Navigating AML Compliance: Essential Strategies for UK Accountancy Firms
In the ever-evolving landscape of financial regulations, Anti-Money Laundering (AML) compliance remains a cornerstone for accountancy firms. Navigating these complex regulations can be challenging, but accountancy firms can employ strategies to enhance their AML compliance efforts.
Comprehensive Training
Equip your team with up-to-date AML training to ensure everyone understands their roles and responsibilities in preventing money laundering and financial crime.
Risk Assessment
Carry out regular risk assessments tailored to your firm’s unique risk profile. It will help you to identify potential vulnerabilities in your firm’s processes and tailor your AML efforts accordingly.
Client Due Diligence
Implement rigorous due diligence procedures for new and existing clients by verifying identity and understanding their financial activities via credit reports and other Know-your-customer (KYC) processes.
Automated Screening
Invest in technology solutions that automate AML screenings against PEPs, sanctions and adverse media databases with monitoring. This will minimise human error and speed up the process.
Internal controls
Ensure everyone within the firm knows who to escalate red flags and high-risk results to when required. Robust internal controls promote transparency, accountability, and adherence to AML policies within your firm.
Record-Keeping
Maintain thorough records of AML/KYC checks and client due diligence to demonstrate your fulfilment of compliance obligations to regulators and auditors.
Adapting Beyond Traditional Methods
Anti-money laundering compliance is no longer just about verifying identities; it's a comprehensive approach that involves understanding clients, assessing risks, and monitoring transactions.
Research conducted by the Solicitors Regulation Authority (SRA) has revealed that the average professional service firm dedicates 4 days each month to compliance-related tasks.
Manual, paper-based processes, often involving the arrangement of in-person meetings with clients, manual authentication of documents, and back-and-forth communication via emails, can occasionally prove insufficient in terms of risk mitigation, time efficiency, and resource allocation.
Technological innovation can empower accountancy firms to go beyond the limitations of traditional methods for AML checks and compliance. With digital tools, accountancy firms can ensure accuracy, streamline processes, and allocate resources effectively.
How can Amiqus help?
As Accountancy firms strive to maintain the highest standards of professionalism and integrity while ensuring AML compliance, they can obtain maximum benefits by partnering with advanced technology solutions like Amiqus.
Amiqus is more than just an anti-money laundering reporting tool – it's a comprehensive end-to-end onboarding and compliance platform designed to provide a seamless experience for your clients while saving you time and money.
From identity verification and AML compliance checks to ongoing monitoring and risk assessment, the Amiqus platform provides a complete solution for all your compliance needs.
For AML purposes, Amiqus offers a range of checks and processes which include:
Identity Report: for address verification.
Photo ID with a biometric facial similarity check: verify passports and driving licences for 195 countries and validate that the person completing the check matches the person in the document.
Source of Funds: with Open Banking Technology, obtain information directly from the client’s bank, and filter results to identify the transactions that matter to you.
PEPs, Sanctions and Adverse Media checks: check if your client is politically exposed, appears on sanctions lists or is linked to crime by the media, with options for daily monitoring and alerts.
Credit report: get details of bankruptcies, insolvencies or court judgements.
Custom forms: the custom forms feature with built-in smart logic makes it easy for you to design your workflow to gather any additional information you need, such as bank account details.
Secure document exchange: you can send or receive documents safely to and from your client and remove the need to use unsecure emails.
Risk assessment forms: access ICAS-approved risk assessment forms
This blog is one of a series of articles from our commercial partners. The views expressed are those of the author and not necessarily those of ICAS.
