AML
Acting Office enhances Anti-Money Laundering (AML) compliance by offering robust identity checks as an integral part of our software. These identity verification features ensure rigorous customer due diligence. These tools facilitate the due diligence process, enabling execution with utmost efficiency and precision.
Analysing the Anti Money Laundering functionality in Acting Office
Requesting identity documents from the client
KYC information can be obtained from the customer using data link. On accessing the data link, clients can provide identity and address proofs, which they can attach themselves.
New officers can be added using the ‘Add icon’ on the client's end, and identity documents for newly added officers can also be uploaded on the same pop-up. Also, members of AML can be added at the accountant's end by clicking on the ‘Add Member’ button under the AML tab, as explained below.
Once all the documents are uploaded, the 'Submit' option enables the customer to proceed with the submission of the necessary attachments.
Documents uploaded through data-link are automatically integrated and fetched while performing identity checks for the relevant officers at the accountant’s end.
Know your Customer
Performing identity checks
Begin by going into the business and navigating to the AML tab. Details of all officers on records of Companies House are automatically fetched and displayed here. You can also use the 'Retrieve' icon in case the same are not displayed yet. To manually add a member, click on the ‘Add Member button’ (
)and enter the required details.
Adding a member To perform the check, click on the 'verification' status i.e, unverified button of a particular member for whom you want to process the identity check.
Performing the check Fill out the required details in the provided form. Documents uploaded by officers during the onboarding process or through data links are automatically imported and displayed in this section on the right side to help the user in filling the form. You can manually upload pending documents by using the 'upload' feature for reference. Once a file is uploaded, click on the 'File' button and the name of the file to get this displayed on the right side.
Once the form is filled, click the ‘Check’ button to generate a comprehensive AML report.
Generating comprehensive AML report
The report will provide a rating and update the status bar (
)based on the severity of any detected issues. Click on the status bar to access a detailed report for further insights and necessary actions. You can also download the report.
On completing identity checks for all members, click on the AML compliance form to complete the procedure. In cases where any suspicions have been noticed, check the relevant box and in such instances, specify whether the same have been reported to the designated officer. Input your detailed comments under the notes section and then check the box to give the declaration that you have complied with all the risk assessment procedures prescribed in policies. This completes the AML procedure for the client.
At the same time, in some instances, the AML check for a client may be incomplete and you still want to send the drafts to the client for review in the form of e-signatures. In such instances, you will need to complete the Compliance form to bypass the AML check. To do this, click on the ‘AML Compliance’ box and select the ‘Skip’ option, providing the relevant notes. This permits skipping AML compliance for a period of up to one month and once the documents are then received, you can go ahead with the completion of procedure.
Viewing the AML tab
A list of all members will be displayed, including their basic details and AML risk levels. The AML risk for each member can be adjusted using a dropdown menu with options such as 'Not Set,' 'Low,' 'Medium,' and 'High,' based on the severity of the issue. Additionally, the date of the member's KYC completion can be updated using the dropdown arrow. For convenience, today's date will be shown by default, but it can be changed using the 'calendar' icon and by entering the relevant note.
For further guidelines, check this out-
Here’s an article on the HMRC website that outlines businesses must comply with Money Laundering Regulations by conducting customer due diligence, maintaining internal controls, documenting policies, and keeping detailed records to prevent money laundering and terrorist financing. This article by CCAB provides updated procedures and best practices for accountants to prevent money laundering and terrorist financing. Hope this is helpful.
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