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What AMLR software do people use?

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HI All,

 

we currently carry out manual checks on clients for AMLR which can be cumbersome.  Can anyone recommend an AMLR software package that doesn't cost the earth.  I have recently had an online demo with CreditsearchUK and whilst their software is all singing all dancing the best they could price me worked out at £76 per client check!

Thanking you all in advance

 

 

 

Replies (20)

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By tbennett
20th Mar 2018 15:23

I used to use CreditSearchUK but got fed up with there incessant sales pitch and high prices. With CreditSearchUK you can haggle them down to £10.50 a search, but its still a expensive.

I now use SmartSearch and I'm happier with it. Much less hard sell, and I pay for each search which is about half the price of Credit Search. The PAYG option isn't the cheapest way to do it, but I like the flexibility and its a few quid, not £76! Ouch.

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James Byrne
By jamesbyrne
29th Mar 2018 12:33

We have just released Digital AML checks through AccountancyManager. We also have a built-in AML risk assessment form for each of your clients.

The digital AML checks replace the need to request photo and address ID from your clients.

To save even more time, you can use the client onboarding feature which sends out proposals and letter of engagements as well which are ICAEW compliant.

Individual AML checks are charged at £3.75 or you can buy in bulk to reduce the cost £1.75 per check.

If you would like more information please get in touch.

Many thanks,
James Byrne (CEO)

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Replying to jamesbyrne:
By Ray051
29th Mar 2018 10:51

James, Can't find you on Google. Contact details?

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Replying to Ray051:
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By martintarren
29th Mar 2018 11:14
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Replying to Ray051:
James Byrne
By jamesbyrne
29th Mar 2018 12:37

If you are still having difficulty, please contact us on 01926 355366 or email [email protected].

You can now buy in bulk for as little as £1.75!

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By marky74
20th Mar 2018 20:07

I use Veriphy Ltd - its pay per use. It was recommended to me and I use it all the time. Does the trick.

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By [email protected]
21st Mar 2018 09:35

Thanks Guys, Veriphy comes highly recommended from another practice that I know.

However, James, I am very interested in what you are offering as I am currently an Accountancy manager user! I will give you a ring as the AMLR side that we seem to be using via accountancy manager is still very manual based so clearly we are not using it right! I will ring you shortly thanks everyone

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By djn24
29th Mar 2018 10:54

Why would you need to use an online checker?

Surely, a copy of a passport/driving licence and a bank statement/ utility bill covers it.

We are not detectives and so for me this covers it.

Standard request for info on every new client and part of initial meeting. Simple and no cost.

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Replying to djn24:
James Byrne
By jamesbyrne
29th Mar 2018 12:42

It's to save time and hassle for you and your clients.

It's also been said that now it is so easy to create false identification with new print technologies that digital ID checks are a much more reliable.

AccountancyManager also has the ability to carry out the all important (and legal) risk assessments for each client.

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Replying to jamesbyrne:
By djn24
29th Mar 2018 18:54

jamesbyrne wrote:

It's to save time and hassle for you and your clients.

It's also been said that now it is so easy to create false identification with new print technologies that digital ID checks are a much more reliable.

AccountancyManager also has the ability to carry out the all important (and legal) risk assessments for each client.


I asked this question to a very senior money laundering professional on this website.
His answer was that we are accountants not detectives. Thats good enough for me.
If I'm going to have a continuous relationship with a client then there's very little risk of forged documents anyway.
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By chatman
29th Mar 2018 11:06

The tough thing these days is not just getting proof of ID and address, but documenting your due diligence process. If anyone can point me to a tool that structures the approach to this I would be very grateful.

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Replying to chatman:
By djn24
29th Mar 2018 11:47

This is a simple way:
Have a template sheet set up and just lists the documents that are acceptable.
Tick the one that applies, copy it and job done.

I try to keep things as simple as possible. This works for us.

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Replying to djn24:
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By chatman
29th Mar 2018 11:52

Is that your entire due diligence process?

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Replying to chatman:
By djn24
29th Mar 2018 18:59

chatman wrote:

Is that your entire due diligence process?


You need to assess the risk. The risk of a small business client that is going to be using you for many years forging documents is infinitely small.
Copy the ID and record it. Send letters for signature to prove address. Have 64-8 for hmrc amd again you have checked the address and identity. Bank statements will be seen pretty soon too.
It's not rocket science.
I think as long as reasonable steps are taken that will be fine. Going to the extreme seems pointless.
Obviously, for clients you won't meet or living outside uk then I can see the merit in extra checks.
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Replying to djn24:
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By Malcolm McFarlin
29th Mar 2018 12:07

Due diligence should be undertaken on a reasonable and proportionate basis, a tick box approach is not the right approach. You need to have an MLR Policy & Procedures document and a risk assessment in place. I designed my own forms which although are manual only take a few minutes to complete together with a risk assessment. We use Creditsafe as part of the due diligence service we provide.
www.mandrtaxadvisers.com

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By Glenn Martin
29th Mar 2018 14:02

I use AMLCC its a full system, keeps all records in a data base, risk assesments, digital checks via equifax, plus all policies and procedures.

Only problem is it does not integrate with anything else so have to double up on the data entry

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Replying to Glennzy:
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By chatman
29th Mar 2018 16:32

Thanks Glenn. Does it walk you through the risk assessment?

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Replying to chatman:
By Glenn Martin
30th Mar 2018 09:43

Hi Chatman
I can email you a copy of a risk assessment if you want easy enough to use

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Replying to Glennzy:
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By chatman
30th Mar 2018 14:18

Thanks Glenn.

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By pauljohnston
30th Mar 2018 05:56

I can back Glen on the amlcc, indeed it is provided with in the annual membership fee of two of the accountancy bodies to which I belong.

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