Simon Taylor
Director
TWR Accountants Ltd
When the Money Laundering Regulations came in, in 2007, it took a while for us as accountants to get to grips with what we needed to do. While we did everything that was asked of us – creating an AML manual for our business, appointing an MLRO, verifying IDs – as the Regulations evolved it was clear that it needed to be more than a box ticking exercise.
As the business’ MLRO, I began to do more research into what exactly was expected of us. Unfortunately, during this time we were misled into buying a subscription for a provider that sold online ID checks believing this would take care of all our requirements. At the time of our next inspection, our supervisor (the IFA) informed us that we weren’t fully compliant.
“We’re now whizzing through our AML”
The AMLCC platform explains exactly what we need to do
We began to receive updates through our supervisory body recommending the AMLCC platform so we decided to sign up.
From the day we first accessed the platform, I found there was a lot of useful information. It’s not just a matter of going into a platform – it’s a combination of AML tools and guidance to go with them. This means that it’s easy to see what you need to do and how to do it.
For example, when you go on to set a client up on AMLCC, you can see the steps you need to take to fully onboard them, from how to create their profile to how to check their identity and complete a risk assessment for them.
The platform also helps and requires you to complete your firms’ risk assessment and firm’s policy (all requirements of the regulations).
Staff training for all your employees is also included on the platform – another requirement of the regulations. Videos followed by multiple choice questions can be undertaken annually by your staff. Certificates are then generated for passing which are recorded and saved within the platform as evidence training has been undertaken.
As the Regulations have evolved, the questions on the risk assessments have expanded to cover the new rules. From webinars I’ve been on, there’s platforms that are out there that will give you a base for AML compliance but that’s it. AMLCC gives you everything you need.
The new firm dashboard when you login also gives a complete business overview of your clients and your firm requirements undertaken or which require undertaking.
Thanks to AMLCC, we’ve passed our latest inspection
We’ve got everything AML-related on the AMLCC platform, so we’re now whizzing through our AML work.
All the identity checks, client documents and risk assessments are saved on the audit trail for as long as you need them. So someone — like our supervisor — can access our platform as a guest and can see exactly what we’ve done. And actually, we’ve been inspected recently and passed.
The standout features for me are the risk assessments (clients’ and firm’s). From what I’m hearing, firms often print out a standard one from the internet that’s not tailored to their business, which is what catches them out. Whereas on the AMLCC platform, you can do that tailoring on there because it asks the right questions.
The AMLCC customer service is excellent, they’re straight onto any issue I might have. Because it’s a family business, one of the owners or their AML experts usually phones through or sends an email really quickly. It’s a fantastic level of service.
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
