Anti-money laundering: AML made easy with software  

“When our team collaborated with Veriphy to create our anti-money laundering (AML) module, there were several key elements we knew we had to get right if we wanted it to make things easier for accountants to comply with AML regulations across the UK: We focused on integrating automated checks, real-time monitoring, and comprehensive reporting tools to streamline compliance processes. For UK accountants today, staying ahead of AML regulations is critical to protecting your practice from legal and financial risks.  

Our AML module is designed to simplify this task, ensuring that you remain compliant with the latest legislative changes while minimizing manual workload and enhancing overall efficiency. By leveraging our robust AML solution, accountants can confidently manage compliance and focus on delivering exceptional service to their clients.” 

To shed light on the way the module works, we decided to sit down with Nicholas Cheyne, Director of Product & Growth at Capium, to talk about the reasons behind the tool, the specific checks it encompasses, and how it empowers accountants to work more effectively with a diverse range of clients.  

Q: Why was it important for Capium to create an anti-money laundering add-on module? 

A: At Capium, we recognised a pressing need for robust anti-money laundering (AML) tools tailored specifically for accountants. Money laundering is a significant issue, and accountants play a crucial role in preventing illicit funds from entering the financial system. The idea was to equip accountants with a powerful, easy-to-use tool that ensures compliance with AML regulations while being affordable. This inspired the creation of our AML module, which helps firms perform necessary checks efficiently and effectively. 

Q: What specific checks does Capium’s AML module cover?  

A: We offer 4 checks. Our AML module covers a comprehensive range of checks to ensure thorough compliance, primarily for: 

• Identity Verification: Confirms individuals’ identities using various data sources. 
• Sanctions List Screening: Checks against global sanctions lists to detect prohibited activities. 
• PEP (Politically Exposed Person) Screening: Identifies individuals with prominent public positions, assessing bribery and corruption risks. 
• Adverse Media Screening: Monitors news sources for negative information about screened individuals or entities. 

 These include: 

• National Insurance number checks 
• UK and international passport checks 
• Address and ID verification using recent credit file activity 
• Full and edited electoral registers, both current and historic 
• Landline telephone directory information 
• Mortality registers 
• Births index 
• Address redirection and departure checks 
• UK, US, and European Union sanctions lists 
• Domestic and global politically exposed persons (PEPs) lists

These checks are designed to provide a holistic view of a client’s identity and background, helping accountants identify and mitigate potential money laundering risks effectively.

Q: How does this module help accountants work with different types of clients? 

A: One of the most important things for us is that our AML module is versatile, because we wanted to make sure it would be able to assist accountants working with a wide range of clients. For example: 

• Small businesses: Small business clients often lack the resources to implement rigorous AML measures. With our add-on, accountants can ensure these businesses remain compliant with AML regulations 
• Large corporations: For larger firms with complex structures and extensive transactions, our comprehensive checks provide an extra layer of security and due diligence. This helps in managing higher risks associated with significant financial activities. 
• Non-profits and charities: These organisations are increasingly under scrutiny for AML compliance. Our checks help accountants to ensure that funds are not misused or linked to illicit activities, maintaining their integrity and trust with donors. 
• High-net-worth individuals: Accountants managing the finances of high-net-worth individuals can use our module to perform detailed background checks, ensuring that all financial activities are transparent and compliant with global AML standards.
• International Clients: For firms with clients overseas, our international checks, including passport and global PEPs lists, can help with AML considerations across borders. 

Q: What makes Capium’s AML module different from other software? 

A: Capium’s AML module stands out for several reasons: 

• Comprehensive coverage: Our module offers over ten different checks, covering various aspects of identity verification and compliance, ensuring thorough due diligence. 
• Affordability: Prices range from £2 – £6 per check. We provide a cost-effective solution without compromising on quality.  

• • UK Company Check – £6 + VAT per check 
  • Credit Screen – £2 + VAT per check  
  • International ID Check – £2 + VAT per check 
  • AML Check – £3 + VAT per check 

• Ease of use: The module is integrated into our cloud-based platform, making it easy for accountants to access and use. 
• No hidden costs: There are no setup or licence fees, and firms pay only for the checks they perform, which helps keep things cost-effective. 
• Free Risk Assessment generation kit:  

• • Effortless Assessments: Conduct risk assessments with ease, streamlining the process for better efficiency. 

• • Built-in Approvals: The software includes a robust approval system, ensuring that risk assessments are accurate and reliable. 

• • Comprehensive Risk Reports: Receive detailed risk reports, empowering you with the information required to make informed decisions. 

• • Documents storage: All the checks are stored in the cloud, for ease of access if you need to view your AML process. 

• • Training and Guidance: Capium customers have an exclusive training program set up at a competitive fee (just £40). 

Q: Finally, how do you base your pricing?
A: We wanted to make our AML checks accessible and affordable for all accounting firms, regardless of their size. Our pricing ensures that our clients can manage their compliance costs without breaking the bank. This pricing model allows firms to pay only for what they use, without any setup or licence fees. It is a straightforward, pay-as-you-go system that aligns with our commitment to transparency and affordability. Our standard checks are £3 each and we also offer an exclusive training price of £40. 

Live Webinar 

Join our live webinar titled ‘Strengthening AML Compliance with Capium and Veriphy’ on Wednesday 26th June at 12PM to learn about our latest compliance updates and our enhanced AML features. 

For more information about our AML module, speak to our team or book a free demonstration today.