AML solution for the accountancy sector
AMLCC’s anti-money laundering solution for accountancy service providers was created in partnership with AML Supervisors, accountants, bookkeepers and tax advisers to solve the challenges that the accounting industry faces in complying with the latest anti-money laundering rules and regulations.
Our aim is to reduce your risk of exposure to money laundering through training and rigorous client checks, while speeding up and simplifying your onboarding process – without the need for multiple pieces of software or physical resources.
How can AMLCC benefit your firm?
Continuous training at your fingertips
Think about the amount of time it takes to train every MLRO, accountant, bookkeeper and tax adviser in AML compliance. It’s not just giving them a strong, up-to-date knowledge of AML rules and regulations – it’s making sure they know how to prevent and detect money laundering. Our training is updated as the regulations, risks and guidance evolve.
AMLCC’s platform-wide training is designed to empower your employees to act decisively in reducing your firm’s risk of exposure to money laundering. AML accountancy-specific training videos are backed up by guidance on how to mitigate risk that’s integrated into your firm policy, and firm and client risk assessments.
Tailor AMLCC to suit your firm
A huge benefit of the AMLCC system is you can tailor it to your firm’s requirements. This is an essential feature to demonstrate how comprehensive your firm’s approach to anti-money laundering is to your AML Supervisor. You need to match AMLCC to your firm’s unique AML risk profile.
- Add comments, documents and risk mitigation steps to firm and client risk assessments
- Select client risk assessments that suit your firm’s client types
- Tailor your AML firm wide risk policy
- Select the services which are relevant to your firm
- Nominate your MLRO / MLCP / NO
- Set up reusable client risk assessment profiles
- Add employees and demonstrate their AML compliance
No more spreadsheets, printed forms…or filing cabinets.
Using business organisation software can increase productivity by 10%*. AMLCC can help with your firm’s organisation. Every piece of documentation you ever need to produce for your firm or your client can be created and saved by AMLCC.
Your firm AML policy? We have an editable template for that. Firm and client risk assessments? To compile these, this AML solution for the accountancy sector gives you a comprehensive set of questions that can be answered simply by using a drop down menu. Any extra risk-mitigation comments you add are saved automatically next to the relevant question. All risk assessments include guidance and mitigation steps, along with a complete audit trail.
If you need to store copies of a client’s passport or driving licence, proof of address, invoices or any other supporting documentation, simply upload it to your client’s file. Because AMLCC is a secure online platform, there’s no risk of physical loss or software error.
Whenever you need to produce a client’s file for your Accountancy AML Supervisors – or need to perform your annual firm and client updates – every document you need is ready and waiting in one central location.
*Section 1.47. Budget 2021. HM Treasury
Documents that are always 100% compliant
When you’re updating your firm’s policy or onboarding a client, it may seem easy to go through the traditional risk management checklist that your firm’s always used. But are you sure the questions you’re asking are relevant and up to date?
Translating the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (MLR 2017) and subsequent updates for the accountancy sector is a big undertaking.
AMLCC’s AML solution for accountants does the hard work for you. It has been updated for the EU exit provisions, including the changes to sanctions and the 2020 National Risk Assessment.
Our firm-wide policy and risk assessment templates have all been created in partnership with industry Supervisors. These vital documents bring together every area of AML that your firm needs to consider and are updated with every change in legislation.
A solid audit trail
Once you’ve created or updated your firm’s policy, every user is asked to acknowledge that they’ve read and understood the AML documents. Their responses are saved to your audit trail.
Got a high-risk outcome for a client? The AMLCC AML solution for accountants flags it up on your firm’s dashboard and immediately gives guidance on why and how to mitigate the risk. Every action you take from here is saved, to show that you’ve complied with anti-money laundering regulations. When satisfied you can mark an answer as ‘risk mitigated’.
Proving that you’ve given every relevant employee the right training in AML compliance can be a tricky task. With AMLCC’s AML solution for accountants, your Supervisor doesn’t have to take your word for it. The results from anti-money laundering training quizzes are saved to every employees’ unique profile, along with every action they take on the AMLCC system.
Digital client onboarding
It’s your legal duty to prevent criminals enjoying the rewards of money gained through illegal means and to stop anyone with a sanction against them benefiting from the UK’s business or financial economies.
Why leave this responsibility open to human error?
AMLCC AML solution for the accountancy sector performs online biometric ID document certification and proof of identity checks that are quicker, easier and more accurate than any checks that you or your employees could perform.
They can also remove the need to meet your clients in person to see their passport and proof of address, gaining your employees valuable time in their day-to-day roles. Digital client onboarding should be incorporated into your firm’s overall approach to anti-money laundering and should not be seen as a stand alone AML solution.