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Wolters Kluwer releases cloud AML module for CCH iFirm

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Tax and accounting software provider Wolters Kluwer has released the first module for its new CCH iFirm cloud accounting platform – an anti-money laundering tool designed to streamline client onboarding and shore up compliance in a notoriously difficult arena.

11th Mar 2024
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Hot on the heels of unveiling its CCH iFirm cloud accounting plans, Wolters Kluwer’s CCH iFirm anti-money laundering (AML) module is now available for accounting practices.

The module is designed for UK accountants to remain compliant with AML and know-your-customer (KYC) requirements, streamline client onboarding processes and flag ongoing checks.

Its standard AML checks cover UK-based individuals, with the developer planning to expand coverage to customers in other countries via the release of upcoming modules.

CCH Central integration

Built from the ground up for UK users, CCH iFirm AML is Wolters Kluwer Tax & Accounting’s (TAA) first cloud-based AML product. The module launches via an AML button in CCH Central, Wolters Kluwer’s on-premise system

The module integrates with CCH Central via an API connection, reducing the need to rekey data from third-party products and passing the status of AML or KYC checks back into the system.

“Being able to streamline AML processes is invaluable,” Natasha Chryssafi, director of product management, Wolters Kluwer TAA UK, told AccountingWEB. “Accountants typically don’t charge back for this time, so we’re trying to cut that time down.”

In product testing, the average time to run a standard check using CCH iFirm AML was 1 minute 15 seconds, but the developer told AccountingWEB that testing firms had reported if the data was already in CCH Central then it could take as little as 30 seconds in some cases. “The system also stores AML and KYC records in CCH iFirm itself or the CCH Document Management application, ensuring there is an audit trail to demonstrate compliance to supervisory bodies.”

Biometric KYC checks incoming

Wolters Kluwer told AccountingWEB they will continue to expand the module’s functionality as time goes on, including the upcoming addition of Biometric KYC checks. 

In cases where it is not possible to meet clients in person, biometric checks can provide a further level of authentication, verifying the client’s ID document and confirming that the person supplying the document is the same as the person on it, using facial recognition technologies. Such checks also remove the need to scan and send documents.

“There’s often friction involved in getting clients to go through KYC checks,” said Chryssafi. “We’ve tried to make this technology as easy and frictionless as possible. They receive an SMS on their mobile phone and follow the flow – there are no apps or logins to remember. They take a picture of their passport or licence, show us their face and the system does the verification and runs an AML check.”

Pricing will be based on customers’ individual requirements for the system. CCH iFirm AML is available as an additional module for Wolters Kluwer CCH Central users and will become a standalone module for the cloud platform as and when the vendor releases more CCH iFirm products. For more information visit the CCH iFirm UK AML product page.

New CCH iFirm modules

Wolters Kluwer confirmed that further CCH iFirm modules to be released later this year include:  

  • Accounts Production: a module for accountants to handle the accounts process, from data entry to online filing
  • Personal Tax: a module for accountants to prepare and submit personal tax returns for individual clients
  • Validate: a module designed to accelerate bank confirmations with cloud-based audit software, using blockchain technology.

You can find out more about the CCH iFirm product by visiting the Wolters Kluwer stand at the Festival of Accounting & Bookkeeping on 13–14 March at the Birmingham NEC. For more information or to register for your free tickets please visit the FAB website.

Replies (5)

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By bigmuggsy
11th Mar 2024 10:11

Any details of the cost?

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Replying to bigmuggsy:
Tom Herbert
By Tom Herbert
11th Mar 2024 11:04

Thanks bigmuggsy, I asked the question and received the following response:

"Pricing will be based on customers’ individual requirements for the system."

So nothing public.

Thanks (2)
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By FactChecker
11th Mar 2024 13:08

Has anyone asked David Winch what proportion of full AML compliance is covered by the promised 30-seconds "to run a standard check"?
This may well be useful but, leaving aside the coyness with regard to pricing, it appears to be over-claiming what will be delivered in terms of compliance.

Thanks (2)
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By patrickcb
12th Mar 2024 09:45

One of the major complaints I here from my fellow accountants is that AML compliance is work we are not paid for. In my small practice I have decided to take that particular bull by the horns and will start charging clients for AML compliance. My argument to clients is that AML is a statutory compliance matter and my costs need to be covered - if they don't like it then complain to their MP! I use Xama's AML software which makes everything pretty easy. I charge clients a nominal sum of £25.00 a year for AML monitoring and, so far, no-one has complained too much.

Thanks (1)
Replying to patrickcb:
Tom Herbert
By Tom Herbert
12th Mar 2024 11:47

Thanks patrickcb. Onboarding charges came up in a show we did a couple of years ago and we wrote up a piece that led to some... lively debate, shall we say, below the line.

https://www.accountingweb.co.uk/practice/general-practice/onboarding-to-...

If you can cover your costs and people don't complain, why not?

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