Wolters Kluwer’s new cloud AML module set to slash compliance time

Wolters Kluwer has unveiled a cloud-based anti-money laundering (AML) product in the UK that will drastically simplify and accelerate AML and know-your-customer (KYC) compliance processes for accounting teams, according to feedback from client testing of the software.

Using CCH iFirm AML – the first module to be introduced within Wolters Kluwer CCH iFirm, a new cloud-based tax and accounting platform that launched in the UK last week – the average time taken to run an AML data check is one minute and 15 seconds, said Natasha Chryssafi, Director of Product Management, Wolters Kluwer Tax & Accounting UK. Several minutes is a more typical length of time for such checks, she added.

What’s more, if the data is already in CCH Central, the vendor’s existing on-premise system, it could take as little as 30 seconds in some cases, Chryssafi added.

Efficiency boost

The AML module seamlessly integrates with CCH Central, reducing the need to rekey data into a separate system and helping to speed up the compliance process and client onboarding. In fact, 89% of client firms involved in testing CCH iFirm AML said it was more efficient than their existing AML set up, Chryssafi said.

“We realize that compliance with AML and KYC requirements is vital for accounting firms, especially in light of continually shifting regulations. CCH iFirm AML helps to transform the way companies manage their AML duties, helping them mitigate the risks associated with poor AML and KYC practices,” she added.

As a cloud-based solution, CCH iFirm AML provides accounting practices with the flexibility to manage AML compliance from anywhere at any time, Wolters Kluwer stated in the release accompanying the launch.

In addition, the module will offer biometric KYC – using facial recognition to identify and authenticate individuals. This will remove the need to scan and email documents and check photos, helping to ensure secure and efficient identity verification, alongside a standard AML check.

Data quality

The Wolters Kluwer release added: “Given the importance of having the highest quality data for checking purposes, CCH iFirm AML has access to leading credit bureaus and governmental data sets. The accuracy, completeness, timeliness, consistency and relevance of data is fundamental to detecting, preventing, and reporting potential money laundering activities effectively.”

Beyond CCH iFirm AML, the vendor said various other products were in the pipeline for launch on the CCH iFirm platform in the U.K., including the following:

• CCH iFirm Accounts Production – streamlining the accounts process, from data entry to online filing, enhancing compliance efficiency and profitability.
• CCH iFirm Personal Tax – helping accountants to prepare and submit personal tax returns for individual clients.
• CCH iFirm Validate – accelerating bank confirmations with cloud-based audit software, using blockchain technology.

Wolters Kluwer will be exhibiting at Accountex London on the 15-16 May 2024 at ExCeL. 

You can register for a free ticket here.

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