Complete AML solution for Accountants
Our service reduces your risk of exposure to Money Laundering by guiding your staff through efficient processes such as initial Risk Assessments and Client Due Diligence checks. AML HQ reduces onboarding times and provides your clients with a modern, secure, and professional impression of your firm.
Our risk-based approach to Know Your Customer checks automatically creates the records and reports to demonstrate due process and compliance. All reports and evidence are automatically recorded in a GDPR-compliant process and can be efficiently retrieved on-demand to support audits and regulatory visits
How we help Accountants
Onboard Customers Faster
Get the client’s AML file off the ground faster. Our onboarding tools allow you to instantly identify clients and meet your client due diligence obligations all in one place, streamlining your customer onboarding, and reducing time and costs for KYC checks.
Client Due Diligence for Accountancy Professionals
Identify clients remotely or in person using our online portal, so you always know who you are doing business with. From private to corporate clients, including beneficial owners have you covered.
Comply With AML Regulations
Show regulators that you take financial crime seriously and protect your business. Our complete compliance portal will provide you with the tools needed to meet your obligations.
Tailored Risk Assessments and Policy & Procedures
Identify clients and demonstrate due process. We provide risk assessments, policy and procedure documentation that you can use out of the box and edit to further tailor to suit your firm's needs.
Simple, Easy Workflow
Our templates and training modules can significantly ease the compliance burden placed on accountants while freeing up valuable resources within the firm to make the onboarding process smoother.
Always Audit Ready
Access to instant reports that provide audit-ready extracts and compliance gap analysis. All client data is stored safely in a secure and GDPR-compliant repository for access when audited.
Risk assessments are essential, but they don’t have to be difficult.
Anti-money laundering risk assessments are an essential regulatory requirement. Every practice must adopt a risk-based approach and conduct risk assessments at a both a firm-wide and individual client level.
AML HQ provides you with intelligent risk assessments to help you quickly identify risks and document due process.
Risk Assessments help to:
- Assess the level of risk associated with their firm
- Use a risk-based approach to prevent money laundering
- Create robust policies, procedures, and controls that actively reduce the risk of financial crime
- Make informed decisions about clients
- Evaluate risk reduction measures
- Identify transactions and relationships that involve an at-risk or sanctioned party measures
Tailored policies and procedures to suit your firm
Firms must establish and maintain a framework of policies, controls and procedures to mitigate and manage the risks of money laundering. The framework should be proportionate to the size and nature of the business.
AML HQ provides you with a full framework of policies, controls, and procedures that can be tailored to your firm's requirements. We will notify you with updated guidance from your professional body or competent authority.
Our policies, controls and procedures cover every area of anti-money laundering compliance your firm might need to consider:
- A risk-based approach
- Client due diligence
- Record keeping
- Internal controls
- Ongoing monitoring
- AML Training
- Reporting procedures
- Compliance management
Fast, simple and secure identity verification
Effective identity verification is a key AML defense. By knowing who owns and controls a client, a firm not only fulfills its legal and regulatory requirements, it equips itself to make informed decisions about the client’s standing and risk.
AML HQ helps you onboard clients quickly and securely by using a combination of digital, physical, and biometric checks.
Our client due diligence process can be tailored to suit your needs and includes:
- Official company information checks
- Beneficial ownership verification
- Document proof and data extraction
- Biometric facial recognition
- Liveness check includes video and motion capture
- Configurable sanctions and PEP & screening
Compliant by design, make monitoring visits as painless as possible
AML inspections and monitoring visits can consume firms. Our automated processes help you stay on top of your compliance obligations.
At any time you can run instant reports and identify compliance gaps. At the touch of a button, our software allows you to produce comprehensive auditor extracts to evidence and demonstrate compliance.
If you have an AML query or an upcoming inspection our dedicated compliance team are always at the end of the phone.
Our tailored processes help you:
- Assess compliance and achieve compliance assurance
- Identify compliance gaps
- Ensure CDD documentation and evidence are readily available for inspection
- Review and respond to changes in your practice and legislation
- Access our dedicated AML compliance hotline
CPD content tailored to fit your needs
All professionals should receive continuing professional development (CPD) appropriate to their role. AML HQ provides you with the ability to track your staff’s training schedules and identify if there are any training gaps.
AML HQ provides access to a series of online CPD training webinar videos, on a variety of essential subjects and topics.
Each CPD course gives you access to:
- Virtual CPD courses and webinars
- Download supplementary training documentation
- Regular reviews and updates
- Documented training records
Testimonial
We at ProfitPal have always embraced technological solutions that drive efficiencies and delight customers. AML HQ is exactly the service we need to cover our Anti-Money Laundering obligations. AML HQ is easy to use, makes my team more efficient, and helps keep my business compliant. I am confident that our next ACCA audit will be a lot easier.”
Denis Breen, Managing Director of Profit Pal
FAQ
Guidance from the Association of Chartered Certified Accountants (ACCA) and the Anti-Money Laundering Guidance for Members of the Bodies affiliated to the Consultative Committee of Accountancy Bodies in Ireland (CCAB-I) define what Policies, Controls and Procedures are required for Accountants.
They maintain that every Accountancy firm must have appropriate policies and procedures for assessing and managing Money Laundering risks. They also refer to the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2021 which places certain requirements on Accountancy firms regarding Client Due Diligence CDD and ‘record keeping, procedures, and training'.
The following topics, all of which form part of the Money Laundering framework, need to be considered when drafting policies and procedures:
Risk Based Approach, Risk Assessment and Management.
Customer Due Diligence (CDD)
Confirm Beneficial Ownership
Record keeping
Internal Control
Ongoing Monitoring
Reporting Procedures
Compliance Management
Communication
Training and Awareness
Accountancy firms must implement and document policies, controls and procedures that are proportionate to the size and nature of the firm. These should be subject to regular review and update, and a written record of this exercise maintained.
AML HQ's all-in-one solution for accountancy service providers was created in line with guidance from competent authorities (CCAB-I, ACCA, CAI) to solve the challenges that accountants, bookkeepers, and tax advisers face in complying with ongoing anti-money laundering regulations.
We do this by providing you with:
- Policies, controls, and procedures manual that you can use out of the box or you can further tailor to suit your firm.
- Digital risk assessments that allow you to quickly determine risks and efficiently record assessments to evidence due process.
- Client onboarding processes and tools to help you identify and verify new corporate clients and private individuals. AML HQ helps you to make a good first impression with new clients while also securely managing their sensitive data in accordance with GDPR.
- Training material and electronic training logs to track and monitor your staff training requirements.
- Audit reporting that significantly reduces the administrative burden when an AML audit is undertaken.
To stay compliant with evolving AML regulations, accountancy firms must adopt a proactive approach. This includes regular staff training, client due diligence, and effective risk management processes. AML HQ simplifies this by offering an all-in-one AML solution that helps firms meet their obligations efficiently.
Our service includes:
- Digital risk assessments for firm-wide and client-specific risk management.
- Client onboarding tools to identify and verify both corporate and individual clients, meeting CDD requirements.
- AML policies, controls and procedure templates that can be tailored to your firm's needs.
- Instant audit reports and compliance gap analysis for easy auditing.
- Staff training hub to ensure your team stays up to date with AML requirements.
AML HQ helps streamline your processes and ensures your firm meets its AML obligations with ease.
Let's Chat
In just 15 minutes, we cover everything you need to be AML compliant.
