Wolters Kluwer introduces AML module for its CCH iFirm

As per the information detailed in the press release, Wolters Kluwer released an AML module within its cloud-based practice management and compliance software platform CCH iFirm. The company’s CCH iFirm AML integrates with CCH Central, its on-premises system, focusing on minimising the need to rekey data into a separate system and supporting the acceleration of the AML compliance process and client onboarding.

With the newly launched CCH iFirm AML service, companies can control their AML practices with a single solution that aims to decrease time and solidify defences against money laundering. The solution intends to unify and simplify AML obligations across the entire firm, integrating with existing CCH Central software. Additionally, the CCH iFirm AML service supports faster onboarding for existing clients, new prospects, and the MLRO and admin staff. The solution can be leveraged by CCH Central customers, being specifically customised to meet the AML needs of UK accountants.

According to Wolters Kluwer’s officials, compliance with AML and Know Your Customer (KYC) requirements is important for account firms, especially during a time of changing regulations. CCH iFirm AML aims to assist in transforming how companies manage their AML obligations, helping them mitigate the risks associated with improper AML and KYC practices. Being a cloud-based solution, CCH iFirm AML offers accounting practices with the flexibility to administrate AML compliance from anywhere. Additionally, the solution is set to deliver biometric KYC, which leverages facial recognition to identify and authenticate individuals. Through this, Wolters Kluwer aims to eliminate the need to scan and email documents and check photos, working towards ensuring secure and efficient identity verification, together with a standard AML check.

Furthermore, to increase the quality of 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 represent the foundation for detecting, preventing, and reporting potential money laundering activities effectively. Currently, Wolters Kluwer provides information, software solutions and services for professionals in healthcare, tax and accounting, financial and corporate compliance, legal and regulatory, as well as corporate performance and ESG. The company is committed to supporting its customers in the decision-making process by offering solutions that merge domain knowledge with technology and services. Also, the group now serves customers in over 180 countries, maintaining operations in over 40 countries, and employing approximately 21,400 individuals globally.

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