John Kiernander
Director, Neill & Co.
My accountancy practice specialises in tax for larger businesses and family trusts, all with international sources of funds. This is a challenge when it comes to money laundering risks, because you have to be cautious that the jurisdictions you’re dealing with don’t expose you.
I also come into daily contact with AML Regulations as a financial director for a London property development firm, but this is from the other side of things: as a party borrowing money from banks.
What I’ve learnt about AML is that asking for ID, like a passport copy and utility bill, isn’t enough. They don’t tell you anything about a person or their business.
“I’ve recommended AMLCC to a legal client and helped them implement it”
Other software just takes you through a box-ticking exercise
Searching for AML solutions online, it’s clear that many are inadequate. There are some that mis-sell their product as a complete solution. Others, especially in accountancy software, offer a bolt-on AML service that’s nothing more than a box-ticking exercise. They’re not based in the Regulations and don’t give you what’s needed to be compliant with them.
Everything in AMLCC has been created with the Regulations in mind. It’s well thought-out and goes into great detail on what you need to know about a client and why. This kind of deep questioning is exactly what you need to truly understand the risks your business might face.
Our client in the Legal sector is now using AMLCC on our advice
We have a client who was finding it a challenge to keep up with changes to the AML Regulations. That’s simply not an option. It might not be an easy subject but it has to be faced up to. AMLCC has helped them to get on top of things.
Feedback from them is that the platform speeds up their day-to-day AML work. This is thanks in part to the central dashboard, which is where you can find out everything you need about your business’ and clients’ risks. I’d second this. This is one of the features which we’ve found to be the most helpful.
We also use AMLCC to create and securely store all our KYC documents, so everything’s in one place. Because you can date-stamp these, the central dashboard warns you when the document needs to be updated, so we never slip up.
I have no doubts at all that AMLCC has been the right solution for us and for our client. AML can be hard. As a regulated professional, there’s continuous learning to be done in this area. AMLCC makes it easier.
What others have said
“We had the man from the ICAEW here yesterday to carry out a QAD practice review. We got a clean bill of health – not a single action point…That is in no small measure due to AMLCC so I just wanted to say ‘thank you’”
“Thank you for such a perfect and informative [solution]. You have given me a clear direction for my AML training and CPD.”
“I just wanted to say ‘thank you’ to you, Richard, and all the team at AMLCC for providing a service that really does minimise the burden of AML compliance.”
“What a refreshing pleasure working with a company who actually listens to the feedback from their customers and communicates with them!”
“Your team they have been excellent from the moment Fiona did a demo for me with only 15 minutes notice, and thoroughly going through the AMLCC product, answering the many questions I had! It was at this point at which I made up my mind this is the sort of business I want to work with for my AML.”
Making compliance easier
