Regus
Regus wanted to introduce a best-in-class customer onboarding process for their virtual and serviced office spaces to ensure compliance and exceed the requirements of regulators.
“
“As the world’s largest provider of flexible workspaces, we needed to implement a robust customer onboarding solution that would be fast enough to meet customer demands and secure enough to ensure that all compliance requirements were met or exceeded.”
Michelle Valentine
Background
Due to an increase in fraudulent activity by businesses attempting to operate out of virtual offices, the market for flexible office space is subject to increased regulatory scrutiny – both from Money Laundering Regulations and locally from the London Local Authorities Act – with a lack of compliance resulting in stiff penalties.
Regus wanted to take proactive steps to protect its brand whilst providing a straightforward onboarding experience for its customers to meet these challenges.
Key benefits
Helping Regus to streamline their client onboarding to be more efficient and accurate.
Single tech partner
Producing the best results in an integrated space.
Accurate verification
A robust solution to meet onboarding demands.
Combined results
Exceed onboarding and compliance requirements.
The Challenge
A single partner to accurately verify both individuals and companies
Previously, Regus manually verified client onboarding data against multiple databases and re-submitted paper-based documents – e.g. photocopies of passports, drivers’ licenses or national ID cards – which impacted onboarding times and reduced sign-up rates whilst resource-intensive.
As a result, it was important to find a single technology partner that could efficiently and accurately verify both individuals and companies, combining results from multiple sources whilst ensuring compliance with AML regulation and the London Local Authorities Act.
How NorthRow Helped
Delivered a solution to their complex requirements
Regus chose NorthRow to transform their compliance and client digitally onboarding processes, initially for their UK branches.
NorthRow was identified as the only technology partner that could deliver its complex requirements. By integrating NorthRow’s solution into their existing client onboarding workflows, Regus automated a complex compliance verification process, significantly reducing overall onboarding times, improving customer experience, and increasing operational efficiency.
With automation, they can now onboard and verify the documentation of sole traders, limited companies, company directors, and beneficial owners within seconds whilst delivering regulatory compliance.
What Now?
Regus now has access to the widest variety of trusted data providers
All compliance onboarding checks are now automated, with only transactions that have been flagged for enhanced client due diligence reviewed internally by the Regus compliance team. Regus now has access to the widest variety of trusted data providers, including law enforcement and credit reference agencies, via a single-point solution.
By incorporating shared intelligence from multiple sources, including trade association alerts, Regus can now benefit from robust protection against fraudulent applicants. Fraud prevention is integral for Regus’ success, and NorthRow’s intuitive risk-scoring gives their compliance team real-time data to make business decisions about onboarding.
In partnering with NorthRow, Regus can continue to perform routine checks when welcoming new customers, providing peace of mind for their operations ahead.
Testimonial
3,000+
Global network of workspaces
900
Different cities with business centres, spanning across 120 countries
10+
Years of partnership between NorthRow and Regus
Ready to get started?
Book your free demo of our comprehensive AML compliance solution today.