Next Generation AML:
Make the move today
What’s happening?
- We are advising IRIS Elements AML early trailblazers to move to the current version of the IRIS Elements platform.
- You will still see all the same features as you do today in AML.
- You’ll receive an email from us telling you what to do and a further email with a discount code. Don’t worry, you don’t need to do any data preparation ahead of the migration. We’ll simply redirect your data to the current version of IRIS Elements in the background when you complete the migration process.
- On the latest version, you’ll be able to access all the Elements products from onboarding clients with Practice Management and Proposal Manager to Tax , Accounts Production, Company Secretarial and Company formations. All there if you need them.
- You will also be able to self-serve any updates you need to your subscriptions and ID checks through our Marketplace, any time you want, at your convenience.
A little reminder on what you get
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Keep informed
Suspicious activity reports: Makes it easy for you to alert your MLRO to any suspicious activity and captures all the details and supporting evidence required to create a Suspicious Activity Report (SAR).
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Save Time
Know your customer (KYC) assessments: Use our default KYC questions which cover all client types or create your own checklists. Secure storage of ID documents.
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Stay on top of your risk
Risk assessments: Complete a firm-wide risk assessment annually for your business to identify key risk indicators.
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Automation keeps it simple
Bulk ID Checks run in the background whilst you work.
How will the data move?
The data migration tool takes all your data and moves it across to your new platform. You’ll be asked to sign up to the new platform but we’ve made it easy. For all the info see our Help Centre.
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Click the link to migrate in your onboarding email
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Complete your profile and business information
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Check your additional user details and complete the migration
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Activate your Elements account
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Purchase your AML products via the Marketplace
Pricing
Existing customers of IRIS Elements AML DO NOT pay for the portion of your subscription that you have already paid. You will receive a discount code via email which you will input when you go to purchase your products in IRIS Elements Marketplace.
License pricing is based on the number of clients the customer expects to perform AML duties against.
Checks then cost from £2.50 per check, billed separately.
| Number of clients | Price* |
|---|---|
| 30 clients | £250 |
| 70 clients | £460 |
| 100 clients | £522 |
| 175 clients | £854 |
| 250 clients | £1057 |
| 500 clients | £1504 |
| 750 clients | £1912 |
| 1000 clients | £2214 |
| 1500 clients | £2835 |
| 2000 clients | £3396 |
| 3000 clients | £4578 |
| *Starting prices when purchased on a 12 month contract. | |
| Check | Cost |
|---|---|
| UK ID Checks | £2.50 |
| International ID Checks | £3.75 |
| Credit Screen | £3.75 |
| UK Company Report | £8.50 |
| Non-UK Company Report | £25.00 |
| HR Screen | £7.50 |
What else can you do?
Apart from AML there is lots more to explore in the current version of IRIS Elements with a few examples below of how you can onboard your client all in on place with the same client list…what could be simpler?
Effortless client onboarding
Save 3.5 hours per client: With IRIS Elements AML and Proposal Manager, client onboarding is quick, seamless and saves you about 3.5 hours per client. You can carry out AML checks and create proposals in minutes. Once your proposal is accepted, the engagement letter is generated and can be sent out to the client.
Save an additional 2.5 hours per employee per month by adopting IRIS Elements Practice Management. Initiate workflows and assign tasks with ease and improve client communication with automatic emails and reminders.
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IRIS Elements Practice Management
Add a prospect
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IRIS Elements AML
Check risk profile
Perform checks -
IRIS Elements Proposal Manager
Create a proposal
Send engagement letter -
Approval
Prospect accepts proposal
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IRIS Elements Practice Management
Convert to client
Provision services
Notify relevant staff
Initiate workflow
See what our customers are saying
IRIS Elements AML
“IRIS Elements is such an easy system to use; everything is self-explanatory and user-friendly. The ID checks are quick and easy, and by using both ID checks and risk assessments, you can make an informed decision on the client’s risk. The Elements team are very friendly and quick at responding if I have any queries.”
R Vann Limited
IRIS Elements
“IRIS Elements is really at the heart of our practice now. It’s one database for all our information, rather than multiple systems for us to update. We’ve removed the risk of error, moving data from one system to another, and we’re all working from the same place – no matter where we’re working from. We don’t have to worry about multiple client records increasing errors and duplication, we share one client record across the practice.”
Power Accountants Business and Tax Advisors Limited
IRIS Elements SmartTax
“I do like SmartTax – I can see the effect any changes to a tax return has on my client’s tax liability straight away as I update it. It’s only a small time-saver per return, but when you do lots of returns it makes a real difference”
Crack-A-Tax
IRIS Elements SmartTax
“Ultimately, Elements is a fantastic time-saver for our Practice. When we need figures quickly, which we always do, Smartax is the tool that makes that possible.”
Bob Jones & Son Accountants
FAQs
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Yes, all of our new feature developments will be delivered in the current version of IRIS Elements. We will also, in the future, be removing support for older versions of IRIS Element AML so we encourage you to migrate sooner rather than later.
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No, on the current platform you can be billed either monthly or annually.
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It is never our intention to charge a customer twice for their products. If you do have a problem please raise a ticket through the IRIS Elements support channel.
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We will be contacting you directly to ensure your feature is switched on in the new platform alongside AML.
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It’s based on how long you have left on your subscription, the amount you’ve already paid towards your subscription, your payment schedule. Your discount code can only be used for the new version of IRIS Elements AML.
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Your contract lasts for 12 months in the new version of Elements and will begin when you pay for your new product. You can choose to pay monthly or annually. AML Checks are billed on a pay-as-you-go basis and are invoiced monthly in arrears.
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Multi-year subscribers will be contacted at a later date with details of migration.