Which AML system is preferred to use for clients?

AML system

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Dear Members

I would like to know which AML system is used by fellow accountants?

Thanks

AB

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By Tom+Cross
13th Feb 2024 14:04

https://www.accountingweb.co.uk/any-answers/money-laundering-software-0

The above was a recent thread, which might be a useful start.

Always remember to check previous enquiries and responses on Aweb

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David Winch
By David Winch
13th Feb 2024 21:02

Hi, a couple of things to be aware of. The availability of AML software is changing all the time - week by week. So you may want to do your own research before buying.
Some accounts/tax return software suites have an AML module. That might suit you, or not - depending upon whether integration is important to you & what the module costs (as well as whether it is easy to use).
Some AML supervisory bodies insist that their members use their AML software (which means they can monitor your AML compliance).
And of course if you have an existing client base and have done some AML compliance activity you need to consider how readily the CDD you have done can be transferred into a new system.
So, without knowing more about your situation, I cannot recommend a specific solution for you.
David

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By Amit Bhardwaj
13th Feb 2024 21:55

Dear David,

New firm with 0 clients but doing Marketing and about to have business in week or 2 on the basis of leads I am having.

Thank you for thorough explanation, looking forward to hearing from you and others.

Regards,

AB

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Replying to Amit Bhardwaj:
David Winch
By David Winch
14th Feb 2024 10:43

Who is your AML supervisory body? (I ask because the different supervisory bodies place emphasis on some different elements of AML compliance.)
David

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