Frequently Asked questions
Streamline AML Compliance with CCH iFirm AML
Efficiently manage all your AML responsibilities firm-wide using CCH iFirm AML, seamlessly integrated with your existing CCH Central software. Save time on compliance tasks, minimize risks, and safeguard your firm and staff from potential criminal dealings.
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What’s the difference between conducting an AML check and AML transaction monitoring?Conducting an AML check involves verifying the identity of clients, while AML transaction monitoring involves ongoing surveillance of financial transactions to detect unusual patterns or activities that may indicate money laundering.
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Is KYC mandatory?Yes, KYC is mandatory for financial institutions and other regulated entities to comply with AML regulations and prevent money laundering.
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Which organisations need PEP verification?Organisations dealing with financial services or involved in high-value transactions often need to conduct Politically Exposed Person (PEP) verification to identify individuals with political connections.
CCH iFirm AML Service Specifics FAQs
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Do I need to purchase all of my AML checks upfront?No, we offer monthly billing to provide flexibility for your business needs.
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How long are your contracts?We offer 12-month contracts to accommodate changing business volumes and to provide stability.
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Do you just do AML, or do you offer PEP checks too?Our AML checks include PEP, Sanctions, and Adverse Media screening as part of the comprehensive service.
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Are there any setup or license fees?No, we only charge for completed AML checks; there are no setup or license fees.
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What do I need to run an AML check?To run an AML check, you only need your client’s Name, Date of Birth, and Address.
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Which databases do you check against?We search a range of databases, including Equifax, Experian, TransUnion, UK Electoral Roll, National Identity Register, Landline Database, Mortality Register, and Acuris Risk Intelligence for PEP, Sanctions, and Adverse Media.
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Do you also offer Biometric KYC checks?Yes, we incorporate advanced biometric face matching, liveness testing, and document verification as part of our CCH iFirm AML + Biometric KYC checks.
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What happens to our client’s data?All client data is stored within CCH. Our suppliers verify data, return it to CCH, and then automatically delete it from their systems, ensuring data security and privacy, easing your compliance with GDPR regulation.
Make CCH iFirm AML your trusted partner for AML compliance.
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