AML compliance rules are, without a doubt, an administrative headache for small business, especially for firms that deal with client money. They take too much time, feel overwhelming, and a small mistake often lead to big consequences.
What if you could stay compliant with all those AML requirements in under 60 seconds?
All those never-ending piles of paperworks, the checks, the ongoing monitoring- everything done in less than a minute. Imagine how much time and money you’d save.
In this blog post, we will show you exactly how to achieve AML compliance quickly and effectively. You will learn what AML compliance really means, what it takes to do it in under 60 seconds, and three key steps to make that possible.
What Are the Core Requirements of AML Compliance?
Under UK law, firms providing accountancy, tax or related services must comply with the Money Laundering Regulations 2017. HMRC oversees these obligations, and failure to comply can result in fines, penalties, and in serious cases, criminal charges.
The main compliance requirements for small firms include:
- Customer Due Diligence (CDD) – You must verify the identity of your clients before starting work. This includes confirming their name, address, date of birth, and in certain cases, the source of their funds.
- Enhanced Due Diligence (EDD) – For clients that are considered higher risk such as politically exposed persons or overseas businesses, you must collect more detailed information and maintain thorough records.
- Risk Assessment – For each one of your client, you need to evaluate the risk level and document the reasons for your assessment. You should consider factors like the type of business, country of operation, and the services you provide.
- Ongoing Monitoring – Compliance requires regular reviews, especially when there are changes such as new directors, unusual activity, or different services being offered.
- Record Keeping – You must keep clear records of ID checks, risk assessments and compliance steps for a minimum of five years.
- Staff Training – If your firm have employees, they must receive training to identify money laundering risks and know how to report any suspicious activity.
- Policies & Controls – You need a written AML policy and procedures that are specific to your firm. These should reflect how your business operates rather than being a generic template.
These requirements may be seen as extensive. However, with the right approach and the right tools, you can complete each of these steps in seconds.
What “AML Compliance in 60 Seconds” Really Means
AML compliance is ongoing process and doing it right takes time. You cannot just do it once and expect to stay compliant forever.
However, you can complete each of the key AML requirements for once in under 60 seconds per client. This is possible with a well-designed system that helps you to:
- Verify client identity using electronic tools
- Log risk levels based on your firm’s criteria
- Capture and store compliance documents
- Keep a clear audit trail for HMRC checks
If you carry out these tasks manually, it often takes between 15 to 20 minutes per client. There is also the ongoing need to follow up and chase clients for missing documents.
However, with automation and an integrated process, that time drops sharply. In most cases, each task can be done in 60 seconds or even less.
You cannot and should not ignore AML compliance, as we have already discussed the grave consequences compliance failure can have. But you can make the process efficient.
Three Things That Make 60-Second Compliance Possible
Efficient AML compliance is not achieved just by working faster. It requires the right system, process and tool that support consistent and accurate results.
Here are the three key elements that make it possible to complete AML tasks in under 60 seconds per client:
1. A Standardised Process
Every client should follow the same step-by-step process. This helps ensure nothing is missed and all checks are completed properly. A clear process should cover:
- Collecting and verifying identification
- Assessing client risk
- Recording key decisions and actions
A consistent approach reduces errors and avoids gaps in documentation.
2. Purpose-Built Technology
Using the right tools is essential. Manual checks are slow and increase the risk of mistakes. Technology can streamline key tasks such as:
- Verifying identification through electronic ID checks
- Scoring client risk automatically based on set criteria
- Storing compliance records securely in digital format
These tools help you save time and meet legal standards more effectively. but also help firms meet legal standards more effectively.
3. Centralised Records & Notifications
All AML records should be stored in one central system. This makes it easier to track actions, monitor progress, and respond to audits. Notifications can alert you when reviews are due or when action is required.
Having all information in one place helps you stay organised and prepared, especially if HMRC reviews your compliance.
How FigsFlow Helps You Get There
FigsFlow is soon rolling out an AML module as part of its existing workflow management system. This will make FigsFlow a complete solution for accountancy, bookkeeping and tax advisory firms. It will handle everything from the initial proposal and engagement letter to client onboarding, performance tracking and ongoing AML compliance, all in one place.
Here’s how FigsFlow will help simplify AML compliance:
- Verify ID documents
- Access and record client risk
- Keep all AML records organised and accessible
- Get notified when reviews or updates are due
- Export full AML logs
Clearly, FigsFlow is the system you have been looking for. It helps you ensure AML compliance in under 60 seconds.
But don’t just take our word for it. Try FigsFlow for free and see it for yourself.
Conclusion
AML compliance is not going away. In fact, the rules are likely to become even stricter. But that does not mean it has to take up all your time or cause unnecessary stress.
With a clear process, automation and the right tools, you can complete AML tasks in under 60 seconds per client. You stay fully compliant without taking shortcuts or making errors.
FigsFlow’s AML module is built for this purpose. It will give small firms the systems they need to manage compliance with the same confidence as larger firms, but without the high cost or complexity.
If you are spending too much time on compliance, now is the time to improve your process.
Quick and reliable AML compliance is not out of reach. It is coming soon!
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