Expand your client-base by completing due diligence anytime, anywhere
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What does working with Thirdfort give Forest Finance?
Thirdfort streamlines the process of client identification and verification, eliminating unnecessary back-and-forth communication.
By using Thirdfort, Forest Finance makes the process smooth and easy for their clients, leaving a great first impression at the start of the relationship.
Forest Finance gains peace of mind through Thirdfort, ensuring compliance with anti-money laundering regulations.
Without Thirdfort we’d be spending a lot longer onboarding clients. We used to spend time coaching people through how to send us their ID, then often receive a blurry photo, which we'd have to ask them to do again. Using Thirdfort means that the onboarding process is smooth.”
Jake Bailey, founder at Forest Finance
About Forest Finance
Jake Bailey is the founder of Forest Finance, which offers a modern accounting solution for businesses and sole traders. Using a streamlined suite of market-leading software, they provide clients with an efficient service, regardless of location. As a remote-first practice, Forest Finance can offer cost-effective services without the overhead expenses of a physical office.
In keeping with their modern, forward-thinking approach, Forest Finance assesses its environmental impact and offsets it by investing in schemes that create carbon sinks. This strategy aims to reduce their overall impact on the planet.
For Forest Finance, Thirdfort is a crucial component in their client onboarding process. It helps them maintain compliance without the typical back-and-forth often involved in client due diligence.
Thirdfort gives us peace of mind that we can onboard clients wherever they are, from wherever we are, and with full confidence. We’re supervised by the AAT and they are happy that what we’re doing meets their requirements.”
Jake Bailey, Founder at Forest Finance
How Thirdfort seamlessly fits into their Client Due Diligence process
Like many practices, Forest Finance receives numerous new business inquiries through referrals from existing clients. When they get a new inquiry, they take the time to thoroughly understand the client's requirements and create a tailored proposal to meet their specific needs. This proposal is built and sent via their practice management system and includes clear communication about the necessary ID verification and anti-money laundering (AML) checks that the client will need to undertake.
After engaging Forest Finance, new clients receive an invitation to download the Thirdfort app, allowing them to complete their checks from any location in the UK and abroad.
Often when engaging with an accountant, clients have to scan their ID or bring it into an office. Thirdfort makes that so easy, because they can pull out their phone and use a straightforward app. It makes the process really easy for clients.”
Jake Bailey, Founder at Forest Finance
Once clients complete their checks, Forest Finance are notified that the completed report is available via Thirdfort's secure portal. This report includes ID verification, electronic address verification, and an AML screening of global lists. The screening covers sanctions, politically exposed persons, regulatory warnings, and fitness and probity checks.
One advantage of this comprehensive, easy-to-review report is that it highlights any discrepancies in clients' addresses before new businesses are registered with HMRC using outdated information.
The report Forest Finance receives provides detailed information on any matches found when screening clients against global lists. It includes links to additional resources, enabling the team to review results thoroughly without needing to contact clients for further information.
If there are flags on the report, then there is enough detail for us to properly review without us needing to ask for the client to provide more details.”
Jake Bailey, Founder at Forest Finance
Thirdfort removes the back-and-forth and makes Client Due Diligence easy for Forest Finance and their clients
Since implementing Thirdfort, Forest Finance has significantly reduced time spent and eliminated the back-and-forth previously associated with onboarding new clients. This efficiency allows them to focus on adding value to clients' businesses by developing strategies to minimise their tax burden.
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