Anti Money Laundering Software

Anti Money Laundering Software

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I am really confused by anti money laundering compliance and am looking for some software that will guide me through the requirements as well as record whatever is required to comply with the regulations.

All I have found so far are suppliers advertising online ID checks but I am looking for a far more comprehensive solution than this. Is there any software out there that does everything and makes it easy to identify what needs doing and when?

Replies (12)

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By IanBurgess
15th Nov 2010 13:50

Anti money laundering (AML) compliance software

Our "Anti Money Laundering Compliance Plus" software is a fully automated system that allows you to record all the AML data for all your clients plus it deals with all other aspects of AML compliance.  It guides you through the process of compliance, highlighting which areas are non-compliant/require action.
The software is far more than a series of checklists:

The software provides expert help, hand-holding and "wizards" within the software as to what is required to achieve complianceIncludes built-in Electronic ID checks at reasonable costCovers all aspects of compliance recording and monitoring including: Details of all clientsKnow Your Customer informationRisk AssessmentRecording of associated persons of all clients together with supporting ID checksFirm’s Policies & ProceduresStaff trainingStaff confirmations of money laundering awarenessRecording suspicions and reporting to the MLRODetailed help filesBuilt-in facility to download and search the regulations and key guidance notesBuilt-in facility to download and search the latest HM Treasury’s Consolidated List of Financial Sanctions Targets in the UKAutomatically identifies non-compliant areas and highlights the actions required in order to prevent non-complianceScans and saves supporting documents within the software or attaches existing supporting documentsFull integration with PC Share Register Plus, company secretarial software and also Sage Cosec softwareInbuilt free Companies House check of company dataEasy import of client records from other software via generic CSV files from other software packages

Take a look at the short videos on the website that will give you an insight into the way it works - see www.amlcplus.co.uk/videos.htm   See also the list of features - www.amlcplus.co.uk/features.htm

The system has inbuilt ID checks (including PEP/Sancions checks) supplied by GB Group at £3.00 per check and inbuilt PEP/Sanctions checks only at £1.25 per check, with no minimum usage requirement - see www.amlcplus.co.uk/AMLSearch.htm

Pricing is according to the number of clients and starts at £95 p.a. - see www.amlcplus.co.uk/pricing.htm

In order to evaluate the software you can download a copy and run it as an evaluation copy with no time limit - see www.amlcplus.co.uk/download.htm

The software has been developed in conjunction with a leading provider of UK Money Laundering Compliance expertise, SWAT UK Limited, in order to ensure that the software achieves all its objectives and to provide the expert help etc. within the software.

Ian Burgess
BHIS Ltd.

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Universe
By SteveOH
15th Nov 2010 14:09

Ditto to that comprehensive answer

I have been using the trial/evaluation copy of the software for the last few weeks and can confirm the above posting. It is really intuitive to use and everything you need to do in order to comply with ML procedures is there in one place.

I am not connected to the above company but can highly recommend the software.

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By pauljohnston
18th Nov 2010 11:09

@steve

Me too and it ia really is good and I am not connected to BHIS

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By tltodman
18th Nov 2010 21:57

ICAEW manual

The ICAEW have a CD training manual that seems to cover everything. It includes proforma policies, templates, risk assessment questionnaires.  It's £60 for members and £94 for non-members.  I bought it earlier in the summer and its done what I needed.  NOt sure if the link will work as very long, but a search on the icaew website for money laundering cd or manual should do the trick.

http://www.icaew.com/index.cfm/route/150055/icaew_ga/en/members/products_and_services/support__resources/antimoneylaunderingproceduresandtrainingmanual

Tracy

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By SimonRyde
18th Nov 2010 22:16

Anti Money Laundering Software - I think I have found the soluti

Thanks for the various answers.

I really don't think that the ICAEW checklists are anything like what I need.  However, I have taken a look at the Anti Money Laundering compliance software from BHIS and it looks like it is exactly what I need. I have downloaded a copy of the software and have started to test it out. First impressions are excellent as it guides me through exactly what needs to be done, highlights which clients are non-compliant and lets me drill down to find out what the problems are and how to resolve them. I have even got it to talk to my scanner and it scans paper documents and attaches the PDF files automatically as evidence. I also see that it includes electronic ID checks through GB group at £3 a go and I don't need to commit to any minimum usage.

All in all it seems to meet all my requirements and much more.

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By Mike Sturgess
18th Nov 2010 22:26

Webinar demonstration

Simon

I ran a free webinar to demonstrate this product, which we developed with Ian at BHIS. The webinar was recorded so you can get a good overview of all the key features.

If you visit http://www.swat.co.uk/AntiMoneyLaunderingCompliancePlusOverview.aspx you can click on the "Click to Watch Demonstration".

Best wishes

Mike Sturgess
SWAT UK

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By The Black Knight
19th Nov 2010 09:59

LOL

and when are they getting rid of all this nonsense ?

I thought the government were reviewing with an idea of retracting ?

P.S. nice try guys but I think you need some more marketing lessons, was a bit obvious, lol

MLR has been in for some time now and no one has got into trouble yet. !! ???

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By Mike Sturgess
19th Nov 2010 13:17

October's Accountancy magazine

Kalden

Nobody has got into trouble? Not quite true.

In the QAD's report on the 2009 visits the second item in their top ten list of issues found was non-compliance with the Money Laundering Regulations, particularly inadequate customer due diligence, and lack of awareness and training on how to report suspicious transactions.

http://www.ion.icaew.com/Talkaccountancyblog/19911

On the disciplinary pages of the ICAEW's Accountancy magazine for October 2010 (page 105) an accountant was fined £5,000 for failing to make a suspicious activity report on a timely basis.

Mike Sturgess

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David Winch
By David Winch
19th Nov 2010 15:02

ICAEW Report

The report of this matter on the ICAEW website says:

"With the agreement of Michael Martin Shenker of 5 Wellesley Court, Apsley Way, London NW2 7HF, the Investigation Committee made an order that the member be severely reprimanded, fined £5,000 and pay costs of £2,075 with respect to a complaint that:
Between 7 June 2005 and 16 February 2006 Mr M M Shenker FCA failed to comply with statement 1.304 of the Members Handbook in that he failed to make a suspicious activity report on a timely basis to the National Crime Intelligence Service when he had a suspicion or reasonable grounds to suspect that Mr X’s activities in relation to the business of Y Limited were unlawful."

David

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By amlcc
03rd Dec 2010 15:44

AMLCC - a complete solution

Please also feel free to check out our anti-money laundering product.

Our product covers all the requirements of the Regulations in one simple online package including training staff, carrying out risk assessments on clients, staff submission of internal reports and all the records essential for compliance.

 Our product is a cost effective solution for accountants to ensure that they meet the demands of the new Regulations without causing disruption in running their Practice. Our AMLCC product includes: Tailored hard copy compliance manual including template forms and written procedures statementOnline training modules (includes tests) for the Money Laundering Reporting Officer (MLRO) and staffOnline UNLIMITED risk assessment wizards to determine the level of risk each client posesOnline compliant client verification software to verify personal clients - cost from £3 plus VATSecure online records storage for risk assessments, verifications, training and internal reportsReporting function to allow staff to submit internal reports to the MLROMonthly 'Compliance Matters' email keeping subscribers up to date on money laundering related matters  The basis subscription costs £197 plus VAT and this gets you the hard copy compliance manual and four logins to the online site. Additional logins are available at £15 plus VAT each.
You can add as many clients as you wish on our system, there is no additional charge. We work with a number of Supervisory Bodies who recommend our product to their members. We have testimonials to support the fact that our product has helped our subscribers get through their compliance visits (available on request). We offer an online demo over the phone which takes approx. 20 minutes. Please contact me for further information. Stephen Watts01455 555468[email protected]  

 

 

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By chatman
13th Feb 2011 04:05

Free Advertising

Whilst I think the BHIS product looks very good, the original posting really looks like a very blatant plant by BHIS.

I notice the OP has never posted anything else on AWeb.

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By chatman
10th Mar 2011 00:08

Great Product

 Still think the OP is a plant, but the product is really good.

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