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Which AML solution?

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Hi all,

As my username suggests, I'm new to this site and to running my own practice.

I'm in the process of setting out on my own. I want to utilise technology and software wherever I can, to make my business as efficient as possible. I've got most bases covered but I'm having trouble deciding on an AML solution.

I want a "full-solution", that automates/simplifies as much of what needs to be done as possible but, as I'm just starting out, funds are tight, so I need it to be cost-effective (free?!). So, what would you recommend?

Thanks in advance for the taking the time to respond :)

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By Chris Maslin
27th Jul 2021 12:34

I doubt you'll find much for free. In terms of AML, might be worth first looking at the providers of what you already have. Eg Taxcalc do AML checks, but are predominantly known for their tax software. Senta do AML checks, but are predominantly a CRM system.

Certainly you can use Taxcalc just for AML checks, so in the absence of any other obvious choices I'd suggest them. Cost per check depends on how many you buy in one hit, but go as low as ~£1.50 each when buying in bulk. If you're just starting out you likely won't want to go anywhere near that so may pay more like £2-5 each.

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By Leywood
27th Jul 2021 14:38

+ 1

Others are mentioned on here on a very regular basis. Do a search (via google, as the search option within Aweb is pants)

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By SXGuy
28th Jul 2021 06:20

Nothing is free. Have a look at amlcc

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By Max Maxwell
29th Jul 2021 14:01

We use Creditsafe and get charged £1 per search.

We use TaxCalc AML module to furmulate our AML policies and carrying out risk assessments, to which we attach the AML search results from Creditsafe.
TaxCalc AML Module is £80+VAT PA

For AML Training we use AMLCC, which keeps a record of all staff training on AML and training for MLRO's

Hope this helps

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