Anti-Money Laundering software and solutions

Whenever you’re looking to take on a new client, don’t be afraid to question the motive behind hiring your services.   

This doesn’t mean you need to go full Law and Order and shine a light in their eyes while you grill them – but a healthy amount of suspicion can help the AML process, especially at the beginning of a new client relationship.  

As part of customer due diligence (CDD) and know your customer (KYC) checks, don’t be afraid to go beyond basic ID checks to confirm there’s no risk of money laundering. 

And again, you don’t need to make your client feel like a criminal. Questions like “What industries do you operate in?”, “Who do you typically work with?”, and “What’s an average month look like for you?” can help you get to know the client, establishing a strong foundation for a new relationship. 

While it’s important to perform AML checks on new prospective customers, ongoing AML transaction monitoring is equally crucial.  

Alongside checking the IDs and credit of new clients, carry out ongoing AML-related checks on existing clients, taking note of changes to: 

• Client profiles 
• Frequency of transactions 
• Changes to client services 

• Which industries they’re operating in

Carrying out ongoing AML transaction monitoring and know your customer (KYC) checks allows you to identify threats faster – which is good news for your firm.  

While that can sound like a lot of work, the right AML software or accounting software can help you make short work of AML-related checks.

An internal regulation framework is a way of laying out how and why your accounting firm complies with AML requirements.   

An AML internal regulation framework ensures that everyone – from senior leadership to administration – knows what they need to do to be AML compliant. It also helps ensure staff:  

• Understand the importance of AML and the consequences of failing to comply with regulations 
• Know how to support one another in upholding AML compliance 
• Can easily refer to an updated internal document if they’re ever unsure about AML. 
• Are clear on how to identify and report possible money laundering 

Having a robust, up-to-date, and easy-to-understand internal regulation framework helps accounting and CPA firms pull together to ensure AML compliance. 

When it comes to ensuring AML compliance in an accounting, executive leadership must be the ones leading the charge.  

When senior leadership is championing AML across a firm – no matter the size or scale – you’re far more likely to achieve and maintain compliance. It can help with: 

• Allocating necessary resources (e.g. accounting software with AML capabilities) 
• Embedding a culture that prioritizes compliance   
• Empowering staff with program enhancements (e.g. new AML training) 

This one’s tricky to achieve but when done correctly, your firm benefits from a staff who are well-resourced, knowledgeable and motivated to hold up their end when it comes to compliance.  

Ideally, you want to encourage your staff to internalize their AML-related responsibilities, giving them the means to become compliance champions. You can do this through: 

• Emphasizing the importance of AML and how their individual role fits into the firm’s wider AML framework 
• Offering enhanced AML training or refresher courses to ensure staff are up to speed with all AML regulations 
• Sharing stories of effective AML intervention (larger firms could even look to spotlight particular members of staff to celebrate their contributions)