Case Study: Cuatrecasas cuts KYC onboarding time by 40% with Parallel

How Cuatrecasas’ back-office saves 40% of the time, simplifying KYC onboarding

Cuatrecasas, one of the largest law firms in Europe, faced a significant challenge in scaling its client onboarding process to meet strict Anti Money Laundering (AML) and Know Your Client (KYC) regulations. Their manual, email-based process was incredibly time-consuming for their back-office team, frustrating for new clients, and was causing delays of weeks before projects could officially begin. To overcome this, they turned to vendor Parallel to implement its collaborative digital platform.

By implementing Parallel’s platform, Cuatrecasas digitalized and centralized its KYC management. The solution provided a client portal that improved visibility and collaboration, automating repetitive tasks. This resulted in a 40% reduction in time spent monitoring processes, a 25% faster case opening speed, and saved professionals an average of 3 hours per week. The vendor Parallel enabled the firm to complete over 1,000 KYC onboardings without relying on cumbersome email chains, transforming the experience for both their team and their clients.

Cuatrecasas

Mireia Sánchez

Executive Assistant