Wolters Kluwer Tax & Accounting (TAA) U.K. has released an anti-money laundering module (AML) within CCH iFirm, its cloud-based practice management and compliance software platform.
Wolters Kluwer CCH iFirm AML seamlessly integrates “with CCH Central, Wolters Kluwer TAA’s on-premise system, reducing the need to rekey data into a separate system and helping to speed up the AML compliance process and client onboarding.”
Natasha Chryssafi, Director of Product Management, Wolters Kluwer TAA U.K., said:
“We realize that compliance with AML and know-your-customer [KYC] requirements is vital for accounting firms, especially in light of continually shifting regulations. CCH iFirm AML helps to transform the way companies manage their AML duties, helping them mitigate the risks associated with poor AML and KYC practices.”
As a cloud-based solution CCH iFirm AML provides accounting practices “with the flexibility to manage AML compliance from anywhere at any time. In addition, it will offer biometric KYC – using facial recognition to identify and authenticate individuals.”
This will aim to remove the need to scan and email documents and check photos, “helping to ensure secure and efficient identity verification, alongside a standard AML check.”
Given the importance of having the highest quality data for checking purposes, CCH iFirm AML has “access to credit bureaus and governmental data sets.”
The accuracy, completeness, timeliness, consistency and relevance of data is considered to be “fundamental to detecting, preventing, and reporting potential money laundering activities effectively.”
As noted in the update, Wolters Kluwer is a global firm that says it is focused on information, software solutions and services “for professionals in healthcare; tax and accounting; financial and corporate compliance; legal and regulatory; corporate performance and ESG.”
They aim to help their customers with making well-informed and critical decisions every day by providing expert solutions that reportedly combine deep domain knowledge along with technology and innovative services.
