{"id":8861,"date":"2024-09-13T15:03:32","date_gmt":"2024-09-13T15:03:32","guid":{"rendered":"https:\/\/www.amlcc.com\/?page_id=8861"},"modified":"2024-09-17T12:28:15","modified_gmt":"2024-09-17T12:28:15","slug":"true-or-false-id-checks","status":"publish","type":"page","link":"https:\/\/www.amlcc.com\/do\/true-or-false-id-checks\/","title":{"rendered":"An AML reality check"},"content":{"rendered":"\n

An AML reality check<\/h1>\n\n\n
\"Richard<\/div>
Richard Simms<\/span>

Director and Founder of AMLCC and AMLCC Consult<\/h3><\/div><\/div><\/div><\/div>\n\n\n
\"A<\/figure><\/div><\/div>\n\n\n\n
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The reality is that, if you\u2019re only collecting ID from your clients and using digital checks to verify them, you wouldn\u2019t pass an AML inspection today.<\/p>\n\n\n\n

You\u2019re not alone. Recent statistics suggest that many firms couldn\u2019t.<\/p>\n\n\n\n

Accountancy supervisors have reported varying successes in the sector, from 26% of those inspected needing follow-up action<\/a> to only between 3 and 4% of those inspected deemed to be \u2018compliant\u2019<\/a>.<\/p>\n\n\n\n

With huge penalties and reputational damage at stake, you can’t afford to drop the ball on AML compliance. <\/p>\n\n\n\n

If you’re already using an online AML solution that checks your clients\u2019 identity and data, it\u2019s a good start. But there’s more to do.<\/p>\n\n\n\n

These are the five things your AML provider should be offering to keep you fully compliant:<\/p>\n\n\n\n

1. Training on all areas of AML<\/h2>\n\n\n\n

All employees who work with clients, handle client onboarding, transactions or record keeping need to fully understand AML as a whole, not just the product they\u2019re using, including:<\/p>\n\n\n\n

\n
\"bullet<\/span>your sector\u2019s and business\u2019 risks.<\/span><\/div>\n\n\n\n
\"\"\/<\/span>your business\u2019 AML policies, controls and procedures (PCPs).<\/span><\/div>\n\n\n\n
\"\"\/<\/span>when and how to make a suspicious activity report (SAR).<\/span><\/div>\n<\/div><\/div>\n\n\n\n

Ongoing refresher training needs to be annual (at least), to keep their knowledge current. You also need detailed records of all training completed, including assessment results.<\/p>\n\n\n\n

2. AML documentation<\/h2>\n\n\n\n

The AML documents you create must be suitable to your firm. You must mould and flex any template structures used and keep them in an easily adjustable and distributable format along with a full audit trail of changes.<\/p>\n\n\n\n

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\"bullet<\/span>AML PCPs<\/span><\/div>\n\n\n\n
\"\"\/<\/span>Business-wide risk assessment<\/span><\/div>\n\n\n\n
\"\"\/<\/span>Risk assessments for AML-regulated services and departments<\/span><\/div>\n<\/div><\/div>\n\n\n\n

These documents must be tailored to the risks presented by the services you offer, markets you works in and clients you work with. Update all these documents annually or when the situation changes.<\/p>\n\n\n\n

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Our experts are here to help, book a demonstration today<\/h3><\/div>\n\n\n\n
\"Book<\/figure><\/div>\n<\/div>\n\n\n\n
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Book now<\/a><\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n

3. Client Due Diligence (CDD)<\/h2>\n\n\n\n

This is where your ID checks come in. But that\u2019s not all for CDD. You also need the tools to:<\/p>\n\n\n\n

\n
\"bullet<\/span>understand the nature of each client\u2019s business and assess the risk they present.<\/span><\/div>\n\n\n\n
\"bullet<\/span>know the ultimate beneficial owner (UBO).<\/span><\/div>\n\n\n\n
\"\"\/<\/span>implement identity verification procedures.<\/span><\/div>\n\n\n\n
\"\"\/<\/span>screen against PEP and sanctions lists.<\/span><\/div>\n<\/div><\/div>\n\n\n\n

Your business must collect this information before starting work with a client. Even if it\u2019s an existing client embarking on a new transaction with you.<\/p>\n\n\n\n

4. Records of all your AML<\/h2>\n\n\n\n

Your records are your proof of AML compliance. You need to be able to create and store copies of:<\/p>\n\n\n\n

\n
\"bullet<\/span>all AML-related documents<\/span><\/div>\n\n\n\n
\"bullet<\/span>all AML-related decisions you make<\/span><\/div>\n\n\n\n
\"\"\/<\/span>all client related documents<\/span><\/div>\n\n\n\n
\"\"\/<\/span>all internal and external suspicious activity reports (SARs)<\/span><\/div>\n<\/div><\/div>\n\n\n\n

If your supervisor or law enforcement come knocking, they\u2019ll expect to see written evidence of all your AML activities.<\/p>\n\n\n\n

5. Regular updates<\/h2>\n\n\n\n

All your AML needs to be kept up-to-date, so you\u2019re aligned with current laws and best practices. Any provider should prompt you to regularly review and update:<\/p>\n\n\n\n

\n
\"bullet<\/span>AML training<\/span><\/div>\n\n\n\n
\"bullet<\/span>AML PCPs<\/span><\/div>\n\n\n\n
\"\"\/<\/span>Business and client risk assessments<\/span><\/div>\n\n\n\n
\"\"\/<\/span>CDD<\/span><\/div>\n<\/div><\/div>\n\n\n\n

The AMLCC platform provides your business with all the necessary tools to everything above, and more. Allowing it to stay up to date with its AML and comply with the regulations.<\/p>\n\n\n\n

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Book a demo<\/a><\/div>\n<\/div>\n\n\n\n
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The one-stop AML solution<\/h3><\/div>\n\n\n\n

Educate your teams, improve efficiency and achieve AML compliance all in one place, using AMLCC.<\/p>\n\n\n\n

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Book now<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n
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We know AML<\/h3><\/div>\n\n\n\n

We\u2019re regulated professionals too. We know what you need to comply with the Regulations.
<\/p>\n\n\n\n

\n
<\/path><\/svg><\/span>We\u2019re internationally recognised AML experts<\/span><\/div>\n\n\n\n
<\/path><\/svg><\/span>We work with most accountancy supervisors and the Law Society<\/span><\/div>\n\n\n\n
<\/path><\/svg><\/span>Bespoke AML consultancy available for all sectors<\/span><\/div>\n<\/div><\/div>\n\n\n\n
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Find out more<\/div><\/a><\/div><\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n
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  1. 1. Training on all areas of AML<\/a>
  2. 2. AML documentation<\/a>
  3. 3. Client Due Diligence (CDD)<\/a>
  4. 4. Records of all your AML<\/a>
  5. 5. Regular updates<\/a><\/ol>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\n\n\n
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    The one-stop AML solution<\/h3><\/div>\n\n\n\n

    Educate your teams, improve efficiency and achieve AML compliance all in one place, using AMLCC. <\/p>\n\n\n\n

    Talk to our experts about how we can help you secure your business.<\/p>\n\n\n\n

    \n
    Book a demo<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n
    \n

    We know AML<\/h3><\/div>\n\n\n\n

    We\u2019re regulated professionals too. We know what you need to comply with the Regulations.
    <\/p>\n\n\n\n

    \n
    <\/path><\/svg><\/span>We\u2019re internationally recognised AML experts<\/span><\/div>\n\n\n\n
    <\/path><\/svg><\/span>We work with most accountancy supervisors and the Law Society<\/span><\/div>\n\n\n\n
    <\/path><\/svg><\/span>Bespoke AML consultancy available for all sectors<\/span><\/div>\n<\/div><\/div>\n\n\n\n
    \n
    Find out more<\/div><\/a><\/div><\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n
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    What others have said<\/h3><\/div>\n\n\n\n
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    “We had the man from the ICAEW here yesterday to carry out a QAD practice review. We got a clean bill of health \u2013 not a single action point\u2026That is in no small measure due to AMLCC so I just wanted to say \u2018thank you\u2019”<\/h3><\/div>\n<\/div>\n\n\n\n
    \n
    \"\"<\/figure>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n
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    “Thank you for such a perfect and informative [solution]. You have given me a clear direction for my AML training and CPD.”
    <\/h3><\/div>\n<\/div>\n\n\n\n
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    \"\"<\/figure>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n
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    “I just wanted to say \u2018thank you\u2019 to you, Richard, and all the team at AMLCC for providing a service that really does minimise the burden of AML compliance.”
    <\/h3><\/div>\n<\/div>\n\n\n\n
    \n
    \"\"<\/figure>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n
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    “What a refreshing pleasure working with a company who actually listens to the feedback from their customers and communicates with them!”
    <\/h3><\/div>\n<\/div>\n\n\n\n
    \n
    \"\"<\/figure>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n
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    “Your team they have been excellent from the moment Fiona did a demo for me with only 15 minutes notice, and thoroughly going through the AMLCC product, answering the many questions I had! It was at this point at which I made up my mind this is the sort of business I want to work with for my AML.”
    <\/h3><\/div>\n<\/div>\n\n\n\n
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    \"\"<\/figure>\n<\/div>\n<\/div>\n<\/div><\/div>\n<\/div><\/div>
    <\/div><\/div>\n<\/div>\n\n\n\n
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    Making compliance easier<\/h3><\/div>\n\n\n\n
    \"AMLCC<\/figure><\/div>\n\n\n\n
    \n
    View more articles<\/div><\/a><\/div><\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    The reality is that, if you\u2019re only collecting ID from your clients and using digital checks to verify them, you wouldn\u2019t pass an AML inspection today. You\u2019re not alone. Recent statistics suggest that many firms couldn\u2019t. Accountancy supervisors have reported varying successes in the sector, from 26% of those inspected needing follow-up action to only […]<\/p>\n","protected":false},"author":2,"featured_media":8798,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-8861","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"\nAn AML reality check - AMLCC<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"An AML reality check - AMLCC\" \/>\n<meta property=\"og:description\" content=\"The reality is that, if you\u2019re only collecting ID from your clients and using digital checks to verify them, you wouldn\u2019t pass an AML inspection today. 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You\u2019re not alone. Recent statistics suggest that many firms couldn\u2019t. Accountancy supervisors have reported varying successes in the sector, from 26% of those inspected needing follow-up action to only…","_links":{"self":[{"href":"https:\/\/www.amlcc.com\/do\/wp-json\/wp\/v2\/pages\/8861","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.amlcc.com\/do\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.amlcc.com\/do\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.amlcc.com\/do\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.amlcc.com\/do\/wp-json\/wp\/v2\/comments?post=8861"}],"version-history":[{"count":0,"href":"https:\/\/www.amlcc.com\/do\/wp-json\/wp\/v2\/pages\/8861\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.amlcc.com\/do\/wp-json\/wp\/v2\/media\/8798"}],"wp:attachment":[{"href":"https:\/\/www.amlcc.com\/do\/wp-json\/wp\/v2\/media?parent=8861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}