12 Days of IRIS Christmas: “On the 3rd day of Christmas, a client questioned me…
...about my AML philosophy."
If you read the first blog in this series, you’ll know that Claus Industries and its accounting team at Red Nose & Associates are valued IRIS customers.
Like many of us, Father Christmas and his business are the occasional target of nefarious individuals and companies. Living up in the North Pole, face-to-face meetings with business partners, investors, clients and the like are difficult to arrange, and many of his decisions as CEO are made on trust (eternal optimist that he is).
After being falsely accused of harbouring all manner of law-bending offshore accounts (based solely on the fact that he has a holiday home in the Bahamas, which almost, kind of, looks/sounds like Panama...), he now, through Red Nose, has IRIS Anti-money Laundering software perform all aspects of compliance recording and monitoring on his behalf.
Visit the AML Hub and ensure compliance with the latest rules and regulations
Ding Dong, AML-On-High(-Risk)
86% of UK accountants believe that the accountancy sector as a whole is high-risk in terms of vulnerability to money laundering.
Despite Brexit still looming large on the horizon, its exact date is months, if not years, from being confirmed. So, for now, the European Union’s Fourth Anti-Money Laundering Directive continues to set out a strong framework for combating AML in Europe, a framework that our AML software adheres to.
With IRIS Anti-Money Laundering, accountants, solicitors and other regulated businesses can perform all aspects of compliance without the stress of having to ensure they're up-to-date with the latest legislation.
Heal The World (Do You Want To Pay A Fine At All?)
The IRIS AML Hub has a selection of useful guides designed to take you through 5 key viewpoints on anti-money laundering:
- The biggest compliance challenge of the decade. Looking at recent research on accountants’ current perceptions and concerns around AML
- Cost and compliance – a growing overhead. Exploring how AML increases the compliance burden for UK accountants when bringing new clients on board
- Ambitious for growth. Considering whether UK practices and firms can achieve compliance only at the cost of client relationships
- The current state of play. Reporting on accountants’ plans to strengthen their ability to handle AML over the next 12 months
- Fulfilling your AML responsibilities. Listing the practical steps accountants can take to ensure compliance without diverting resources
It also features a handy infographic revealing what the accounting industry currently thinks about the state of AML regulations and what they see as their biggest challenges.
As anti-money laundering methods come under increasing scrutiny, ensuring your AML processes are up to scratch makes sound business sense (and, more importantly, keeps you off the ‘Naughty list’).
With IRIS AML, you can rest easy knowing all necessary compliance checks are up-to-date and that you’ll have presents under the tree this Christmastime.
VISIT THE AML HUB
If you'd like to read more in our ‘The 12 Days of IRIS Christmas’ series, click on the links below: