What AML software would people recommend?

For a small accountancy firm with less than 100 clients, reasonably priced and easy to use

Didn't find your answer?

Looking for a simple to use, reasonably priced Anti Money Laundering software. Currently use IRIS purely because we use them for our Accounting software (Accounting software is one of the best I have ever used) but my opinion of the AML software is that they are quite pricey, customer service is poor if you require assistance and is not necessarily the most simplest either. 

Replies (13)

Please login or register to join the discussion.

By ireallyshouldknowthisbut
17th Apr 2023 16:35

We use veiphy, it was quite reasonable for one offs (£4) but its £6 now for a standard check including PEP/sanctions etc.

Thanks (1)
Replying to ireallyshouldknowthisbut:
Locutus of Borg
By Locutus
17th Apr 2023 17:17

Ditto. They are well suited to my size if business.

Thanks (0)
Replying to ireallyshouldknowthisbut:
David Winch
By David Winch
17th Apr 2023 17:55

Sorry to nit pick, but I think you meant veriphy https://veriphy.com/
Others are available. I have recently been hearing good reports of Smart Search https://www.smartsearch.com

Thanks (2)
Replying to davidwinch:
By Hugo Fair
17th Apr 2023 19:00

Careful, David, I've just been hauled over the coals for using that term (nit picking) on a different platform.

Apparently use of the phrase "may be considered as evidence of harassment or abuse" ... to which I quoted (via Google):
"Q: Why is it called nitpicking? A: 'Nitpicking' isn't racist, and it doesn't come from picking cotton. The term originally referred to picking nits, the eggs of lice, from hair, and later to picking out the lice themselves."

All of which I thought was obvious, but triggered a response accusing me of being obtuse - and claiming that I "was obviously calling the other person a nit, which is offensive"!

Thank goodness for the (relative) peace & calm of Aweb!

Thanks (3)
Replying to Hugo Fair:
By ireallyshouldknowthisbut
17th Apr 2023 21:39

More than happy to have my nits picked by someone like David.

He is indeed correct about the company name.

Thanks (1)
Replying to ireallyshouldknowthisbut:
By Camadon
22nd Apr 2023 13:40

We moved from SmartSearch to ThirdFort. It was like a time warp into the future. Clients love it.

Thanks (0)
By possep
18th Apr 2023 07:23

Veriphy is worth it for a small business at £6 a time.

Thanks (1)
By mbee1
18th Apr 2023 08:16

SmartSearch here

Thanks (1)
Replying to mbee1:
By ireallyshouldknowthisbut
18th Apr 2023 08:54

no pricing on that, how much is it? After all this is a "cheap is best" product to put on file assuming its all doing much the same thing and takes a similar amount of time to bang in the passport no.s

Thanks (0)
John Toon
By John Toon
18th Apr 2023 11:40

+1 for Veriphy and believe me I scoured the market for a decent AML system, of which I would say there are none, but Veriphy is the best of a bad bunch...

The OP is right though that Iris is poor for AML. Xama is the most promising but doesn't, yet, offer ongoing monitoring which they will provide using ComplyAdvantage in due course

Thanks (1)
By The Brick
20th Apr 2023 09:50

Horses for course I suspect but…. I use AMLCC. I found it’s AML checking bit to be a little clunky but it works (and in fairness that was OPs question so maybe I should stop here) but I like the rest of the KYC and CDD bits that it does. So as a “one stop shop” it got my vote.
As far as I’m aware (and I’m far from an expert) only Smartsearch has “real-time” monitoring of PEPs, sanctions etc. so I nearly went for that for pure AML but couldn’t justify the cost of both!

Thanks (1)
Sarah Douglas - HouseTree Business Ltd
By sarah douglas
20th Apr 2023 16:47

I highly recommend Accountancy Manager; they cover AML extremely well and allow you to use Veriphy with it which has already been mentioned.

We had an AML inspection and passed. The inspector was pleased with our records kept on the accountancy manager for AML.

You may already be using AM but not the AML features.

I wrote the ICB-accredited report for AM covering AML on Page 7 a few years ago detailing Veriphy. It was brief, as the article covered other topics as well, but it should give you an idea.


Thanks (1)
By I'msorryIhaven'taclue
08th May 2023 13:21

Veriphy's great for basic background checks: soft-footprint credit bureau check, sanctions and PEP lists checked, and pay as you go with no set subscription!

But the client verification service isn't ideal for a number of reasons:
client has to download an app to their smartphone, which isn't popular;
I failed the biometric test because the software wouldn't recognise my nine year old driving licence;
fail the biometric ID test and the entire test - including the basic background check - hangs and fails;
you won't receive a picture of your client's passport or driving licence - instead Veriphy scrapes the data and reports that to you.

That was the state of play six months ago - maybe Veriphy have fixed some of those issues by now.

Thanks (0)