Learn more about AML softwareIRIS AML software enables accountants, solicitors, and other regulated businesses to perform all aspects of AML 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.
What Anti-Money Laundering software can do for you
Integrated AML document management allows for the importing of existing electronic client documents and the scanning of paper-based supporting documents for efficient AML checks.
- Appoint a member of the board or management team to be responsible for AML compliance and screen employees that work on the firm’s Anti-Money Laundering procedures.
- Outline procedures to analyse their clients’ potential exposure to money laundering or terrorist financing.
- AML checks allow you to 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.
IRIS AML Software provides instant solutions for:
Ensuring your practice is AML compliant with UK Money Laundering regulations.
Expert help and ‘setup wizards’ show what is required to achieve compliance, including a comprehensive UK AML compliance technical reference manual.
Clear guidance on acceptable customer due diligence options based on the entity type and risk profile.
An integrated anti-money laundering resource to download and search HM Treasury’s latest Consolidated List of Financial Sanctions Targets in the UK.
IRIS AML software flags up non-compliance through a quick and easy to read traffic light system (using green, amber and red icons). It assesses client risk and records ‘Know Your Client’ information. The AML analytics allow staff to raise a suspicious activity report and helps the Money Laundering Reporting Officer (MRLO) control these reports. It also connects to Companies House and provides a free AML search confirming the name and address of the company.
Up to date
The software helps manage and document all AML related policies and procedures. This includes identity checking procedures such as fully integrated electronic ID and sanctions/PEP (Politically Exposed Persons) checks, and implement a risk-based assessment scheme for all your clients.
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. It carries the ability to track when staff have completed training. Comes with AML compliance technical reference manual by SWAT UK Limited.
AML compliance software 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. You also be pleased to know it lowers the high operational costs of compliance and risk prevention.