- What checks does Capium's AML module cover?
- Four checks: Identity Verification, Sanctions List Screening, PEP (Politically Exposed Person) Screening, and Adverse Media Screening.
- Who built the AML module?
- Capium built it in collaboration with Veriphy, in response to a need for AML tools tailored specifically for accountants.
- Which client types is the module designed to support?
- Small businesses, large corporations, non-profits and charities, high-net-worth individuals, and international clients.
- What makes Capium's AML module different from other solutions?
- Comprehensive coverage across more than ten verification checks, affordability, ease of use through cloud integration, and no hidden costs.
- How is the AML module priced?
- Pay-as-you-go with no setup or licence fees: UK Company Check £6 + VAT, Credit Screen £2 + VAT, International ID Check £2 + VAT, and AML Check £3 + VAT, plus training at £40.
- What extra features come with the module?
- A free risk assessment generation kit, a built-in approval system, cloud document storage, and comprehensive risk reporting.
In this Q&A, Nicholas Cheyne, Director of Product & Growth at Capium, explains why the module was built, what it checks, who it is designed for, and how the pricing works.
Why Capium created an AML add-on module
Q: Why was it important for Capium to create an AML software solution as an add-on module?
"At Capium, we recognised a pressing need for robust anti-money laundering tools tailored specifically for accountants. Money laundering is a significant issue, and accountants play a crucial role in preventing illicit funds from entering the financial system."
The module sits alongside Capium's wider practice tools, including its work on open banking and the future of the accounting industry and its powerful, easy-to-use tool for bulk Employer Payment Summary submissions.
The checks Capium's AML software covers
Q: What specific checks does Capium's AML software cover?
"We offer 4 checks. Our AML compliance module covers a comprehensive range of checks to ensure thorough compliance, primarily for: Identity Verification, Sanctions List Screening, PEP (Politically Exposed Person) Screening, and Adverse Media Screening."
- National Insurance number checks
- UK and international passport checks
- Address and ID verification using credit file activity
- Electoral registers, current and historic
- Landline telephone directory information
- Mortality and births records
- UK, US and EU sanctions lists
- Global PEPs lists
How it helps accountants work with different clients
Q: How does this AML software help accountants work with different types of clients?
"One of the most important things for us is that our AML compliance module is versatile, because we wanted to make sure it would be able to assist accountants working with a wide range of clients or financial institutions."
- Small businesses, which benefit from straightforward compliance assistance
- Large corporations, which gain enhanced checks for complex structures
- Non-profits and charities, which face increased scrutiny
- High-net-worth individuals, who require more detailed checks
- International clients, supported through cross-border verification
What makes it different from other AML software
Q: What makes Capium's AML software different from other AML software solutions?
"Capium's AML module stands out for several reasons: Comprehensive coverage, Affordability, Ease of use, and No hidden costs."
Over ten different verification checks, cloud-based integration, a free Risk Assessment generation kit, a built-in approval system, cloud document storage and comprehensive risk reporting are what set the module apart, according to Capium.
How pricing works
Q: Finally, how do you base your pricing?
"We wanted to make our AML software and checks accessible and affordable for all accounting firms, regardless of their size."
Pricing runs on a pay-as-you-go system, with no setup or licence fees. Firms pay only for the checks they perform:
- UK Company Check – £6 + VAT per check
- Credit Screen – £2 + VAT per check
- International ID Check – £2 + VAT per check
- AML Check – £3 + VAT per check
- Training – £40, at an exclusive rate
Live webinar and next steps
Capium ran a live webinar covering the AML module in more detail. Firms wanting implementation guidance can speak to the Capium team or book a free demonstration today.
AML terms glossary
The checks and concepts named in this article, explained in plain terms.
Confirming a client is who they say they are, using sources such as National Insurance number checks, UK and international passport checks, credit file activity, electoral registers and landline directory information.
Checking a client's name against UK, US and EU sanctions lists to make sure they are not a sanctioned individual or entity.
Checking a client against global PEPs lists to identify people who hold, or have held, a prominent public function, and who therefore carry higher money laundering risk.
Searching media sources for negative news associated with a client that could indicate a financial crime risk.
A structured review of a client's money laundering risk, generated using Capium's free risk assessment kit as part of the AML module.
Ready to make AML compliance effortless?
Capium's AML compliance module brings identity verification, sanctions screening, PEP screening and adverse media checks into one pay-as-you-go tool, with no setup or licence fees.
Related reading
Further reading
- Accountancy sector guidance for money laundering supervisionGOV.UK
Official guidance for the accountancy sector on meeting obligations under the Money Laundering Regulations.
- Money laundering regulations: who needs to registerGOV.UK
Confirms which businesses, including accountants, are covered by the Money Laundering Regulations and must register for supervision.
- Anti-money laundering guidance for supervised businessesGOV.UK / HMRC internal manual
HMRC's detailed manual on AML obligations for supervised businesses, including client due diligence expectations.
- UK law and guidance on anti-money launderingICAEW
ICAEW's summary of the legal framework accountants operate under, including the Money Laundering Regulations 2017 and the Proceeds of Crime Act 2002.
- Suspicious Activity ReportsNational Crime Agency (UKFIU)
Explains what Suspicious Activity Reports are and who, including accountants, is expected to submit them.
