We’d be lying if we said that Anti-Money Laundering (AML) was one of our favourite topics, and we doubt it’s one of yours, either. In fact, if our conversations with customers are anything to go by, no accountant really wants to ‘do AML’, and most of you view it as a regulatory burden that you’re stuck with.
There are reams of regulations surrounding AML compliance, and that landscape is continually changing. Keeping up is time-consuming, the rules can be hard to interpret, and it’s difficult to get it right all the time.
Just last year, for instance, global AML fines were almost $5bn – a staggering cost to businesses around the world. And who could forget the case of a sole practitioner being fined £23,000 for insufficient compliance?
It’s clear that – irritating as it may be – avoiding risk by factoring water-tight AML into your practice should be a priority.
And, while we can’t change the regulations around AML compliance itself, we do pride ourselves on making accountants’ lives easier. Building AML software for accountants that handles the majority of checks for you – meaning you can carry on working with the clients you love – is one of the ways we’ve tried to do that.
How can software make AML for accountants easier?
A key part of any successful AML strategy for accountants is making sure it’s built into your onboarding process. Put simply, as part of your customer due diligence, you must verify that your clients are who they say they are.
Our software is centred around handling this part for you, which has several benefits:
A complete audit trail
You’ll have a digital record of exactly what checks have been made, when they were made, and who made them. By building it into our workflow, we’ve made sure your compliance activities are documented every step of the way.
Time-saving automation
We know that removing as much time spent on AML as possible is the goal, which is why we make the most of automation.
When you issue a check with us, we’ll automate the customer due diligence process by collecting and verifying client identity information. We’ll cross-reference the information we find against relevant databases and watchlists, and flag any potential matches for further investigation.
Our AML checks
It’s easy enough to check client passports or verify National Insurance details, but that’s just the tip of the iceberg. For the most complete picture, we carry out the following ten extensive checks:
- Full and edited electoral registers (current and historic)
- Address and ID data drawn from recent credit file activity
- Landline telephone directory information
- Mortality registers
- Births index
- UK and international passport check
- National Insurance Number check
- Address redirection and departure check
- HMT, EU and OFAC sanctions lists
- Domestic and global Politically Exposed Persons (PEPs) list.
After we’ve completed our checks, our software contributes to client due diligence by storing and managing required ID documents securely.
Accessible – when you need it
Depending on the volume of new clients you take on each month, you might not need an extensive AML software package with a sizeable monthly fee. We’ve structured our pricing to make sure you’re only paying for our AML services when you need us.
All of our existing Capium customers have access to our AML module, and you can start making checks at £3 per time. That way, you’ll only ever be paying for what you use – making sure you’re compliant, while minimising the impact proper AML compliance has on your overheads.
Get peace of mind
AML compliance isn’t going anywhere, but using specifically-designed software can help you get – and stay – ahead of your regulatory obligations, all while reducing the risk of you facing any reputational or legal damage if things go wrong.
Get started today or speak to our team to find out more.
