There are many technology companies eager to sell software to manage AML, however, they are not all the same and their usefulness is highly dependent on your segment of the market. The requirements for a bank, online trading platform, or gambling site are vastly different to those of an accountancy or legal firm. Here’s what you need to consider:

1. The majority of solutions available track transactions or are ID-based apps.

  • Pros: Suitable for transaction-heavy businesses like banks and credit unions.
  • Cons: Often expensive, require system integration, and need clients to download third-party apps, which involves sharing personal data with external providers— This represents a risk to your firm and it could be argued that this is disproportionate for many businesses.

Selecting the appropriate solution is often difficult and the solutions that shout loudest are not always the best. While there are many interesting pieces of functionality on offer, in our experience the key issues are;

  • Compliance: Ensure the solution aligns with Law Society and CCAB guidelines. Beware of DIY solutions—they can be cumbersome and may not meet your needs.
  • Delegation: Can you delegate admin tasks and track progress easily?
  • Reporting: Does the solution provide the necessary reports for practice reviews?: Does the solution provide the necessary reports for practice reviews? This is a duplicate.

It would be great to see more common sense being used when deciding on how to manage your AML responsibilities, and I hope that this piece helps.

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