Anti Money Laundering Software

Anti Money Laundering (AML) Software

A Software Module For Law Firms Designed To Help Manage AML Compliance

Law firms are subject to legislation that requires them to put in robust processes and controls to prevent the firm being used to facilitate money-laundering. The LAWFUSION anti-money laundering (AML) module provides the processes and controls to manage this risk . By guiding users through the anti money laundering process law firms can log documents and checks, generate and record correspondence and set flags, warnings and reminders to ensure they are compliant with current AML regulations. Whilst powerful software of this nature was once only affordable for larger firms, it is now available to firms of all sizes as a fully integrated module of the LAWFUSION suite of legal practice management software. All LAWFUSION users get, as standard, a whole raft of AML functionality.

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Key Features

AML Checks

The LAWFUSION AML module allows authorised users at law firms to record all the anti money laundering (AML) checks they have carried and also scan in and store any relevant documents and papers, such as passports etc.

Identity Checking Integration

Identity checking is a key aspect of anti money laundering compliance when managing risk for law firms. LAWFUSION offers integration to external identity checking services such as Call ML and Experian etc.

Flags, Warnings & Reminders

The anti money laundering (AML) module in LAWFUSION provides law firm users with the relevant software privileges functionality that enables them to set up flags where anti money laundering checks have not been completed for a client, when accepting funds.

The software can also be set to warn users when funds over a certain value are being accepted.

There are features too that allow system to generate reminders, ahead of time, highlighting when anti money laundering checks (carried out previously) are due to become out of date.

Auto Suspicion Letter

The AML Module will automatically produce a ‘suspicion letter’ for the firm’s Anti Money Laundering Officer subject to a list of specified criteria.

Correspondence

From within the AML module in LAWFUSION authorised users can generate and store correspondence regarding any anti money laundering suspicions the firm may have for sending on to the National Crime Agency (NCA).

AML Under The Spotlight

Since the Financial Action Task Force’s (FATF) assessment of the UK’s AML supervisory measures (Dec 2018) AML compliance has been under the spotlight for many law firms.

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