UK Accountants Turn to Anti-Money Laundering Software Solutions for Compliance

Ensuring Compliance with AML Regulations

Accountancy firms in the United Kingdom are increasingly turning to anti-money laundering (AML) software solutions to ensure compliance with AML regulations. These innovative tools support firms in meeting their and clients’ AML obligations, allowing them to demonstrate full compliance.

Importance of Business Processes and Staff Training

However, it’s crucial for firms choosing to use AML software to remember that mere technology platform and data feed selection is not enough. Firms must also ensure they have the necessary business processes and staff training in place to guarantee effective compliance.

AMLCC: A Leading Provider of AML Software Solutions

AMLCC, a UK-based company established in 2008, has been at the forefront of helping regulated businesses comply with ever-evolving AML rules and regulations. Since its inception, AMLCC has enabled thousands of accountants, bookkeepers, auditors, and tax professionals across the UK to pass their supervisory visits.

Features of AMLCC’s Platform

AMLCC provides an interactive set of connected tools that help firms fulfill each step in the compliance process - all online and in one place. The platform is designed to be quickly and easily tailored to a business’s specific needs, allowing it to assess risks and direct resources accordingly.

• Identifies suspicious activity related to money-laundering, terrorist financing, and proliferation financing
• Helps firms combine compliance, education, and risk management in one comprehensive platform

Consequences of Non-Compliance

Failing to comply with AML regulations can result in severe penalties, including up to 14 years’ imprisonment.

Other Notable Players in the UK Anti-Money Laundering Software Market

In addition to AMLCC, two other notable players in the UK anti-money laundering software market are First AML and InScope-AML.

First AML

• Founded in New Zealand in 2017 and expanded into Australia and the UK
• Boasts over 165 global employees, 500+ customers, and more than 375,000 preverified entities in its network
• Streamlines the anti-money laundering onboarding and compliance process for accountants, making it simple for end-users and cost-effective and compliant for firms

InScope-AML

• Founded in 2017 by Cleverbit Software and Agilis IT Business Solutions
• Has a team of over 60 developers and experts with more than 35 years’ experience in AML regulations and compliance
• Helps subject persons comply with FATF, EU, and UN anti-money laundering directives

Comprehensive Evaluation Reports Available

All three companies offer comprehensive evaluation reports for those looking to learn more about their AML software solutions.