Head of Insight AccountingWEB
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TaxCalc AML Centre aids checks and compliance

21st Jun 2019
Head of Insight AccountingWEB
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TaxCalc launches AML Centre
iStock_Anti-money laundering_Pe3check
TaxCalc launches AML Centre

Following an early preview at Accountex, TaxCalc’s AML Centre module is now available to help accountancy firms meet their anti-money laundering obligations.

Available as an optional extra for TaxCalc’s new Practice Manager system, the AML Centre costs £80 for 24 clients, rising to £450 for an unlimited number of clients.

It has tools for recording risk assessments as required by the updated Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (aka MLR 2017) and links to a cloud due diligence system for checking client identities. If need be, the firm’s money laundering officer can also use the system to file a suspicious activity report.

Previously TaxCalc offered an online ID checking service, but a more comprehensive system was needed to handle the additional risk assessments, controls and documentation under the new regime, explained TaxCalc product director Pauline Smith.

“Anti-Money Laundering Regulations require that firms put effective systems and controls in place, so it’s vital that you and your staff take appropriate actions and carry out the necessary procedures to demonstrate your compliance by assessing the risks to your firm; keeping appropriate records; performing client due diligence; monitoring clients on an ongoing basis and reporting potentially fraudulent activity,” she said.

“The TaxCalc AML Centre ensures you’re ticking all the right boxes, performing the correct procedures, understanding all the risks and keeping everything in order, logged and updated.”

The AML software reflects the tougher approach regulators are taking to auditing MLR 2017 compliance, which starts with a risk assessment of the firm itself and all its clients. The AML Centre categorises risks across five different factors and can output reports to target and implement any efforts to mitigate them.

The system makes use of TaxCalc’s SimpleStep guided workflow and can handle AML admin tasks including:

  • Completing a firm-wide risk assessment
  • Designating who the money laundering reporting officer and money laundering compliance principal are within the firm
  • Recording details of beneficial owners, officers and managers
  • Logging staff training
  • Cataloguing internal AML policies and guidance.

The program also supports know your client and due diligence activity through integrations with TaxCalc’s Client HubAML Identity Checking service and Companies House.

As part of the wider TaxCalc compliance and practice management suite, the firm-wide AML Centre “allows us to cover all the bases”, Smith told AccountingWEB at last month’s Accountex event.

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