Anti-Money Laundering (AML)

 

The Anti-Money Laundering (AML) requirements came into force in June 2017. The European Union Fourth Anti-Money Laundering Directive is the most sweeping AML legislation in Europe in several years, requiring all EU member states to be compliant from 26th June 2017.

The UK Organized Crime and Corruption Reporting Project reported in March 2017 that British banks processed more than £20 billion worth of dirty money. This clearly highlights more needed to be done to address the issue. 

The subsequent legislation conscripts the Accountancy sector, Legal profession and others to step up to the front line in the fight against money laundering.

The requirements have the potential to add to the significant compliance burden efforts already undertaken by accountants.

The Anti-Money Laundering (AML) requirements came into force in June 2017. The European Union Fourth Anti-Money Laundering Directive is the most sweeping AML legislation in Europe in several years, requiring all EU member states to be compliant from 26th June 2017.
The UK Organized Crime and Corruption Reporting Project reported in March 2017 that British banks processed more than £20 billion worth of dirty money. This clearly highlights more needed to be done to address the issue. 
The subsequent legislation conscripts the Accountancy sector, Legal profession and others to step up to the front line in the fight against money laundering.
The requirements have the potential to add to the significant compliance burden efforts already undertaken by accountants.

To comply with the regulations accountants must:

  • Appoint a member of the board or management team to be responsible for compliance and screen employees that work on the firm's AML procedures 
  • Outline procedures to analyse their clients potential exposure to money laundering or terrorist financing 
  • Carry out a risk assessment and provide details to their regulatory body if/when requested
  • Demonstrate that risk assessments are conducted, kept up to date and acknowledge risk factors relating to their customers
  • Retain records of Customer Due Diligence documents and supporting evidence for at least five years after the end of the business relationship. At the end of the five-year period, the personal data can, in most cases, be deleted

How can IRIS help?

IRIS AML software enables accountants, solicitors, and other regulated businesses to perform all aspects of compliance recording and monitoring. You can manage and document all AML related policies and procedures, and implement a risk-based assessment scheme for all your clients.

Key features:

  • Ensure your practice is compliant with UK Money Laundering regulations 
  • Interactive tools and onscreen functions designed to make complying as easy as possible 
  • Keep your whole team up to date with the latest in changes to legislation  
  • Save time by automating business processes  
  • Manages and documents all AML related policies and procedures and implements a risk-based assessment scheme for all clients 
  • Includes an AML compliance technical reference manual by SWAT UK Limited

 

 


Benefits of IRIS AML

IRIS AML removes the stress of ensuring your practice is compliant and uncovers non-compliance across your client base. It reduces the need for paper audit trails and ensures your whole team is well trained and up to date on the legislation and the requirements. It lowers the high operational costs of compliance and risk prevention.  


Compliance

IRIS AML flags up non-compliance through a quick and easy to read traffic light system (using green, amber and red icons). Assesses client risk and records Know Your Client information. Allows staff to raise a suspicious activity report and helps the Money Laundering Reporting Officer control these reports. Connects to Companies House and provides a free search confirming the name and address of the company. 



Up to date

Ensures your whole team is up to date with the very latest in changes to legislation and the requirements. Maintains up to date policies and procedures, with the ability to communicate these to your team and to put personnel declarations in place and have them agreed by staff. Download the latest Treasury sanctions list at the click of a button. 


Training and Education

You’ll get comprehensive staff training through the Newswire & Training Modules to ensure the whole team is equipped with the required knowledge of the rules. Carries the ability to track when staff have completed training. Comes with AML compliance technical reference manual by SWAT UK Limited.


IRIS OpenSpace helps you work closer and more intuitively with your clients. 
You can upload, store and approve documents online. It's in 'The Cloud' so it's always accessible from any location, 
and it's fully integrated into the IRIS Accountancy Suite making it quick and easy to use.
You can store as much as you like, for as long as you like. 
If you are a UK based accountancy business we will even give you 1GB of free storage to get you started.
Additional space can easily be purchased from as little as £5 per GB per month or get a 15% discount 
for an annual subscription to 10GB by clicking the web store link above
.

With IRIS AML you can immediately see what activities have been completed and what work is still required. The easy to read ‘traffic light’ system clearly identifying compliance or non-compliance and the comprehensive training package ensures you can easily achieve your compliance obligations.

 

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