline the drafting process. For example, when drafting summons, having proof of address is essential. DocFox has simplified this process by eliminating the need to exchange emails. Now, clients provide us with the necessary information during consultations, enhancing the efficiency of our legal procedures.

Everyone In The Firms Understands What FICA Entails

When we asked Du Toit how DocFox has changed their firm’s perspective on FICA, she explained that there has been a positive outcome. “We have created an educational environment where our new hires, as well as our dedicated support staff, all have a thorough understanding of FICA implications and compliance requirements. DocFox has played a crucial role in supporting us in this journey.”

DoxFox Included Everything That We Wanted in a Compliance Management Solution

Van Deventer & Van Deventer Incorporated chose DocFox as their compliance partner, because the overall “package” offered by DocFox included everything that they wanted in a compliance management solution. This means that in addition to the software which comprises of guided onboarding, document collection and analysis, Watchlist & Media Screening, Risk Rating & Automated Client Review and Real-time Bank Account Verification, the firm also chose to make use of DocFox’s expert FICA Compliance Advice & Services. Du Toit added to this by highlighting that not only were they having a positive experience with the product but the services too. “DocFox offers a wide range of solutions and assistance, and the feedback and relationship that we have with our account manager is very professional.”

Advantages of a Streamlined and Paperless Approach

When asked why the firm would recommend DocFox to their industry peers, Du Toit responded that while the law industry still holds onto traditional paper-based processes, she believes that moving towards a paperless and streamlined approach, especially in terms of compliance, is the way forward. “DocFox helps us achieve this and that's why I would recommend it.”

To end off the conversation, Du Toit also highlighted that her favourite DocFox feature is the audit trail - this is a section in the DocFox software that provides a time-stamped consolidated view (or PDF) of all the checks performed. This is handy when it comes to showing a Financial Intelligence Centre (FIC) inspector that all the necessary FICA steps took place.

Du Toit supported her statement by saying: “It is convenient and provides a concise timeline of events. This feature is especially useful in law firms where time is limited. With the ability to easily review past actions, it assists in quickly addressing needs and providing assistance when necessary.”

Put DocFox to the test, by requesting a demo today!