Best AML Software for Accountants & Bookkeepers

Words by
Charlotte Russell
July 8, 2024
July 8, 2024

Implementing the right AML (Anti-Money Laundering) software for your firm is vital. It's the key to keeping your firm protected and secure. But with so many options on the market, it can be overwhelming to choose the best AML software provider for your firm. To help you in your search, we've compiled a list of some of the top AML software providers in the industry.

Contents:

What is AML software?

AML (Anti Money Laundering) software is designed to help you detect and prevent money laundering activities. Software typically offers a range of features including customer due diligence, risk assessment, and regulatory reporting.

What to consider when choosing an AML software

When choosing an AML software provider, there are several key questions to consider:

Does this software cover the compliance requirements for my accounting body?

Each accounting body has unique compliance guidelines. Review their documentation or contact them directly to verify if your chosen software meets all requirements.

Will I be able to easily add all my clients to this AML software?

If your clients are based internationally, with unique organisational structures or requirements, it's important to verify if your selected AML software can manage these intricacies. Additionally, it’s important to understand if this changes the timeframe required for onboarding processes.

What is the impact on clients’ onboarding experience?

Will implementing this AML software enhance your clients’ onboarding journey? Can it facilitate quicker onboarding of new clients for your team, while ensuring compliance? Put yourself in the shoes of a prospective client and assess whether this will have a beneficial effect on your existing procedures.

Can this be used easily, and at scale?

The software should be user-friendly and intuitive, allowing your team to quickly adapt and utilise its features effectively without extensive training. Consider whether the software can scale with your firm as your client base grows. 

And crucially, look for providers that offer comprehensive support services, including training, troubleshooting, and regular system updates to assist your firm whenever needed.

How does this AML software fit within my current app stack?

The ability to seamlessly integrate with your existing accounting and bookkeeping systems is crucial for streamlining operations and enhancing efficiency. 

Explore flinder’s advice on organising your app stack and find inspiration from their chosen providers here.

What is the ongoing cost of this AML software?

Finally, consider the cost of the software in relation to the budget of your firm. While it is important to find a cost-effective solution, it is equally crucial to ensure that the software offers good value for money, balancing price with the quality and extent of its features.

Taking these factors into consideration will help you choose an AML software provider that best aligns with your firm's requirements and ensures robust protection against money laundering activities.

Best AML Software for 2024

Xama

Designed for UK accountants, Xama offers automated risk assessment, and sophisticated reporting features. With seamless integration capabilities and a user-friendly interface, Xama is a reliable choice for businesses seeking comprehensive AML compliance support.

How much does Xama cost?

  • Free plan
  • Premium plan: £30 per month (increased volumes, additional free AML training, access to AML template documentation library, staff management and segregation of client lists, rule-based client risk assessments)
  • Premium+ plan: £75 per month (increased volumes, additional free AML training)

Key benefits of Xama

  • No contract or minimum spend
  • Pre-built integrations (including Quickbooks and Karbon)
  • Zapier integration
  • Offers API access
  • 30-day free trial
  • Unlimited client risk assessments and document storage

Key drawbacks of Xama

  • No direct Xero integration. However, Xama does integrate with Zapier which allows some connectivity.

Firmcheck

Firmcheck is an innovative AML software provider, known for its powerful compliance tools and cutting-edge technology. It specialises in providing comprehensive customer due diligence, and automated reporting solutions. Firmcheck's platform is designed with scalability in mind, making it suitable for businesses of all sizes.

How much does Firmcheck cost?

  • Subscription fee:
    • Monthly: 50p per month, per client
    • Annual: £6 per year, per client (10% off)
  • Pay-as-you-go checks:
    • Basic PEP and Sanctions Checks - 50p per check. If you have 100+ clients these checks become free
    • Full Biometric and ID Verification Checks: £5.50 per check

Key benefits of Firmcheck

  • Free online AML training including CPD satisfactory options
  • Unlimited clients (paying per client) allowing flexibility in ongoing costs
  • Unlimited client risk assessments and document storage

Key drawbacks of Firmcheck

  • No integrations (listed as coming soon on Firmcheck's website)
  • Does not offer API access

SmartSearch

Tailored to meet the needs of financial institutions and businesses alike, SmartSearch offers features such as customer due diligence, and comprehensive reporting tools. Its user-friendly interface and robust data security measures ensure that compliance processes are both efficient and effective.

How much does SmartSearch cost?

Key benefits of SmartSearch

Key drawbacks of SmartSearch

  • No direct Xero integration
  • Does not give an indication on limited/unlimited number of clients, documents, risk assessments etc.

Interested in compliance friendly solutions for managing clients’ payments? Here are 5 ways that Telleroo de-risks payments.