Firmcheck, the comprehensive anti-money laundering (AML) software for accounting firms, announced a significant upgrade to its solution. The upgrade delivers enhanced capabilities that unite all compliance pillars in one intuitive platform while streamlining processes and accounting practices.

The platform upgrade, driven by extensive customer feedback and market insights over the past year since launching into the UK market, transforms how accounting firms manage their AML obligations. It brings clarity, control, and comprehensive documentation into a single, user-friendly solution.

No more scattered spreadsheets, missing documents, or out-of-control compliance.

Firmcheck has found early success in the UK market, supporting hundreds of firms in organising their AML compliance to date.

One happy customer recently shared, “Firmcheck is a fantastic product. We recently had a compliance visit, and implementing Firmcheck helped us through the process and demonstrated our commitment to doing things correctly.”

“Also, by doing the CDD properly, we identified a couple of problematic clients with whom we ought to consider disengaging, as well as a referral stream that we need to nurture more.”

This latest release signals the platform's commitment to continuous improvement and to helping accountants more easily deal with required compliance activities, as well as potentially unlock new value streams.

Unified compliance management

At the core of Firmcheck's enhanced platform is a commitment to bringing all AML compliance requirements together in one place. The solution ensures firms can effectively:

• Maintain and update their Firm-Wide Risk Assessment
• Conduct and document Client Risk Assessments consistently
• Manage their Policies, Controls, and Procedures documentation
• Track AML training records
• Complete ongoing client reviews and updates
• Document and have a clear audit trail of client records and decisions

Reimagined user experience

The platform features a completely redesigned and modern interface that puts user experience at the forefront; it works how you expect software to work:

• Intuitive navigation and streamlined workflows reduce time spent on compliance tasks
• Modern, clean design improves clarity and reduces cognitive load
• Simplified data entry with intelligent form design
• Clear visualisation of compliance status and outstanding tasks

Advanced workflow management

A challenging aspect of AML compliance, especially in larger practices where multiple teams or individuals could be involved, is a simple view of where things are and your next actions. A new Kanban-style workflow view makes managing AML compliance and understanding the tasks at hand easier:

• Visual task management, with one-click access to records
• Clear status tracking for client compliance activities
• Make collaboration easier: see your work and the firm's work
• Automated work management when reviews or records are due for review

Smarter risk management

The upgraded platform brings flexibility and smarts to the most critical aspect of AML compliance: risk management. The latest release introduces a host of new risk assessment capabilities:

• "Smart" Firm-Wide Risk Assessment automatically incorporates data from individual client assessments to help you build and document your firm-wide view
• Customisable risk assessment templates aligned with your supervisor's requirements – we’ve introduced a library of templates for different client types
• Flexible, drag-and-drop risk assessment builder for firm-specific needs
• Multiple verification levels to match client circumstances, be that you’ve already captured and verified ID documentation, you just need a track record, or if you are onboarding clients remotely and need more

Enhanced integration and monitoring

Firmcheck's improved Companies House integration reduces administrative burden by automatically pulling relevant company information. The platform offers free PEPs, Sanctions, and Adverse Media checks—unique in the industry—with several other exciting features on the horizon that’ll give you all the tools you need to be AML compliant:

• Automated monitoring of PEPs, Sanctions & Adverse Media (coming soon)
• Companies House monitoring capabilities (in development)
• Practice Management system integrations (planned)

If you’d like to be involved in shaping these particular features, get in touch to see how your firm can become an integral part of the early testing of these features.

Transparent, credit-free pricing

Despite the changes, Firmcheck maintains a transparent, subscription-based pricing model, unlike other providers with pay-as-you-go verification checks. There's no need for bulk credit purchases or complex payment structures. Full pricing details are available at firmcheck.com/pricing.

Better organisation, clear compliance

This release is a foundation for future enhancements, building on the foundations of what’s needed to be AML compliant and making AML easier and more valuable for accounting firms.

This latest release expands on existing capabilities to provide:

• Clearer oversight of compliance status across the firm
• Better organisation of compliance documentation
• Improved control over risk management processes
• More efficient team collaboration
• Comprehensive audit trail and reporting

For more information about Firmcheck's AML compliance software, visit firmcheck.com, where you can also sign up for a free account to test out the latest features on the platform.