AML Software for Accountants

According to the Serious Fraud Office, there are three key tell-tale signs which accountants should look out for when trying to prevent money laundering. These are as follows:1. If a long-term client or customer behaves oddly, or makes uncharacteristic requests. 2. A client or customer asks you to make financial arrangements which don’t make sense commercially. 3. A client or customer asks you to provide services which are outside your area of expertise, and does so on multiple occasions.

There are some fifteen different supervisory bodies responsible for monitoring the AML compliance of accountants, bookkeepers and other financial advisers, but these bodies are in turn overseen by the OPBAS. These regulatory bodies include the Association of Accounting Technicians, the Association of Chartered Certified Accountants, the Financial Conduct Authority and the Institute of Financial Accountants. To see a full breakdown of the supervisory bodies for this sector, visit GOV.UK.

Yes, sole practitioners still need to ensure that they are AML compliant. The Money Laundering Regulations 2007 stated that any company OR individual that is providing accountancy services must be registered with an appropriate supervisory body, so their AML compliance can be monitored.

Serious consequences, such as hefty fines, criminal prosecutions, and reputational harm, can arise from failing to meet AML requirements. Partners and staff members of the company can occasionally be held personally accountable and a fraud or failure to comply can significantly damage the reputation of a company.

Electronic verification is widely recognised by regulators, product providers and professional bodies as probably the most reliable, secure and efficient source of information for identity solutions. Regulators need to remain impartial so don’t recognise any particular supplier.

Using EV is by far the most reliable way to carry out know your customer and know your business checks on new and existing clients. As criminals produce ever-more sophisticated fraudulent versions of documents like passports and driving licences, EV can also verify official documentation quickly and reliably.