AML software

Any recommendations?

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Can the members please share their opinions/experience of using online AML software for client checks.

I do not meet in person c 80-90% of my clients and run the practice mostly online with only occasional Skype meetings. Currently I ask clients to send me the certified copies of their ID and POA. I am looking to simplify the process and hoping to conduct AML checks online.

Replies (13)

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By Moonbeam
12th Jan 2019 21:22

I use SmartSearch. At £5 per client I think it's good value.

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Replying to Moonbeam:
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By legerman
13th Jan 2019 10:11

Moonbeam wrote:

I use SmartSearch. At £5 per client I think it's good value.

A new one on me, but looks good (I'm not the OP)

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Replying to Moonbeam:
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By Paul Crowley
20th Jun 2020 15:17

Just is the process of buying same

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By MECtax
13th Jan 2019 12:50

veriphy is cheaper! £4 + VAT per check.

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By free-rider
13th Jan 2019 16:27

Thank you - I will check both services now and see which one will suit me better. Pleasantly surprised of how cost effective the online AML checks are.

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By James Green
13th Jan 2019 18:23

Try Company Registrations Online.

£2.95 per search.

http://www.companyregistrations.co.uk/searches-on-individuals/

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Replying to James Green:
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By free-rider
13th Jan 2019 22:59

James Green wrote:

Try Company Registrations Online.

£2.95 per search.

http://www.companyregistrations.co.uk/searches-on-individuals/

Thank you James. I`ve never heard of them but will definitely have a look.

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ALISK
By atleastisoundknowledgable...
13th Jan 2019 22:05

What’s main software do you use?

We use TaxCalc, so their AML add-on made sense, especially as you can bulk buy for as low as £1.50

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By free-rider
13th Jan 2019 22:57

I am using QBO for bookkeeping and filing VAT returns and Taxfiler for accounts and tax returns and none of these offer AML product as an add-on so need to look for a stand alone product.

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By pauljohnston
17th Jan 2019 13:05

I suspect that you should have a look at amlcc as the risk of not meeting a client is now considered to be greater than earlier money lundering requiremenst.

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By free-rider
17th Jan 2019 18:00

I have now reviewed all suggested AML online software providers and chose veriphy. This will streamline and simplify the AML procedure. Thank you everyone for your input.

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By Debittomycredit
20th Jun 2020 13:50

Hi everyone I found this thread as I’m setting up my practice now and I am looking at using Veriphy for AML checks. I work from home and ideally don’t want to ask clients to physically bring along ID (especially at the current time!)
Can anyone tell me what info you actually do verify for a very low risk client.. i.e. you can put in passport number/driving license number - is this needed or does it suffice to fill in the name, address etc section at the top?
If verifying passport or other details, do you still ask client to send you a copy? I.e does it replace having to have a copy, or does it just replace having to physically take the copy yourself? Thanks

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By pauljohnston
29th Jun 2020 10:26

@debbitomycredit We use Zoom or whats app and compare the photo on a previously emailed passport photo to verify.

As I understand it now on every occasion one has to electronically verify The best system I have seen is the that offered by AMLCC which does a lot more than that because you know have to do more than get a photo and address verification

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