AML Archives - capium Just another WordPress site Mon, 07 Sep 2026 10:00:36 +0000 en-US hourly 1 https://www.capium.com/wp-content/uploads/2023/02/cropped-chota_capium-removebg-preview-32x32.png AML Archives - capium 32 32 AML 2026: What Payroll and Accountancy Firms Need to Know Before November https://www.capium.com/aml-2026-what-payroll-and-accountancy-firms-need-to-know-before-november/ https://www.capium.com/aml-2026-what-payroll-and-accountancy-firms-need-to-know-before-november/#respond Mon, 07 Sep 2026 09:59:46 +0000 https://www.capium.com/?p=18747 AML 2026: What Payroll and Accountancy Firms Need to Know Before November AML compliance is becoming an increasingly important consideration for accountancy and payroll firms. With further regulatory changes expected later this year, now is the time to review your processes and make sure your firm is prepared.  For many accountancy firms, anti-money laundering compliance has long been part of the day-to-day responsibilities of running a practice. Client due diligence, identity checks, risk assessments, ongoing monitoring and record keeping are all familiar requirements.  But the AML landscape continues to evolve.  As regulatory expectations develop and more businesses come within scope of AML requirements, firms need to think beyond simply completing individual checks. They need to consider whether their overall AML processes are consistent, proportionate and robust enough to support the way their practice operates today.  For payroll providers in particular, changes expected from November 2026 make this an important area to understand now.  Why AML should be on your agenda in 2026  AML compliance isn’t simply about responding to a regulatory requirement. Effective processes can help firms understand who their clients are, identify potential risks earlier and create a clearer audit trail around important decisions.  For growing practices, however, maintaining those processes can become increasingly difficult.  Client numbers increase. Teams grow. New services are introduced. Different people become responsible for different parts of the client journey.  Without clear processes, AML checks can become another source of manual administration.  A client may provide information during onboarding, only for the same information to be requested again later. Risk assessments may be completed differently by different members of the team. Records can end up spread across emails, spreadsheets and separate systems.  Individually, these may seem like small issues. Across hundreds of clients, they can create significant administrative overhead — and make it harder to demonstrate that your firm’s AML procedures are being followed consistently.  What’s changing for payroll providers?  One of the key areas firms need to understand is the anticipated AML changes affecting payroll providers from November 2026.  For businesses that may be affected, the important question isn’t simply “What are the new rules?”  It’s also:  “What do we need to change in our business to comply with them?”  That could mean reviewing existing client onboarding procedures, updating AML policies, assessing training requirements and considering how checks and records are managed across the practice.  The earlier firms understand what the changes mean for them, the more time they have to identify gaps and make changes without having to overhaul their processes at the last minute.  Does your AML process stand up to scrutiny?  A strong AML framework should extend well beyond an initial identity check.  Firms should consider the complete compliance journey, including:  Business-wide risk assessment Your firm’s risk assessment should reflect the nature of your business, your clients, the services you provide and the markets you operate in.  It’s not a document that should simply be completed once and forgotten. As your practice changes, your assessment may need to change with it.  Client due diligence Client onboarding is one of the most important points in the AML process.  Firms need appropriate procedures for establishing and verifying client identity, understanding the nature and purpose of the relationship and identifying any factors that could increase risk.  Ongoing monitoring AML doesn’t end once a client has been onboarded.  Firms need to consider how they will identify changes in circumstances or information that could alter a client’s risk profile.  The challenge is making ongoing monitoring practical when a practice is managing a large client base.  Record keeping and audit trails It’s important to be able to demonstrate what checks were carried out, when they were completed and what decisions were made as a result.  A clear digital audit trail can make this considerably easier than relying on disconnected records and manual processes.  Training and accountability Everyone involved in the relevant client processes needs to understand their responsibilities.  As firms grow, this becomes particularly important. New employees and team members need appropriate training, while managers need confidence that processes are being followed consistently.  The technology question  Technology can play an important role in making AML compliance easier to manage — but simply adding another piece of software isn’t necessarily the answer.  The bigger question is how AML fits into the wider workflow of the practice.  For example, if client information is collected during onboarding, can the relevant checks be completed as part of that process?  Can identity verification and screening be carried out digitally?  Can risk assessments be managed consistently?  Can the firm maintain a clear record of the checks that have been completed?  And can the people responsible for managing clients access the information they need without constantly switching between systems?  These questions become increasingly important as practices grow.  The aim should not be to create more technology for the sake of it. It’s about using technology to reduce repetitive administration while creating more consistent and transparent compliance processes.  Don’t wait until November to review your processes  Regulatory change can often feel like something that needs to be dealt with when the deadline arrives.  But AML is different.  If your firm’s processes need to change, you may need to review policies, update workflows, train staff and consider how technology can support the new requirements.  That takes time.  Starting the conversation now gives firms an opportunity to understand what’s changing and identify what, if anything, they need to do differently.  And even if your current AML processes are already robust, reviewing them can highlight opportunities to make them more efficient, more consistent and easier for your team to manage.  Join Capium and Veriphy: AML 2026 — What Payroll & Accountancy Firms Need to Do Before November  Want to understand what the upcoming changes could mean for your business — and what you should be doing now?  Join Capium and Veriphy on Wednesday 23 September at 11:00am BST for a practical one-hour webinar exploring the evolving AML landscape and the anticipated changes affecting payroll providers.  We’ll cover:  What’s changing: The latest AML developments and what firms need to know   November 2026: What the anticipated changes could mean for payroll providers   Practical compliance: Risk assessments, KYC, client due diligence and ongoing monitoring   Common challenges: Where firms can encounter gaps in their AML processes   Technology: How digital tools can help streamline checks, improve consistency and reduce administration   What’s next: Practical steps firms can take to prepare for continued regulatory change   You’ll also have the opportunity to put your questions directly to our AML experts during a live Q&A.  Don’t just understand the changes — understand what they mean for your practice.  Wednesday 23

The post AML 2026: What Payroll and Accountancy Firms Need to Know Before November appeared first on capium.

]]> AML 2026: What Payroll and Accountancy Firms Need to Know Before November

AML compliance is becoming an increasingly important consideration for accountancy and payroll firms. With further regulatory changes expected later this year, now is the time to review your processes and make sure your firm is prepared. 

For many accountancy firms, anti-money laundering compliance has long been part of the day-to-day responsibilities of running a practice. Client due diligence, identity checks, risk assessments, ongoing monitoring and record keeping are all familiar requirements. 

But the AML landscape continues to evolve. 

As regulatory expectations develop and more businesses come within scope of AML requirements, firms need to think beyond simply completing individual checks. They need to consider whether their overall AML processes are consistent, proportionate and robust enough to support the way their practice operates today. 

For payroll providers in particular, changes expected from November 2026 make this an important area to understand now. 

Why AML should be on your agenda in 2026 

AML compliance isn’t simply about responding to a regulatory requirement. Effective processes can help firms understand who their clients are, identify potential risks earlier and create a clearer audit trail around important decisions. 

For growing practices, however, maintaining those processes can become increasingly difficult. 

Client numbers increase. Teams grow. New services are introduced. Different people become responsible for different parts of the client journey. 

Without clear processes, AML checks can become another source of manual administration. 

A client may provide information during onboarding, only for the same information to be requested again later. Risk assessments may be completed differently by different members of the team. Records can end up spread across emails, spreadsheets and separate systems. 

Individually, these may seem like small issues. Across hundreds of clients, they can create significant administrative overhead — and make it harder to demonstrate that your firm’s AML procedures are being followed consistently. 

What’s changing for payroll providers? 

One of the key areas firms need to understand is the anticipated AML changes affecting payroll providers from November 2026. 

For businesses that may be affected, the important question isn’t simply “What are the new rules?” 

It’s also: 

“What do we need to change in our business to comply with them?” 

That could mean reviewing existing client onboarding procedures, updating AML policies, assessing training requirements and considering how checks and records are managed across the practice. 

The earlier firms understand what the changes mean for them, the more time they have to identify gaps and make changes without having to overhaul their processes at the last minute. 

Does your AML process stand up to scrutiny? 

A strong AML framework should extend well beyond an initial identity check. 

Firms should consider the complete compliance journey, including: 

  1. Business-wide risk assessment

Your firm’s risk assessment should reflect the nature of your business, your clients, the services you provide and the markets you operate in. 

It’s not a document that should simply be completed once and forgotten. As your practice changes, your assessment may need to change with it. 

  1. Client due diligence

Client onboarding is one of the most important points in the AML process. 

Firms need appropriate procedures for establishing and verifying client identity, understanding the nature and purpose of the relationship and identifying any factors that could increase risk. 

  1. Ongoing monitoring

AML doesn’t end once a client has been onboarded. 

Firms need to consider how they will identify changes in circumstances or information that could alter a client’s risk profile. 

The challenge is making ongoing monitoring practical when a practice is managing a large client base. 

  1. Record keeping and audit trails

It’s important to be able to demonstrate what checks were carried out, when they were completed and what decisions were made as a result. 

A clear digital audit trail can make this considerably easier than relying on disconnected records and manual processes. 

  1. Training and accountability

Everyone involved in the relevant client processes needs to understand their responsibilities. 

As firms grow, this becomes particularly important. New employees and team members need appropriate training, while managers need confidence that processes are being followed consistently. 

The technology question 

Technology can play an important role in making AML compliance easier to manage — but simply adding another piece of software isn’t necessarily the answer. 

The bigger question is how AML fits into the wider workflow of the practice. 

For example, if client information is collected during onboarding, can the relevant checks be completed as part of that process? 

Can identity verification and screening be carried out digitally? 

Can risk assessments be managed consistently? 

Can the firm maintain a clear record of the checks that have been completed? 

And can the people responsible for managing clients access the information they need without constantly switching between systems? 

These questions become increasingly important as practices grow. 

The aim should not be to create more technology for the sake of it. It’s about using technology to reduce repetitive administration while creating more consistent and transparent compliance processes. 

Don’t wait until November to review your processes 

Regulatory change can often feel like something that needs to be dealt with when the deadline arrives. 

But AML is different. 

If your firm’s processes need to change, you may need to review policies, update workflows, train staff and consider how technology can support the new requirements. 

That takes time. 

Starting the conversation now gives firms an opportunity to understand what’s changing and identify what, if anything, they need to do differently. 

And even if your current AML processes are already robust, reviewing them can highlight opportunities to make them more efficient, more consistent and easier for your team to manage. 

Join Capium and Veriphy: AML 2026 — What Payroll & Accountancy Firms Need to Do Before November 

Want to understand what the upcoming changes could mean for your business — and what you should be doing now? 

Join Capium and Veriphy on Wednesday 23 September at 11:00am BST for a practical one-hour webinar exploring the evolving AML landscape and the anticipated changes affecting payroll providers. 

We’ll cover: 

  • What’s changing: The latest AML developments and what firms need to know  
  • November 2026: What the anticipated changes could mean for payroll providers  
  • Practical compliance: Risk assessments, KYC, client due diligence and ongoing monitoring  
  • Common challenges: Where firms can encounter gaps in their AML processes  
  • Technology: How digital tools can help streamline checks, improve consistency and reduce administration  
  • What’s next: Practical steps firms can take to prepare for continued regulatory change  

You’ll also have the opportunity to put your questions directly to our AML experts during a live Q&A. 

Don’t just understand the changes — understand what they mean for your practice. 

Wednesday 23 September 2026 | 11:00am–12:00pm BST 

GET AML READY – REGISTER NOW

This webinar is intended to provide general information and practical guidance. Firms should consider their own circumstances and obtain appropriate professional or regulatory advice where necessary. 

The post AML 2026: What Payroll and Accountancy Firms Need to Know Before November appeared first on capium.

]]> https://www.capium.com/aml-2026-what-payroll-and-accountancy-firms-need-to-know-before-november/feed/ 0 AML Beyond Compliance: Is Your Practice Ready for Greater Regulatory Scrutiny? https://www.capium.com/aml-beyond-compliance-is-your-practice-ready-for-greater-regulatory-scrutiny/ https://www.capium.com/aml-beyond-compliance-is-your-practice-ready-for-greater-regulatory-scrutiny/#respond Mon, 06 Jul 2026 12:10:51 +0000 https://www.capium.com/?p=18516 AML Beyond Compliance: Is Your Practice Ready for Greater Regulatory Scrutiny? Anti-Money Laundering (AML) compliance has always been a legal obligation for UK accountancy firms. But as regulatory expectations continue to increase, many practices are realising that simply “ticking the box” is no longer enough.  Today’s firms need AML processes that are efficient, consistent, and capable of standing up to regulatory scrutiny whenever required.  The question is: would your practice be able to confidently demonstrate every AML decision if you were reviewed tomorrow?  AML Is Becoming a Practice-Wide Challenge  For many firms, AML is still managed through a mixture of spreadsheets, paper records, disconnected systems, and manual reminders.  While these approaches may have worked in the past, they often create unnecessary risks:  Inconsistent client due diligence   Missing or incomplete audit trails   Time-consuming manual record keeping   Difficulty evidencing decisions during inspections   Ongoing monitoring becoming an administrative burden   As client numbers grow, these challenges become even harder to manage.  Rather than supporting compliance, AML can quickly become one of the biggest operational bottlenecks within a practice.  From Compliance Burden to Business Confidence  The most efficient firms are beginning to view AML differently.  Instead of treating it as a standalone compliance task, they’re embedding AML throughout the client lifecycle; from onboarding and identity verification to ongoing monitoring and risk reviews.  This creates several important benefits:  Faster client onboarding   Consistent compliance processes   Stronger audit trails   Better visibility of higher-risk clients   Greater confidence during regulatory inspections   When AML becomes part of everyday workflows, firms spend less time chasing paperwork and more time serving clients.  What Regulators Want to See  Whether you’re supervised by HMRC or a professional body, regulators increasingly expect firms to demonstrate more than simply completing identity checks.  They want to see:  Documented risk assessments   Evidence of ongoing monitoring   Consistent client due diligence   Clear decision-making processes   Complete and accessible audit trails   Having the right technology and workflows in place can make responding to these requests significantly easier.  Discover a Smarter Approach to AML  To help firms strengthen their AML processes, Capium has partnered with Veriphy for a practical live webinar focused on building a more efficient, audit-ready approach to compliance.  Rather than covering theory alone, this session will demonstrate how integrated AML workflows can reduce administration, improve consistency, and help firms stay prepared for regulatory reviews.  What You’ll Learn  During the webinar, you’ll discover:  Why AML is becoming an increasing priority for UK accountancy firms   Common compliance gaps regulators frequently identify   How to streamline client onboarding and due diligence   Best practice for ongoing monitoring and risk reviews   How stronger audit trails can reduce inspection risk   Ways to simplify AML through integrated technology   You’ll also see a live demonstration of how Capium and Veriphy work together to support:  Identity verification   AML screening   Evidence collection   Audit-ready record keeping   Ongoing client monitoring   Who Should Attend?  This webinar is ideal for:  Accountants   Bookkeepers   Practice owners and partners   Compliance managers and MLROs   Firms preparing for AML reviews or inspections   Practices looking to improve onboarding and compliance workflows   Join Us Live  AML doesn’t have to be an administrative burden With the right processes and technology, it can become a structured, efficient part of your practice that reduces risk, improves consistency, and gives you greater confidence when regulators come calling.  AML Beyond Compliance: Building a More Confident, Audit-Ready Practice  📅 Wednesday 15 July 2026 🕚 11:00am BST 🎥 Live Webinar + Q&A  Register today and discover how Capium and Veriphy can help your practice build smarter AML workflows and stay audit-ready. 

The post AML Beyond Compliance: Is Your Practice Ready for Greater Regulatory Scrutiny? appeared first on capium.

]]> AML Beyond Compliance: Is Your Practice Ready for Greater Regulatory Scrutiny?

Anti-Money Laundering (AML) compliance has always been a legal obligation for UK accountancy firms. But as regulatory expectations continue to increase, many practices are realising that simply “ticking the box” is no longer enough. 

Today’s firms need AML processes that are efficient, consistent, and capable of standing up to regulatory scrutiny whenever required. 

The question is: would your practice be able to confidently demonstrate every AML decision if you were reviewed tomorrow? 

AML Is Becoming a Practice-Wide Challenge 

For many firms, AML is still managed through a mixture of spreadsheets, paper records, disconnected systems, and manual reminders. 

While these approaches may have worked in the past, they often create unnecessary risks: 

  • Inconsistent client due diligence  
  • Missing or incomplete audit trails  
  • Time-consuming manual record keeping  
  • Difficulty evidencing decisions during inspections  
  • Ongoing monitoring becoming an administrative burden  

As client numbers grow, these challenges become even harder to manage. 

Rather than supporting compliance, AML can quickly become one of the biggest operational bottlenecks within a practice. 

From Compliance Burden to Business Confidence 

The most efficient firms are beginning to view AML differently. 

Instead of treating it as a standalone compliance task, they’re embedding AML throughout the client lifecycle; from onboarding and identity verification to ongoing monitoring and risk reviews. 

This creates several important benefits: 

  • Faster client onboarding  
  • Consistent compliance processes  
  • Stronger audit trails  
  • Better visibility of higher-risk clients  
  • Greater confidence during regulatory inspections  

When AML becomes part of everyday workflows, firms spend less time chasing paperwork and more time serving clients. 

What Regulators Want to See 

Whether you’re supervised by HMRC or a professional body, regulators increasingly expect firms to demonstrate more than simply completing identity checks. 

They want to see: 

  • Documented risk assessments  
  • Evidence of ongoing monitoring  
  • Consistent client due diligence  
  • Clear decision-making processes  
  • Complete and accessible audit trails  

Having the right technology and workflows in place can make responding to these requests significantly easier. 

Discover a Smarter Approach to AML 

To help firms strengthen their AML processes, Capium has partnered with Veriphy for a practical live webinar focused on building a more efficient, audit-ready approach to compliance. 

Rather than covering theory alone, this session will demonstrate how integrated AML workflows can reduce administration, improve consistency, and help firms stay prepared for regulatory reviews. 

What You’ll Learn 

During the webinar, you’ll discover: 

  • Why AML is becoming an increasing priority for UK accountancy firms  
  • Common compliance gaps regulators frequently identify  
  • How to streamline client onboarding and due diligence  
  • Best practice for ongoing monitoring and risk reviews  
  • How stronger audit trails can reduce inspection risk  
  • Ways to simplify AML through integrated technology  

You’ll also see a live demonstration of how Capium and Veriphy work together to support: 

  • Identity verification  
  • AML screening  
  • Evidence collection  
  • Audit-ready record keeping  
  • Ongoing client monitoring  
  • Who Should Attend? 

This webinar is ideal for: 

  • Accountants  
  • Bookkeepers  
  • Practice owners and partners  
  • Compliance managers and MLROs  
  • Firms preparing for AML reviews or inspections  
  • Practices looking to improve onboarding and compliance workflows  

Join Us Live 

AML doesn’t have to be an administrative burden

With the right processes and technology, it can become a structured, efficient part of your practice that reduces risk, improves consistency, and gives you greater confidence when regulators come calling. 

AML Beyond Compliance: Building a More Confident, Audit-Ready Practice 

📅 Wednesday 15 July 2026
🕚 11:00am BST
🎥 Live Webinar + Q&A 

Register today and discover how Capium and Veriphy can help your practice build smarter AML workflows and stay audit-ready. 

The post AML Beyond Compliance: Is Your Practice Ready for Greater Regulatory Scrutiny? appeared first on capium.

]]> https://www.capium.com/aml-beyond-compliance-is-your-practice-ready-for-greater-regulatory-scrutiny/feed/ 0 Anti-money laundering: AML made easy with software https://www.capium.com/anti-money-laundering-aml-made-easy-with-software/ https://www.capium.com/anti-money-laundering-aml-made-easy-with-software/#respond Sun, 02 Nov 2025 16:11:33 +0000 https://www.capium.com/?p=15625 Anti-money laundering (AML) made easy with software | Capium Home›Blog›Compliance ComplianceAML Anti-money laundering (AML) made easy with software When Capium’s team collaborated with Veriphy to create its anti-money laundering (AML) module, there were several key elements the team knew it had to get right if it wanted to make things easier for accountants to comply with AML compliance and regulations across the UK. C Capium Published 2 November 2025 4 min read Read with AI Claude ChatGPT Gemini Perplexity CAPIUM · BLOG Anti-money laundering (AML) made easy with software On this page Why Capium created an AML add-on module The checks Capium’s AML software covers How it helps accountants work with different clients What makes it different from other AML software How pricing works Live webinar and next steps AML terms glossary Key takeaways 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. Identity Verification 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. Sanctions List Screening Checking a client’s name against UK, US and EU sanctions lists to make sure they are not a sanctioned individual or entity. PEP Screening (Politically Exposed Person) 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. Adverse Media Screening Searching media sources for negative news associated with a client that could indicate a financial crime risk. Risk Assessment A structured review of a client’s money laundering risk, generated using Capium’s free risk assessment kit as part of the AML module. CAPIUM AML 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. Explore AML software Book a demo Related reading Preparing for Authorised Corporate Service Provider (ACSP) registration The

The post Anti-money laundering: AML made easy with software appeared first on capium.

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Anti-money laundering (AML) made easy with software | Capium
Home›Blog›Compliance
ComplianceAML

Anti-money laundering (AML) made easy with software

When Capium's team collaborated with Veriphy to create its anti-money laundering (AML) module, there were several key elements the team knew it had to get right if it wanted to make things easier for accountants to comply with AML compliance and regulations across the UK.

C
Capium
Published 2 November 2025
4 min read
Read with AI Claude ChatGPT Gemini Perplexity
CAPIUM · BLOG
Anti-money laundering (AML) made easy with software
Key takeaways
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.

Identity Verification

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.

Sanctions List Screening

Checking a client's name against UK, US and EU sanctions lists to make sure they are not a sanctioned individual or entity.

PEP Screening (Politically Exposed Person)

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.

Adverse Media Screening

Searching media sources for negative news associated with a client that could indicate a financial crime risk.

Risk Assessment

A structured review of a client's money laundering risk, generated using Capium's free risk assessment kit as part of the AML module.

CAPIUM AML

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.

Explore AML software Book a demo

Related reading

Further reading

References

  1. Capium anti-money laundering (AML) module
  2. Open banking and the future of the accounting industry – Capium
  3. Making life easy with bulk Employer Payment Summary (EPS) – Capium
  4. Capium AML live webinar
  5. Book a free demonstration – Capium

The post Anti-money laundering: AML made easy with software appeared first on capium.

]]> https://www.capium.com/anti-money-laundering-aml-made-easy-with-software/feed/ 0 Capium Pay: The Embedded Payment Solution Revolutionising Client Billing https://www.capium.com/capium-pay-the-embedded-payment-solution-revolutionising-client-billing/ https://www.capium.com/capium-pay-the-embedded-payment-solution-revolutionising-client-billing/#respond Mon, 06 Oct 2025 10:43:24 +0000 https://www.capium.com/?p=17076 Capium Pay: The Embedded Payment Solution Revolutionising Client Billing  For many UK accounting firms, billing clients is one of those essential tasks that’s often more time-consuming than it should be. Chasing payments, matching transactions to invoices, and managing multiple payment systems can eat into valuable time that could be better spent on client work.  Capium Pay changes that. As an embedded payment solution for accountants, it’s designed to integrate directly into your workflow, making client billing faster, more secure, and far more efficient.  In this article, we’ll explore how Capium Pay delivers tangible benefits for UK firms — from enabling instant bank transfers and automated invoice reconciliation to providing a streamlined client payment portal that reduces friction and improves cash flow.  The Problem with Traditional Client Billing  Client billing in accountancy often involves a patchwork of systems: one for generating invoices, another for receiving payments, and sometimes even manual processes for reconciliation. Common pain points include:  Delayed payments due to inconvenient payment options  Manual reconciliation between bank statements and accounting records  Higher transaction fees from traditional card processors  Time spent chasing overdue invoices rather than providing advisory services  These inefficiencies not only impact firm profitability but can also affect client relationships.  What Makes Capium Pay Different?  Capium Pay is built specifically for UK accounting professionals and fully integrates with the Capium platform. It eliminates the disconnect between invoicing, payments, and reconciliation.  Here’s what makes it stand out:  Embedded Payment Functionality With Capium Pay, clients can pay directly through a secure client payment portal as soon as they receive an invoice. This reduces payment friction and speeds up the process, leading to better cash flow for your firm.  Instant Bank Transfers No more waiting days for payments to clear. Capium Pay supports instant bank transfers between UK accounts, meaning funds arrive in your firm’s account within minutes, not days.  Automated Invoice Reconciliation One of the biggest time drains for accountants is manually matching payments to invoices. With Capium Pay’s automated invoice reconciliation, transactions are linked to the correct invoices automatically, reducing admin time and minimising the risk of errors.  Cost-Effective Payment Processing Traditional card processors often charge significant fees per transaction. Capium Pay offers cost-effective payment processing designed with accountants in mind, keeping more money in your firm’s pocket.  How It Works in Practice  Capium Pay’s embedded approach means it works seamlessly within the same platform you already use for your accounting tasks.  Generate an Invoice in Capium – As usual, you create and send the invoice to your client.  Client Pays via Portal – The client clicks the payment link, chooses their preferred method (including instant bank transfer), and completes payment in seconds.  Automatic Reconciliation – The payment is matched to the invoice automatically, with your ledgers updated instantly.  The result? Less time chasing payments, less admin, and a faster, smoother experience for both you and your clients.  Why UK Accounting Firms Are Adopting Capium Pay  Improved Cash Flow  The combination of instant bank transfers and fewer payment barriers means firms get paid faster, often within hours of invoicing.  Reduced Administrative Burden  Automating payment reconciliation can save hours of manual work each week, allowing your team to focus on billable and strategic tasks.  Better Client Experience  Clients appreciate the convenience of paying online without needing to set up separate bank transfers or call for card payments.  Integration with Capium’s Ecosystem  Capium Pay isn’t just a standalone tool — it’s part of a fully integrated suite of cloud-based accounting solutions. That means payment data flows directly into your practice’s bookkeeping and reporting modules, creating a unified, real-time view of your finances.  This integration is particularly valuable for firms looking to:  Track revenue in real-time  Automate follow-up on overdue invoices  Provide accurate, up-to-date financial reports to management  Security and Compliance at the Core  Handling client payments comes with strict responsibilities. Capium Pay uses bank-level encryption and complies with all relevant UK payment regulations to ensure that both firm and client data remain secure.  Additionally, the built-in audit trail means you have full visibility of every transaction, supporting transparency and compliance.  A Step Towards the Digital Future of Accounting  The UK accounting profession is evolving rapidly, with clients expecting faster, more convenient services — including how they pay for them. Capium Pay positions your firm to meet these expectations while reducing your operational workload.  With embedded payment solutions for accountants becoming the norm, adopting Capium Pay now means you’re ahead of the curve.  A Better Way to Work, and Get Paid From instant bank transfers and automated invoice reconciliation to a client-friendly payment portal, Capium Pay transforms the way UK accountants manage billing. By embedding payment functionality directly into your workflow, it delivers faster cash flow, reduced admin, and a smoother experience for clients.  For firms looking to modernise their payment processes and free up time for higher-value work, Capium Pay is more than a payment solution; it’s a catalyst for better business. 

The post Capium Pay: The Embedded Payment Solution Revolutionising Client Billing appeared first on capium.

]]> Capium Pay: The Embedded Payment Solution Revolutionising Client Billing 

For many UK accounting firms, billing clients is one of those essential tasks that’s often more time-consuming than it should be. Chasing payments, matching transactions to invoices, and managing multiple payment systems can eat into valuable time that could be better spent on client work. 

Capium Pay changes that. As an embedded payment solution for accountants, it’s designed to integrate directly into your workflow, making client billing faster, more secure, and far more efficient. 

In this article, we’ll explore how Capium Pay delivers tangible benefits for UK firms — from enabling instant bank transfers and automated invoice reconciliation to providing a streamlined client payment portal that reduces friction and improves cash flow. 

The Problem with Traditional Client Billing 

Client billing in accountancy often involves a patchwork of systems: one for generating invoices, another for receiving payments, and sometimes even manual processes for reconciliation. Common pain points include: 

  • Delayed payments due to inconvenient payment options 
  • Manual reconciliation between bank statements and accounting records 
  • Higher transaction fees from traditional card processors 
  • Time spent chasing overdue invoices rather than providing advisory services 

These inefficiencies not only impact firm profitability but can also affect client relationships. 

What Makes Capium Pay Different? 

Capium Pay is built specifically for UK accounting professionals and fully integrates with the Capium platform. It eliminates the disconnect between invoicing, payments, and reconciliation. 

Here’s what makes it stand out: 

  1. Embedded Payment Functionality

With Capium Pay, clients can pay directly through a secure client payment portal as soon as they receive an invoice. This reduces payment friction and speeds up the process, leading to better cash flow for your firm. 

  1. Instant Bank Transfers

No more waiting days for payments to clear. Capium Pay supports instant bank transfers between UK accounts, meaning funds arrive in your firm’s account within minutes, not days. 

  1. Automated Invoice Reconciliation

One of the biggest time drains for accountants is manually matching payments to invoices. With Capium Pay’s automated invoice reconciliation, transactions are linked to the correct invoices automatically, reducing admin time and minimising the risk of errors. 

  1. Cost-Effective Payment Processing

Traditional card processors often charge significant fees per transaction. Capium Pay offers cost-effective payment processing designed with accountants in mind, keeping more money in your firm’s pocket. 

How It Works in Practice 

Capium Pay’s embedded approach means it works seamlessly within the same platform you already use for your accounting tasks. 

  • Generate an Invoice in Capium – As usual, you create and send the invoice to your client. 
  • Client Pays via Portal – The client clicks the payment link, chooses their preferred method (including instant bank transfer), and completes payment in seconds. 
  • Automatic Reconciliation – The payment is matched to the invoice automatically, with your ledgers updated instantly. 

The result? Less time chasing payments, less admin, and a faster, smoother experience for both you and your clients. 

Why UK Accounting Firms Are Adopting Capium Pay 

Improved Cash Flow 

The combination of instant bank transfers and fewer payment barriers means firms get paid faster, often within hours of invoicing. 

Reduced Administrative Burden 

Automating payment reconciliation can save hours of manual work each week, allowing your team to focus on billable and strategic tasks. 

Better Client Experience 

Clients appreciate the convenience of paying online without needing to set up separate bank transfers or call for card payments. 

Integration with Capium’s Ecosystem 

Capium Pay isn’t just a standalone tool — it’s part of a fully integrated suite of cloud-based accounting solutions. That means payment data flows directly into your practice’s bookkeeping and reporting modules, creating a unified, real-time view of your finances. 

This integration is particularly valuable for firms looking to: 

  • Track revenue in real-time 
  • Automate follow-up on overdue invoices 
  • Provide accurate, up-to-date financial reports to management 

Security and Compliance at the Core 

Handling client payments comes with strict responsibilities. Capium Pay uses bank-level encryption and complies with all relevant UK payment regulations to ensure that both firm and client data remain secure. 

Additionally, the built-in audit trail means you have full visibility of every transaction, supporting transparency and compliance. 

A Step Towards the Digital Future of Accounting 

The UK accounting profession is evolving rapidly, with clients expecting faster, more convenient services — including how they pay for them. Capium Pay positions your firm to meet these expectations while reducing your operational workload. 

With embedded payment solutions for accountants becoming the norm, adopting Capium Pay now means you’re ahead of the curve. 

A Better Way to Work, and Get Paid

From instant bank transfers and automated invoice reconciliation to a client-friendly payment portal, Capium Pay transforms the way UK accountants manage billing. By embedding payment functionality directly into your workflow, it delivers faster cash flow, reduced admin, and a smoother experience for clients. 

For firms looking to modernise their payment processes and free up time for higher-value work, Capium Pay is more than a payment solution; it’s a catalyst for better business. 

The post Capium Pay: The Embedded Payment Solution Revolutionising Client Billing appeared first on capium.

]]> https://www.capium.com/capium-pay-the-embedded-payment-solution-revolutionising-client-billing/feed/ 0 Preparing for Authorised Corporate Service Provider (ACSP) Registration https://www.capium.com/preparing-for-authorised-corporate-service-provider-acsp-registration/ https://www.capium.com/preparing-for-authorised-corporate-service-provider-acsp-registration/#respond Mon, 03 Feb 2025 14:42:23 +0000 https://capium.com/?p=16355 Preparing for Authorised Corporate Service Provider (ACSP) Registration | Capium Home›Blog›Practice Management AMLCompanies HousePractice Management Preparing for Authorised Corporate Service Provider (ACSP) Registration A practical guide to registering as a Companies House Authorised Corporate Service Provider, covering who needs to apply, AML supervision, the £55 fee and what happens once you’re approved. C Capium Published 3 February 2025 1 min read Read with AI Claude ChatGPT Gemini Perplexity CAPIUM · BLOG Preparing for Authorised Corporate Service Provider (ACSP… On this page What Does an ACSP Do? How to Become an ACSP Registering with Companies House Registration checklist Upcoming Guidance FAQ Key takeaways Who needs to register: From 25 February 2025, anyone carrying out AML-supervised activities — company formation agents, solicitors, accountants and chartered secretaries — must register as an Authorised Corporate Service Provider (ACSP) to carry out identity checks for clients with Companies House. What an ACSP does: ACSPs conduct identity checks and ensure compliance with AML regulations, with document-filing on behalf of clients expected to follow. Eligibility: Your business must already be supervised by one of the 25 UK AML supervisory bodies, such as HMRC, the Financial Conduct Authority (FCA), or the Insolvency Practitioners Association. How to apply: Registration runs through the ‘Apply to register as a Companies House authorised agent’ service, intended for individuals in senior roles such as directors or sole traders. Cost: The registration fee is a one-off £55, alongside identity verification and business details. After approval: Registered ACSPs receive a digital account and a unique identity number, enabling them to file information and carry out identity checks for clients, with additional team members addable after approval. Further guidance: Companies House said it would publish detailed guidance on GOV.UK in early February 2025 to help businesses prepare. Starting from 25 February 2025, businesses and individuals who conduct anti-money laundering (AML) supervised activities, such as company formation agents, solicitors, accountants, and chartered secretaries, will need to register as Authorised Corporate Service Providers (ACSPs) to carry out identity checks for clients with Companies House. Key dates and figures 25 Feb 2025ACSP registration service opens £55One-off registration fee 25UK AML supervisory bodies recognised What Does an ACSP Do? ACSPs play a crucial role in maintaining financial integrity by conducting identity checks and ensuring compliance with AML regulations. They may also file documents on behalf of clients in the future. How to Become an ACSP To qualify as an ACSP, your business must be supervised by one of the 25 AML supervisory bodies in the UK, such as: HMRC Financial Conduct Authority (FCA) The Insolvency Practitioners Association You can find a full list of supervisory bodies on GOV.UK[1]. Registering with Companies House From 25 February 2025, you’ll need to use the new ‘Apply to register as a Companies House authorised agent’ service to become an ACSP. Here’s what you need to know: Who should apply? Individuals in senior roles, such as directors or sole traders. What’s required? Complete identity verification. Provide details about the business. Pay a £55 registration fee. What happens after registration? You’ll receive a digital account and unique identity number. This will allow you to file information and perform identity checks for your clients. Additional team members can be added to the authorised agent account after approval. ACSP registration checklist Built from the requirements named above — tick items off as you prepare your application. 1 Confirm your AML supervision. Check your business is supervised by one of the 25 UK AML supervisory bodies, e.g. HMRC, the FCA, or the Insolvency Practitioners Association. 2 Identify who should apply. Registration is intended for individuals in senior roles, such as directors or sole traders. 3 Complete identity verification. Have the required identity checks ready to complete as part of the application. 4 Gather your business details. Prepare the business information the application will ask for. 5 Set aside the £55 registration fee. This is a one-off payment made as part of the application. 6 Apply via the ‘Apply to register as a Companies House authorised agent’ service. This became available from 25 February 2025. 7 Receive your digital account and unique identity number. This is issued after registration and lets you file information and carry out identity checks for clients. 8 Add additional team members. This can be done to the authorised agent account once your registration is approved. 9 Check GOV.UK for detailed guidance. Companies House said it would publish this in early February 2025. Upcoming Guidance To assist with this transition, Companies House will publish detailed guidance on GOV.UK in early February 2025. By preparing early and completing your ACSP registration, you can ensure compliance and seamless operations for your business. Stay tuned for further updates from HMRC here[2]. Frequently asked questions What does an ACSP do?⌄ ACSPs play a crucial role in maintaining financial integrity by conducting identity checks and ensuring compliance with AML regulations. They may also file documents on behalf of clients in the future. How do I become an ACSP?⌄ To qualify as an ACSP, your business must be supervised by one of the 25 AML supervisory bodies in the UK, such as HMRC, the Financial Conduct Authority (FCA), or the Insolvency Practitioners Association. How do I register with Companies House as an ACSP?⌄ From 25 February 2025, you use the ‘Apply to register as a Companies House authorised agent’ service. Individuals in senior roles, such as directors or sole traders, should apply, complete identity verification, provide business details and pay a £55 registration fee. What happens after I register as an ACSP?⌄ You receive a digital account and a unique identity number, which lets you file information and perform identity checks for your clients. Additional team members can be added to the authorised agent account after approval. When did Companies House publish further ACSP guidance?⌄ Companies House said it would publish detailed guidance on GOV.UK in early February 2025 to help businesses prepare for the transition. PRACTICE COMPLIANCE, SIMPLIFIED Keep your practice ahead of Companies House and AML compliance changes Capium’s

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]]>
Preparing for Authorised Corporate Service Provider (ACSP) Registration | Capium
Home›Blog›Practice Management
AMLCompanies HousePractice Management

Preparing for Authorised Corporate Service Provider (ACSP) Registration

A practical guide to registering as a Companies House Authorised Corporate Service Provider, covering who needs to apply, AML supervision, the £55 fee and what happens once you're approved.

C
Capium
Published 3 February 2025
1 min read
Read with AI Claude ChatGPT Gemini Perplexity
CAPIUM · BLOG
Preparing for Authorised Corporate Service Provider (ACSP…
Key takeaways
Who needs to register:
From 25 February 2025, anyone carrying out AML-supervised activities — company formation agents, solicitors, accountants and chartered secretaries — must register as an Authorised Corporate Service Provider (ACSP) to carry out identity checks for clients with Companies House.
What an ACSP does:
ACSPs conduct identity checks and ensure compliance with AML regulations, with document-filing on behalf of clients expected to follow.
Eligibility:
Your business must already be supervised by one of the 25 UK AML supervisory bodies, such as HMRC, the Financial Conduct Authority (FCA), or the Insolvency Practitioners Association.
How to apply:
Registration runs through the 'Apply to register as a Companies House authorised agent' service, intended for individuals in senior roles such as directors or sole traders.
Cost:
The registration fee is a one-off £55, alongside identity verification and business details.
After approval:
Registered ACSPs receive a digital account and a unique identity number, enabling them to file information and carry out identity checks for clients, with additional team members addable after approval.
Further guidance:
Companies House said it would publish detailed guidance on GOV.UK in early February 2025 to help businesses prepare.

Starting from 25 February 2025, businesses and individuals who conduct anti-money laundering (AML) supervised activities, such as company formation agents, solicitors, accountants, and chartered secretaries, will need to register as Authorised Corporate Service Providers (ACSPs) to carry out identity checks for clients with Companies House.

Key dates and figures
25 Feb 2025
ACSP registration service opens
£55
One-off registration fee
25
UK AML supervisory bodies recognised

What Does an ACSP Do?

ACSPs play a crucial role in maintaining financial integrity by conducting identity checks and ensuring compliance with AML regulations. They may also file documents on behalf of clients in the future.

How to Become an ACSP

To qualify as an ACSP, your business must be supervised by one of the 25 AML supervisory bodies in the UK, such as:

  • HMRC
  • Financial Conduct Authority (FCA)
  • The Insolvency Practitioners Association

You can find a full list of supervisory bodies on GOV.UK[1].

Registering with Companies House

From 25 February 2025, you'll need to use the new 'Apply to register as a Companies House authorised agent' service to become an ACSP. Here's what you need to know:

  • Who should apply? Individuals in senior roles, such as directors or sole traders.
  • What's required?
    • Complete identity verification.
    • Provide details about the business.
    • Pay a £55 registration fee.
  • What happens after registration?
    • You'll receive a digital account and unique identity number.
    • This will allow you to file information and perform identity checks for your clients.
    • Additional team members can be added to the authorised agent account after approval.
ACSP registration checklist
Built from the requirements named above — tick items off as you prepare your application.
  1. Confirm your AML supervision. Check your business is supervised by one of the 25 UK AML supervisory bodies, e.g. HMRC, the FCA, or the Insolvency Practitioners Association.
  2. Identify who should apply. Registration is intended for individuals in senior roles, such as directors or sole traders.
  3. Complete identity verification. Have the required identity checks ready to complete as part of the application.
  4. Gather your business details. Prepare the business information the application will ask for.
  5. Set aside the £55 registration fee. This is a one-off payment made as part of the application.
  6. Apply via the 'Apply to register as a Companies House authorised agent' service. This became available from 25 February 2025.
  7. Receive your digital account and unique identity number. This is issued after registration and lets you file information and carry out identity checks for clients.
  8. Add additional team members. This can be done to the authorised agent account once your registration is approved.
  9. Check GOV.UK for detailed guidance. Companies House said it would publish this in early February 2025.

Upcoming Guidance

To assist with this transition, Companies House will publish detailed guidance on GOV.UK in early February 2025.

By preparing early and completing your ACSP registration, you can ensure compliance and seamless operations for your business. Stay tuned for further updates from HMRC here[2].

Frequently asked questions

ACSPs play a crucial role in maintaining financial integrity by conducting identity checks and ensuring compliance with AML regulations. They may also file documents on behalf of clients in the future.

To qualify as an ACSP, your business must be supervised by one of the 25 AML supervisory bodies in the UK, such as HMRC, the Financial Conduct Authority (FCA), or the Insolvency Practitioners Association.

From 25 February 2025, you use the 'Apply to register as a Companies House authorised agent' service. Individuals in senior roles, such as directors or sole traders, should apply, complete identity verification, provide business details and pay a £55 registration fee.

You receive a digital account and a unique identity number, which lets you file information and perform identity checks for your clients. Additional team members can be added to the authorised agent account after approval.

Companies House said it would publish detailed guidance on GOV.UK in early February 2025 to help businesses prepare for the transition.

PRACTICE COMPLIANCE, SIMPLIFIED

Keep your practice ahead of Companies House and AML compliance changes

Capium's practice management and compliance software helps accountants track client identity checks, AML supervision and regulatory deadlines in one place, so registration changes like ACSP never catch your practice off guard.

Explore Practice Management Book a demo

Further reading

References

  1. Anti-money laundering registration: get proof of your supervision, GOV.UK. Linked in the original article.
  2. Authorised Corporate Service Providers: what you need to know, Companies House (blog), 13 September 2024. Linked in the original article.

Related reading

AML

Anti-money laundering (AML) made easy with software
Payroll

The end of year payroll checklist
Industry

How accounting in the UK has changed over the last decade: top 5 transformations

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]]> https://www.capium.com/preparing-for-authorised-corporate-service-provider-acsp-registration/feed/ 0 New Year’s Resolutions for UK Accountants: Making 2025 Your Best Year Yet https://www.capium.com/new-years-resolutions-for-uk-accountants-2025/ https://www.capium.com/new-years-resolutions-for-uk-accountants-2025/#comments Thu, 02 Jan 2025 11:07:42 +0000 https://www.capium.com/?p=16317 New Year’s Resolutions for UK Accountants: Making 2025 Your Best Year Yet As we kick off 2025, it’s time for UK accountants to shake things up, set ambitious goals, and embrace opportunities that will transform their practice and client impact. From mastering digital tools to championing sustainability, these five resolutions will inspire you to make a real difference in the year ahead. Let’s make 2025 the year of growth, innovation, and excellence! 1. Get Tech-Savvy with Digital Transformation The accounting world is evolving fast, and staying ahead means embracing tech with open arms. It’s time to trade clunky spreadsheets for sleek automation and real-time solutions. Automate the mundane: Use tools that eliminate repetitive tasks, freeing up time for strategic work. Strengthen cybersecurity: Protect your clients’ sensitive data from ever-evolving threats. Master cloud accounting: Collaborate smarter with real-time insights and easy access for clients. Plus, who doesn’t love working from anywhere?  2. Level Up Your Advisory Services Say goodbye to the stereotype of bean-counter and hello to the trusted advisor your clients can’t do without. Add more value and make your expertise shine. Be a financial compass: Offer tailored financial planning that guides clients through uncertain times. Sharpen your tax game: Stay on top of compliance and optimisation strategies for a competitive edge. Think niche: Become the go-to expert in specific industries to set yourself apart from the competition.  3. Learn Like a Lifelong Student Change is constant in the accounting world, so staying sharp is non-negotiable. Commit to learning and stay ahead of the curve. CPD is your BFF: Enrol in courses that boost your skills and keep you relevant. Stay on top of tax changes: UK tax laws evolve frequently, so keep your clients ahead of the curve. Explore the future: Dive into ESG reporting and cryptocurrency accounting to expand your services.  4. Champion Sustainability and ESG Sustainability isn’t just a buzzword – it’s a business necessity. Accountants are perfectly positioned to lead this charge. Be a green hero: Guide your clients in adopting sustainable accounting practices that align with their ESG goals. Ditch the paper: Go digital to save the planet (and your filing cabinet). Master ESG reporting: Meet the growing demand for transparent, responsible business practices.  5. Deepen Client Relationships Building stronger client relationships isn’t just about keeping business – it’s about creating partnerships that last. Check-in often: Stay in touch with regular meetings to understand their evolving needs. Ditch the jargon: Speak their language to improve financial literacy and build trust. Ask for feedback: Don’t guess what’s working – let them tell you so you can improve. By adopting these resolutions, you’re not just aiming for personal growth; you’re setting your practice and clients up for a year full of opportunities. Let’s raise a toast to your success in 2025 – you’ve got this! Bonus: Picking the Right Accounting Software in 2025 Choosing the best accounting software for your firm is a game-changer, so make sure you’re investing in one that ticks all the right boxes: Comprehensive features: Look for software that handles bookkeeping, payroll, tax, and more. Compliance confidence: Stay ahead of regulations with built-in tools to keep you compliant. Integrations galore: Ensure it connects seamlessly with other systems you use. Rock-solid support: Reliable customer service can save you a lot of headaches. Remember, your firm’s unique needs should guide your decision. But keeping these key factors in mind will help you choose a provider that’s right for you. Want to experience the power of user-friendly, robust accounting software? Start your free trial with Capium today and see the difference for yourself! Here’s to making 2025 your most successful year yet!

The post New Year’s Resolutions for UK Accountants: Making 2025 Your Best Year Yet appeared first on capium.

]]> New Year’s Resolutions for UK Accountants: Making 2025 Your Best Year Yet

As we kick off 2025, it’s time for UK accountants to shake things up, set ambitious goals, and embrace opportunities that will transform their practice and client impact. From mastering digital tools to championing sustainability, these five resolutions will inspire you to make a real difference in the year ahead. Let’s make 2025 the year of growth, innovation, and excellence!

1. Get Tech-Savvy with Digital Transformation

The accounting world is evolving fast, and staying ahead means embracing tech with open arms. It’s time to trade clunky spreadsheets for sleek automation and real-time solutions.

  • Automate the mundane: Use tools that eliminate repetitive tasks, freeing up time for strategic work.
  • Strengthen cybersecurity: Protect your clients’ sensitive data from ever-evolving threats.
  • Master cloud accounting: Collaborate smarter with real-time insights and easy access for clients. Plus, who doesn’t love working from anywhere?
 2. Level Up Your Advisory Services

Say goodbye to the stereotype of bean-counter and hello to the trusted advisor your clients can’t do without. Add more value and make your expertise shine.

  • Be a financial compass: Offer tailored financial planning that guides clients through uncertain times.
  • Sharpen your tax game: Stay on top of compliance and optimisation strategies for a competitive edge.
  • Think niche: Become the go-to expert in specific industries to set yourself apart from the competition.
 3. Learn Like a Lifelong Student

Change is constant in the accounting world, so staying sharp is non-negotiable. Commit to learning and stay ahead of the curve.

  • CPD is your BFF: Enrol in courses that boost your skills and keep you relevant.
  • Stay on top of tax changes: UK tax laws evolve frequently, so keep your clients ahead of the curve.
  • Explore the future: Dive into ESG reporting and cryptocurrency accounting to expand your services.
 4. Champion Sustainability and ESG

Sustainability isn’t just a buzzword – it’s a business necessity. Accountants are perfectly positioned to lead this charge.

  • Be a green hero: Guide your clients in adopting sustainable accounting practices that align with their ESG goals.
  • Ditch the paper: Go digital to save the planet (and your filing cabinet).
  • Master ESG reporting: Meet the growing demand for transparent, responsible business practices.
 5. Deepen Client Relationships

Building stronger client relationships isn’t just about keeping business – it’s about creating partnerships that last.

  • Check-in often: Stay in touch with regular meetings to understand their evolving needs.
  • Ditch the jargon: Speak their language to improve financial literacy and build trust.
  • Ask for feedback: Don’t guess what’s working – let them tell you so you can improve.

By adopting these resolutions, you’re not just aiming for personal growth; you’re setting your practice and clients up for a year full of opportunities. Let’s raise a toast to your success in 2025 – you’ve got this!

Bonus: Picking the Right Accounting Software in 2025

Choosing the best accounting software for your firm is a game-changer, so make sure you’re investing in one that ticks all the right boxes:

  • Comprehensive features: Look for software that handles bookkeeping, payroll, tax, and more.
  • Compliance confidence: Stay ahead of regulations with built-in tools to keep you compliant.
  • Integrations galore: Ensure it connects seamlessly with other systems you use.
  • Rock-solid support: Reliable customer service can save you a lot of headaches.

Remember, your firm’s unique needs should guide your decision. But keeping these key factors in mind will help you choose a provider that’s right for you.

Want to experience the power of user-friendly, robust accounting software? Start your free trial with Capium today and see the difference for yourself!

Here’s to making 2025 your most successful year yet!

The post New Year’s Resolutions for UK Accountants: Making 2025 Your Best Year Yet appeared first on capium.

]]> https://www.capium.com/new-years-resolutions-for-uk-accountants-2025/feed/ 1 Navigating the Jungle of AML Risk: Managing High-Risk Lions and Low-Risk Frogs https://www.capium.com/navigating-the-jungle-of-aml/ https://www.capium.com/navigating-the-jungle-of-aml/#respond Thu, 08 Aug 2024 13:49:38 +0000 https://www.capium.com/?p=15740 Navigating the Jungle of AML Risk: Managing High-Risk Lions and Low-Risk Frogs  In the constantly shifting terrain of Anti-Money Laundering (AML) regulations, accountants and bookkeepers find themselves traversing a jungle teeming with risks. Just as in the wild, some clients resemble lions, while others resemble frogs. Understanding how to manage both high-risk lions and low-risk frogs is crucial for ensuring compliance and safeguarding against financial crime.  Identifying the Lions and Frogs  In this jungle, our lions represent high-risk clients. They possess characteristics that make them potentially more susceptible to money laundering or terrorist financing activities. These characteristics might include complex ownership structures, involvement in high-risk jurisdictions, or operating in industries prone to financial crime.  Conversely, our frogs embody low-risk clients. They typically exhibit straightforward financial behaviour, have transparent ownership structures, and operate within low-risk jurisdictions and industries.  Taming the Lions: Managing High-Risk Clients  Encountering a lion in the jungle can be daunting, but with the right tools and strategies, it’s possible to mitigate the risks they pose. Firstly, robust customer due diligence (CDD) processes are essential. This involves thoroughly researching and verifying the identity of high-risk clients, understanding their business activities, and assessing the source of their wealth.  Furthermore, implementing enhanced due diligence (EDD) measures is akin to strengthening the perimeter around your campsite. This may involve ongoing monitoring of transactions, conducting regular reviews of the client’s activities, and scrutinising any unusual patterns or red flags.  Just as a lion tamer establishes boundaries and controls within the circus ring, instituting transaction monitoring systems and suspicious activity reporting mechanisms can help detect and prevent illicit financial activities. Additionally, establishing clear policies and procedures, coupled with robust staff training, ensures that everyone in the institution is equipped to handle high-risk clients effectively.  Embracing the Frogs: Managing Low-Risk Clients  While encountering a lion demands caution and vigilance, encountering a frog offers a sense of security. Low-risk clients may not pose the same level of threat, but that doesn’t mean they should be overlooked. Instead, accountants and bookkeepers should adopt a risk-based approach, focusing resources where they are most needed.  For frogs, simplified due diligence (SDD) procedures may suffice. These streamlined processes allow for quicker onboarding and reduce administrative burdens, without compromising compliance standards. However, it’s important to periodically review the risk profile of even low-risk clients to ensure that they haven’t undergone any significant changes that might elevate their risk status.  Navigating the Jungle: Striking the Balance  In the jungle of AML risk management, accountants and bookkeepers must strike a delicate balance between caution and efficiency. While lions may pose a greater threat, effective mitigation measures can minimise the risks they present. Conversely, while frogs may seem harmless, prudent oversight is necessary to maintain compliance standards.  Just as a skilled navigator relies on a compass to chart their course through the wilderness, accountants and bookkeepers must rely on robust risk assessment frameworks and regulatory guidance to guide their AML efforts. By understanding the unique characteristics of high-risk lions and low-risk frogs, and implementing appropriate risk management strategies, institutions can navigate the jungle of AML risk with confidence.  With this strategic approach, accountants and bookkeepers can effectively manage the diverse array of clients they encounter in the AML landscape, ensuring compliance while mitigating the risks posed by both lions and frogs alike.  Read about Capium’s AML.   By Sujay Patel, The IAB  Sujay Patel is a dedicated member of the Business Development Team at the IAB, where he also provides crucial AML support. Sujay began his career as an AAT apprentice in an accounting practice before transitioning to AML software, during which he pursued a degree specialising in AML Law. His professional journey includes significant roles at several renowned accountancy software providers. Having been with the IAB for a year, Sujay leverages his extensive skills to enhance member benefits and assist members with AML-related queries and challenges. He is passionate about his work at the IAB and takes pride in contributing to the development and support of the organisation’s offerings.

The post Navigating the Jungle of AML Risk: Managing High-Risk Lions and Low-Risk Frogs appeared first on capium.

]]> Navigating the Jungle of AML Risk: Managing High-Risk Lions and Low-Risk Frogs 

In the constantly shifting terrain of Anti-Money Laundering (AML) regulations, accountants and bookkeepers find themselves traversing a jungle teeming with risks. Just as in the wild, some clients resemble lions, while others resemble frogs. Understanding how to manage both high-risk lions and low-risk frogs is crucial for ensuring compliance and safeguarding against financial crime. 

Identifying the Lions and Frogs 

In this jungle, our lions represent high-risk clients. They possess characteristics that make them potentially more susceptible to money laundering or terrorist financing activities. These characteristics might include complex ownership structures, involvement in high-risk jurisdictions, or operating in industries prone to financial crime. 

Conversely, our frogs embody low-risk clients. They typically exhibit straightforward financial behaviour, have transparent ownership structures, and operate within low-risk jurisdictions and industries. 

Taming the Lions: Managing High-Risk Clients 

Encountering a lion in the jungle can be daunting, but with the right tools and strategies, it’s possible to mitigate the risks they pose. Firstly, robust customer due diligence (CDD) processes are essential. This involves thoroughly researching and verifying the identity of high-risk clients, understanding their business activities, and assessing the source of their wealth. 

Furthermore, implementing enhanced due diligence (EDD) measures is akin to strengthening the perimeter around your campsite. This may involve ongoing monitoring of transactions, conducting regular reviews of the client’s activities, and scrutinising any unusual patterns or red flags. 

Just as a lion tamer establishes boundaries and controls within the circus ring, instituting transaction monitoring systems and suspicious activity reporting mechanisms can help detect and prevent illicit financial activities. Additionally, establishing clear policies and procedures, coupled with robust staff training, ensures that everyone in the institution is equipped to handle high-risk clients effectively. 

Embracing the Frogs: Managing Low-Risk Clients 

While encountering a lion demands caution and vigilance, encountering a frog offers a sense of security. Low-risk clients may not pose the same level of threat, but that doesn’t mean they should be overlooked. Instead, accountants and bookkeepers should adopt a risk-based approach, focusing resources where they are most needed. 

For frogs, simplified due diligence (SDD) procedures may suffice. These streamlined processes allow for quicker onboarding and reduce administrative burdens, without compromising compliance standards. However, it’s important to periodically review the risk profile of even low-risk clients to ensure that they haven’t undergone any significant changes that might elevate their risk status. 

Navigating the Jungle: Striking the Balance 

In the jungle of AML risk management, accountants and bookkeepers must strike a delicate balance between caution and efficiency. While lions may pose a greater threat, effective mitigation measures can minimise the risks they present. Conversely, while frogs may seem harmless, prudent oversight is necessary to maintain compliance standards. 

Just as a skilled navigator relies on a compass to chart their course through the wilderness, accountants and bookkeepers must rely on robust risk assessment frameworks and regulatory guidance to guide their AML efforts. By understanding the unique characteristics of high-risk lions and low-risk frogs, and implementing appropriate risk management strategies, institutions can navigate the jungle of AML risk with confidence. 

With this strategic approach, accountants and bookkeepers can effectively manage the diverse array of clients they encounter in the AML landscape, ensuring compliance while mitigating the risks posed by both lions and frogs alike. 

Read about Capium’s AML.

 

By Sujay Patel, The IAB 

Sujay Patel is a dedicated member of the Business Development Team at the IAB, where he also provides crucial AML support.
Sujay began his career as an AAT apprentice in an accounting practice before transitioning to AML software, during which he pursued a degree specialising in AML Law. His professional journey includes significant roles at several renowned accountancy software providers.
Having been with the IAB for a year, Sujay leverages his extensive skills to enhance member benefits and assist members with AML-related queries and challenges. He is passionate about his work at the IAB and takes pride in contributing to the development and support of the organisation’s offerings.

The post Navigating the Jungle of AML Risk: Managing High-Risk Lions and Low-Risk Frogs appeared first on capium.

]]> https://www.capium.com/navigating-the-jungle-of-aml/feed/ 0 Strengthening AML Compliance with Capium and Veriphy https://www.capium.com/strengthening-aml-compliance-with-capium-and-veriphy/ https://www.capium.com/strengthening-aml-compliance-with-capium-and-veriphy/#respond Tue, 21 May 2024 13:12:07 +0000 https://www.capium.com/?p=15463 Strengthening AML Compliance with Capium and Veriphy Are you up-to-date with the latest Anti-Money Laundering (AML) regulations? Do you want to ensure your business remains compliant while streamlining your processes? If so, we invite you to join our upcoming webinar, “Strengthening AML Compliance with Capium and Veriphy” where we will delve into the essential strategies and tools you need to stay ahead in the evolving landscape of AML compliance.  During this comprehensive webinar, our expert speakers will cover:  Key AML regulations and their implications for your practice.  How Capium’s cutting-edge accounting software integrates seamlessly with Veriphy’s verification solutions to enhance compliance.  Practical tips for implementing effective AML policies and procedures.  Real-world case studies showcasing successful AML strategies.  With the increasing complexity of AML regulations, staying informed and equipped with the right tools is more important than ever. By attending this webinar, you will gain valuable insights and practical knowledge to ensure your business remains compliant and efficient.  Webinar Details:  Date: Wednesday 26th June 2024  Time: 12PM  Duration: Approximately 45 minutes  Hosted by: Capium & Veriphy  Speakers:  Nicholas Cheyne, Director of Product & Growth, Capium  Adam Watts, Account Manager, Veriphy  Don’t miss out on this opportunity to enhance your AML compliance strategies. Register now to secure your spot!  For any inquiries, please contact us at 020 3322 5578. We look forward to seeing you there!  Stay compliant, stay ahead with Capium and Veriphy. 

The post Strengthening AML Compliance with Capium and Veriphy appeared first on capium.

]]> Strengthening AML Compliance with Capium and Veriphy

Are you up-to-date with the latest Anti-Money Laundering (AML) regulations? Do you want to ensure your business remains compliant while streamlining your processes? If so, we invite you to join our upcoming webinar, “Strengthening AML Compliance with Capium and Veriphy” where we will delve into the essential strategies and tools you need to stay ahead in the evolving landscape of AML compliance. 

During this comprehensive webinar, our expert speakers will cover: 

  • Key AML regulations and their implications for your practice. 
  • How Capium’s cutting-edge accounting software integrates seamlessly with Veriphy’s verification solutions to enhance compliance. 
  • Practical tips for implementing effective AML policies and procedures. 
  • Real-world case studies showcasing successful AML strategies. 

With the increasing complexity of AML regulations, staying informed and equipped with the right tools is more important than ever. By attending this webinar, you will gain valuable insights and practical knowledge to ensure your business remains compliant and efficient. 

Webinar Details: 

Date: Wednesday 26th June 2024 

Time: 12PM 

Duration: Approximately 45 minutes 

Hosted by: Capium & Veriphy 

Speakers: 

Nicholas Cheyne, Director of Product & Growth, Capium 

Adam Watts, Account Manager, Veriphy 

Don’t miss out on this opportunity to enhance your AML compliance strategies. Register now to secure your spot! 

For any inquiries, please contact us at 020 3322 5578. We look forward to seeing you there! 

Stay compliant, stay ahead with Capium and Veriphy. 

The post Strengthening AML Compliance with Capium and Veriphy appeared first on capium.

]]> https://www.capium.com/strengthening-aml-compliance-with-capium-and-veriphy/feed/ 0 Strengthening AML Compliance https://www.capium.com/strengthening-aml-compliance/ https://www.capium.com/strengthening-aml-compliance/#respond Wed, 17 Jan 2024 12:39:20 +0000 https://www.capium.com/blog/?p=1638 In today’s dynamic business landscape, financial institutions and accounting firms play a part in preventing and detecting suspicious activities that could lead to money laundering. Regulatory bodies are tightening their grip on anti-money laundering (AML) measures, accountants must stay ahead of the curve. Capium explores the significance of AML compliance for accountants and introduces Capium AML as a sturdy solution to streamline and enhance these efforts. Understanding AML Compliance: Anti-money laundering compliance involves a set of regulations and procedures designed to prevent and detect activities that may facilitate money laundering or terrorist financing. For accountants, who often handle financial transactions and sensitive client information, staying compliant is not just a legal obligation but also a critical step in maintaining the financial system’s integrity. The Role of Accountants in AML: Accountants are on the front lines of financial transactions, making them key players in the fight against money laundering. Their responsibilities include due diligence, monitoring financial activities, and reporting suspicious transactions to relevant authorities. AML compliance protects the firm and its clients but also contributes to the overall stability of the financial ecosystem. Capium AML: A Comprehensive Solution Capium AML is a reliable tool for accountants seeking a comprehensive AML solution. The module supports firms with the required tools to comply with regulatory requirements, identify potential risks, and prevent financial crime. Here are some key features that make Capium AML stand out: Regulatory Compliance: Capium AML keeps pace with evolving AML regulations, ensuring that your firm remains in full compliance with the latest legal requirements. Client Due Diligence: Capium AML streamlines the client onboarding process by automating due diligence checks. This enhances the accuracy of client risk assessments. Transaction Monitoring: The platform provides real-time monitoring of financial transactions, allowing accountants to identify and investigate suspicious activities quickly. Risk Assessment, Reporting and Documentation: Capium AML generates comprehensive reports, ensuring your firm has a documented trail of AML compliance efforts, along with onboarding enhancements. It’s crucial for regulatory audits and internal reviews. Training and Guidance: Capium customers have an exclusive training program set up at a competitive fee (just £40). In the ever-evolving landscape of financial regulations, accountants must prioritise AML compliance to protect their firms, clients, and the broader financial system. Capium AML serves as a valuable ally in this endeavour, offering a sturdy and user-friendly solution to enhance AML efforts. By leveraging this technology, accountants can strengthen their position in the fight against money laundering, contributing to a more secure and transparent financial environment. Speak to Capium What’s stopping you? Give Capium a call on 020 3322 5578 to see if we can help, or you can book yourself in here.   

The post Strengthening AML Compliance appeared first on capium.

]]> In today’s dynamic business landscape, financial institutions and accounting firms play a part in preventing and detecting suspicious activities that could lead to money laundering. Regulatory bodies are tightening their grip on anti-money laundering (AML) measures, accountants must stay ahead of the curve. Capium explores the significance of AML compliance for accountants and introduces Capium AML as a sturdy solution to streamline and enhance these efforts.

Understanding AML Compliance:

Anti-money laundering compliance involves a set of regulations and procedures designed to prevent and detect activities that may facilitate money laundering or terrorist financing. For accountants, who often handle financial transactions and sensitive client information, staying compliant is not just a legal obligation but also a critical step in maintaining the financial system’s integrity.

The Role of Accountants in AML:

Accountants are on the front lines of financial transactions, making them key players in the fight against money laundering. Their responsibilities include due diligence, monitoring financial activities, and reporting suspicious transactions to relevant authorities. AML compliance protects the firm and its clients but also contributes to the overall stability of the financial ecosystem.

Capium AML: A Comprehensive Solution

Capium AML is a reliable tool for accountants seeking a comprehensive AML solution. The module supports firms with the required tools to comply with regulatory requirements, identify potential risks, and prevent financial crime. Here are some key features that make Capium AML stand out:

  • Regulatory Compliance: Capium AML keeps pace with evolving AML regulations, ensuring that your firm remains in full compliance with the latest legal requirements.
  • Client Due Diligence: Capium AML streamlines the client onboarding process by automating due diligence checks. This enhances the accuracy of client risk assessments.
  • Transaction Monitoring: The platform provides real-time monitoring of financial transactions, allowing accountants to identify and investigate suspicious activities quickly.
  • Risk Assessment, Reporting and Documentation: Capium AML generates comprehensive reports, ensuring your firm has a documented trail of AML compliance efforts, along with onboarding enhancements. It’s crucial for regulatory audits and internal reviews.
  • Training and Guidance: Capium customers have an exclusive training program set up at a competitive fee (just £40).

In the ever-evolving landscape of financial regulations, accountants must prioritise AML compliance to protect their firms, clients, and the broader financial system. Capium AML serves as a valuable ally in this endeavour, offering a sturdy and user-friendly solution to enhance AML efforts. By leveraging this technology, accountants can strengthen their position in the fight against money laundering, contributing to a more secure and transparent financial environment.

Speak to Capium

What’s stopping you? Give Capium a call on 020 3322 5578 to see if we can help, or you can book yourself in here. 

 

The post Strengthening AML Compliance appeared first on capium.

]]> https://www.capium.com/strengthening-aml-compliance/feed/ 0 AML compliance made seamless with accounting software https://www.capium.com/aml-compliance-made-seamless-with-accounting-software/ https://www.capium.com/aml-compliance-made-seamless-with-accounting-software/#respond Mon, 27 Nov 2023 11:23:40 +0000 https://www.capium.com/blog/?p=1600 We’d be lying if we said that Anti-Money Laundering (AML) was one of our favourite topics, and we doubt it’s one of yours, either. In fact, if our conversations with customers are anything to go by, no accountant really wants to ‘do AML’, and most of you view it as a regulatory burden that you’re stuck with.  There are reams of regulations surrounding AML compliance, and that landscape is continually changing. Keeping up is time-consuming, the rules can be hard to interpret, and it’s difficult to get it right all the time.  Just last year, for instance, global AML fines were almost $5bn – a staggering cost to businesses around the world. And who could forget the case of a sole practitioner being fined £23,000 for insufficient compliance?  It’s clear that – irritating as it may be – avoiding risk by factoring water-tight AML into your practice should be a priority.  And, while we can’t change the regulations around AML compliance itself, we do pride ourselves on making accountants’ lives easier. Building AML software for accountants that handles the majority of checks for you – meaning you can carry on working with the clients you love – is one of the ways we’ve tried to do that.  How can software make AML for accountants easier? A key part of any successful AML strategy for accountants is making sure it’s built into your onboarding process. Put simply, as part of your customer due diligence, you must verify that your clients are who they say they are.  Our software is centred around handling this part for you, which has several benefits:  A complete audit trail  You’ll have a digital record of exactly what checks have been made, when they were made, and who made them. By building it into our workflow, we’ve made sure your compliance activities are documented every step of the way. Time-saving automation We know that removing as much time spent on AML as possible is the goal, which is why we make the most of automation.  When you issue a check with us, we’ll automate the customer due diligence process by collecting and verifying client identity information. We’ll cross-reference the information we find against relevant databases and watchlists, and flag any potential matches for further investigation.  Our AML checks It’s easy enough to check client passports or verify National Insurance details, but that’s just the tip of the iceberg. For the most complete picture, we carry out the following ten extensive checks:   Full and edited electoral registers (current and historic) Address and ID data drawn from recent credit file activity Landline telephone directory information Mortality registers Births index UK and international passport check National Insurance Number check Address redirection and departure check HMT, EU and OFAC sanctions lists Domestic and global Politically Exposed Persons (PEPs) list.  After we’ve completed our checks, our software contributes to client due diligence by storing and managing required ID documents securely. Accessible – when you need it Depending on the volume of new clients you take on each month, you might not need an extensive AML software package with a sizeable monthly fee. We’ve structured our pricing to make sure you’re only paying for our AML services when you need us.  All of our existing Capium customers have access to our AML module, and you can start making checks at £3 per time. That way, you’ll only ever be paying for what you use – making sure you’re compliant, while minimising the impact proper AML compliance has on your overheads.  Get peace of mind AML compliance isn’t going anywhere, but using specifically-designed software can help you get – and stay – ahead of your regulatory obligations, all while reducing the risk of you facing any reputational or legal damage if things go wrong.  Get started today or speak to our team to find out more. 

The post AML compliance made seamless with accounting software appeared first on capium.

]]> We’d be lying if we said that Anti-Money Laundering (AML) was one of our favourite topics, and we doubt it’s one of yours, either. In fact, if our conversations with customers are anything to go by, no accountant really wants to ‘do AML’, and most of you view it as a regulatory burden that you’re stuck with. 

There are reams of regulations surrounding AML compliance, and that landscape is continually changing. Keeping up is time-consuming, the rules can be hard to interpret, and it’s difficult to get it right all the time. 

Just last year, for instance, global AML fines were almost $5bn – a staggering cost to businesses around the world. And who could forget the case of a sole practitioner being fined £23,000 for insufficient compliance? 

It’s clear that – irritating as it may be – avoiding risk by factoring water-tight AML into your practice should be a priority. 

And, while we can’t change the regulations around AML compliance itself, we do pride ourselves on making accountants’ lives easier. Building AML software for accountants that handles the majority of checks for you – meaning you can carry on working with the clients you love – is one of the ways we’ve tried to do that. 

How can software make AML for accountants easier?

A key part of any successful AML strategy for accountants is making sure it’s built into your onboarding process. Put simply, as part of your customer due diligence, you must verify that your clients are who they say they are. 

Our software is centred around handling this part for you, which has several benefits: 

A complete audit trail 

You’ll have a digital record of exactly what checks have been made, when they were made, and who made them. By building it into our workflow, we’ve made sure your compliance activities are documented every step of the way.

Time-saving automation

We know that removing as much time spent on AML as possible is the goal, which is why we make the most of automation. 

When you issue a check with us, we’ll automate the customer due diligence process by collecting and verifying client identity information. We’ll cross-reference the information we find against relevant databases and watchlists, and flag any potential matches for further investigation. 

Our AML checks

It’s easy enough to check client passports or verify National Insurance details, but that’s just the tip of the iceberg. For the most complete picture, we carry out the following ten extensive checks: 

  •  Full and edited electoral registers (current and historic)
  • Address and ID data drawn from recent credit file activity
  • Landline telephone directory information
  • Mortality registers
  • Births index
  • UK and international passport check
  • National Insurance Number check
  • Address redirection and departure check
  • HMT, EU and OFAC sanctions lists
  • Domestic and global Politically Exposed Persons (PEPs) list. 

After we’ve completed our checks, our software contributes to client due diligence by storing and managing required ID documents securely.

Accessible – when you need it

Depending on the volume of new clients you take on each month, you might not need an extensive AML software package with a sizeable monthly fee. We’ve structured our pricing to make sure you’re only paying for our AML services when you need us. 

All of our existing Capium customers have access to our AML module, and you can start making checks at £3 per time. That way, you’ll only ever be paying for what you use – making sure you’re compliant, while minimising the impact proper AML compliance has on your overheads. 

Get peace of mind

AML compliance isn’t going anywhere, but using specifically-designed software can help you get – and stay – ahead of your regulatory obligations, all while reducing the risk of you facing any reputational or legal damage if things go wrong. 

Get started today or speak to our team to find out more. 

The post AML compliance made seamless with accounting software appeared first on capium.

]]> https://www.capium.com/aml-compliance-made-seamless-with-accounting-software/feed/ 0