Speed Through AML Work in a Fraction of the Time

Anti-money laundering tasks should feel more riveting than they do. After all, you’re fighting against the bad guys, right? Surely the work must get exciting at some point.

Well, most of the time, it usually just involves a bunch of tick-the-box compliance work that never sees the light of day.

But, by leveraging technology, like practice management software, you can cut down on the time you spend on AML work. That way, you’re still maintaining the same superstar quality of work that your clients have become accustomed to, minus a chunk of tedious admin work. That way, your clients’ AML hoops shouldn’t take as long to jump through. Here are some tools that can help make your (not so exciting) AML work that little bit quicker to get through.

We’ll be using our own cloud practice management software, BrightManager, as an example, as you can undertake ID checks, company credit checks, and risk assessments all from the one system. It’s also been thoroughly checked by former HMRC tax investigator, John Groves, for that extra layer of reassurance and peace of mind.

Purchase AML credits in a jiffy

Purchasing AML ID checks has never been easier just head over to the Clients menu at the top of the screen and click on AML ID & Credit Checks > Buy Credits. The more you buy in bulk, the greater the discount. Oh, and they never expire either, so you can purchase up to 500 credits in one go and use them throughout the year, or as you see fit.

How to complete an AML check

Once you’ve got your credits, go back to the menu and select Clients > AML ID & Credit Checks > New AML Check. From there, you can choose between undertaking an AML ID Check or a Company Credit Check. For the AML ID check, just pop in your clients’ details. You can also run an optional credit screen if you like, but keep in mind that you must inform your client beforehand if you plan on conducting a credit screen, as it’s essentially a soft credit check.

Our AML ID checks are done through Veriphy, which cross-references information from LexisNexis, Experian, Equifax, and the electoral role. Once you’ve undergone the AML ID check, you’ll get a pass or fail result, and that’s it! Your client’s AML ID check can be ticked off of your list.

What if an AML ID check fails?

If a client has a failed report, Veriphy should give you a reason for failing. For example, if there was an issue with their address, you could pick up the phone and give them a call explaining that you weren’t able to confirm your address with the sources they provided. You could ask them if they could be registered at a different address, and if they can provide a different address, you can undertake another AML check with it instead. Just to note, you’ll have to use the same amount credits again to do the next check, even if the previous check failed due to an error on the client’s behalf. AML credits stay in the software indefinitely, so you can use them whenever you like (which is why we suggest purchasing in bulk where you can).

If a client fails the next check and can’t provide you with any more details, you’d have to go to your MLRO (Money Laundering Reporting Officer) for further guidance.

How can I tell which clients have completed AML checks?

Once you’ve marked your client’s Anti-Money Laundering check as complete in the system, you can go to the client list in BrightManager and filter by those who have AML checks marked as complete. You can then bookmark this filtered list in the system, so you can quickly jump back to it at any time.

The same goes for client risk levels. Once you’ve conducted a risk assessment and have set a risk level for the client, you can filter your clients by risk level and bookmark it. The person in your firm that’s allocated to looking after risk assessments can then use this as a way to check back on and update, which brings us to our next tool digital risk assessments.

How to undergo a risk assessment for a client

You can also complete risk assessments within BrightManager, which consists of a checklist. In the risk assessment, you can pop in details about the client’s business whether it’s a cash-based business, has any outstanding tax matters, etc. You can then set the client’s risk level as low, medium, or high, which appears at the top of their profile.

You can download both AML and risk assessments from the system in a PDF format and store them on your device.

What are other ways I can protect my firm?

Protecting your firm is a top priority, and one of the best ways you can protect it from liabilities is with an audit trail. Why? An audit trail can track all client interactions from uploading documents to opening emails and e-signing forms. If it’s got timestamps included, all the better. That way, if any non-compliance disputes arise or your client hits a bump in the road (like a dreaded missed tax payment) you’ll be protected by having all the data at your fingertips, proving your firm followed the correct procedures.

Want to learn more about our practice management tool, BrightManager? It comes with a client timeline (which acts as an audit trail) and other time-saving features to streamline your firm. Find out more information about our multi-award-winning cloud practice management software for accountants today.

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This content may have been developed with the assistance of AI tools. Content is reviewed by a member of the Bright team before publication. Guidance on legislation can be obtained from your industry body.