For most accountants in the UK, keeping up with the AML regulations can often feel like a balancing act between compliance and convenience. The rules are harsh and require accountants to carry out thorough checks and ongoing monitoring. And even a single mistake can lead to hefty fines, penalties or even criminal charges in serious cases.
This is where AML software becomes a game-changer. It bridges the gap between strict compliance and practical convenience and helps accountants fulfil their AML responsibilities without unnecessary hassle.
But there are countless software in the market, each offering a unique set of features at similar prices. This often makes accountants unsure of what matters in AML software, and in many cases, they end up making software choices that don’t deliver on their needs.
If you want to avoid these mistakes, you will want to read this article, where we’ve highlighted five essential features every accountant should look for in AML software.
Strong Customer Checks (Customer Due Diligence & Enhanced Due Diligence)
One of the most important parts of AML software is the ability to help you properly check your clients.
In the UK, accountants must carry out customer checks to make sure they know who they are working with and to spot any risks. This is called Customer Due Diligence (CDD). Sometimes, for clients who are considered higher risk, extra checks are required. This is called Enhanced Due Diligence (EDD).
Good AML software makes these checks easier by automating client identity verification through identity documents and addresses. It also compares clients against important lists such as those of politically exposed persons (PEPs) or individuals on sanctions lists.
Real-Time Monitoring & Alerts
Money laundering activities can happen even after clients have been onboarded, that is to say, even after initial checks have been carried out. So, AML software should keep a constant eye on client transactions and activities.
Good AML software are equipped with real-time monitoring features that continuously monitor the client’s payments and activities and identify any unusual activity. When the software spots something suspicious, it triggers an immediate alert allowing accountants to act before the situation escalates.
Many AML software let accountants customise alert rules, thresholds and risk parameters as well. This helps accountant stay aligned with both internal policies and UK regulatory requirements.
Detailed Audit Trails & Reporting
Accountants need to keep clear records of all AML checks and actions taken. This is particularly important during enquiries from UK regulators like FCA or HMRC who seek the evidence of compliance with AML requirements.
Good AML software records every step in your firm’s AML process and creates a detailed audit trail automatically. This audit trail shows who did what and when, making it easy to track all client checks, alerts and reports. Without this, it can be difficult to respond to regulator questions or investigations quickly and confidently.
The software should also offer easy-to-use reporting tools. These tools can generate reports that meet UK AML compliance requirements and save you time. Instead of compiling information manually, you can produce professional reports at the click of a button, helping your firm stay organised and compliant.
Easy to Use & Works Well with Other Software
AML software should be straightforward to use. If it’s too complicated, your team might avoid using it , which can lead to mistakes or missed checks.
AML software should also connect with the other systems your firm uses, like accounting or practice management tools. This saves time by reducing duplicate data entry and helps keep client information up to date across your systems.
When AML software works well with your existing tools, it makes the whole process more efficient. Your team can spend less time on paperwork and more time on advising clients, all while keeping your firm compliant with AML rules.
Regular Updates & Reliable Support
AML regulations in the UK change constantly to address new risks and challenges. Your AML software must keep up with these changes.
Software that updates itself with the latest rules, sanctions lists and watchlists helps your firm stay compliant without extra effort. This also allows your team to stay confident that the software reflects the current legal landscape, which is especially important in a fast-changing regulatory environment.
Finally, reliable customer support is a big plus. If you or your team have questions or need help adjusting the software to new rules, having quick access to support team ensures questions are answered quickly and issues are resolved efficiently. This reduces downtime, prevents compliance gaps and keeps your AML process smooth.
Every AML Feature You Need In One Platform: FigsFlow
FigsFlow will soon be rolling out its very own AML feature fully integrated into the workflow. This upgrade shall make FigsFlow part of a very rare class ofsoftware that manages the entire client onboarding process from initial proposal and engagement letter to AML checks and ongoing monitoring from in one place.
FigsFlow helps you to:
- Create professional proposals for 100+ accounting services in seconds
- Generate regulatory compliant engagement letters that let client review and sign electronically
- Run AML checks (Customer Due Diligence and Enhanced Due Diligence) directly within FigsFlow
- Maintain detailed audit trail of every AML action
- Monitor client activities in real time and trigger alerts for any suspicious activity
Don’t miss out on this . Book your free trial today and be among the first to experience the new AML features in FigsFlow.
Conclusion
Selecting the right AML software is key to protecting your accounting firm from financial crime and staying compliant with UK regulations. But with so many options available in the market, finding the right one often feel confusing and overwhelming.
The process becomes much simpler if you know what features to look for and compare between different solutions. You can look for features like client checks, real-time monitoring, detailed audit trails, ease of use and reliable customer support.
If you’re unsure of where to start, we’ve tested almost a dozen AML options on the market and compiled the list to top 5 AML solutions for accountants. You can use this list as a reference to make an informed choice.
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