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Streamline your AML process

12th May 2023
Brought to you by
BrightManager logo

Award winning CRM & practice management software

Save content
Have you found this content useful? Use the button above to save it to your profile.

It seems like the spotlight has really turned up a notch on AML lately. We’re all aware of money laundering and the dangers of it – one example from Hollywood being Gus Fring from Breaking Bad. He laundered his drug dealing money through Los Pollos Hermanos and Lavandería Brillante.

OPBAS’s recent report showed that the total number of fines had increased 98% in 2021/22 compared to the year prior, with the average fine rising by 67%. Unfortunate cases are popping up all of the time, likely due to an array of ill-fated circumstances. 

Have you or a firm you know ever taken on the odd ‘problem client’? Maybe one that’s involved in an industry you have little to no experience with, or conducts activities that aren’t necessarily suspicious, but just don’t quite fit the bill? It could be a client reluctant to provide basic information, a cash-based business, a property transaction with unclear fund sources, or a client with rapid turnover rates. As an accountant, you have legal AML requirements to conduct, and while these may just seem like more arduous admin, they help safeguard you and your firm. 

As you’re probably well aware, in order to do this, you must have proper procedures in place, but there are some firms out there that have inefficient procedures – like not keeping adequate records, not training staff on the matter, the list goes on. 

On top of that, the government’s Economic Crime Plan 2 aims to crack down on money laundering by taking on 475 new financial crime investigators to target the detection and disruption of money laundering, with the aim to recover £1 billion in criminal assets over the next decade. Graeme Biggar, Director General of the NCA said: 

The reforms detailed in the Economic Crime Plan are crucial to move us to the next level in our fight against the dirty money that fuels serious and organised crime. They will enhance our capabilities to identify illicit finance and drive it out of the UK; targeting corrupt elites, and the money launderers criminal gangs rely on” 

While there are a vast range of solutions out there to choose from that can help cut down on AML admin, we’d like to show you how our practice management software can support you while you jump through those AML hoops.* 

Streamlining AML with AccountancyManager  

You can undertake ID checks, company credit checks, and risk assessments all in AccountancyManager – thoroughly checked by former HMRC tax investigator, John Groves.  

In the AccountancyManager menu, go to Clients > AML ID & Credit Checks > Buy Credits. Purchase however many credits you see fit (the more you buy the cheaper they get – and don’t worry, they don’t expire). Go back to the menu and choose Clients > AM ID & Credit Checks > New AML Check. You can then click into AML ID Check or Company Credit Check. Here are images of what it looks like below.

AML in AM
Bright

AML in AM
Bright

Pop in the clients’ details and any other additional data. You can also do an optional credit screen within the AML check, but be aware that you’re legally required to inform the client that you’re planning on performing a credit screen on them beforehand. 

The result will appear in the system – for the AML check it will let you know whether it’s passed or failed, and for the company credit check you’ll get a score out of 100. Our AML ID checks are done through Veriphy, which check against LexisNexis, Experian, Equifax and the electoral role, and you can do checks with either clients or prospects. 

You can undertake risk assessment checklists within AccountancyManager too, which consists of a checklist. In the risk assessment, you can pop in whether the client’s a cash-based business, has any outstanding tax matters or payments, and more. You can then determine the client as a low, medium or high-risk client, which appears at the top of their profile (see the highlighted “Medium Risk” in yellow near the top of the image below), and these can be updated as often as you like. 

Medium risk
Bright

 

Individual checklist
Bright

Highlight areas of risk
Bright

Risk assessment
Bright

Here at Bright we’re on a mission to make a happy and efficient working life a reality for accountants and businesses through reliable software and amazing support. Interested in streamlining your AML process? Book a demo of our practice management software below. 

*The content in this article is not legal advice and should not be used as a substitute for guidelines, advice and regulations from governing bodies. 

eleanor vaughey 

 

Written by Eleanor Vaughey | Bright