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.

Your Questions About CCH iFirm AML, Answered

Whether you're exploring AML software for the first time or need clarification on specific features, this FAQ page is here to help. For a comprehensive look at how CCH iFirm AML helps UK firms meet regulatory requirements, please visit CCH iFirm AML solution page.


General FAQs

  • 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.
  • Is KYC mandatory?
    Yes, KYC is mandatory for financial institutions and other regulated entities to comply with AML regulations and prevent money laundering.
  • 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

  • Do I need to purchase all of my AML checks upfront?
    No, we offer monthly billing to provide flexibility for your business needs.
  • How long are your contracts?
    We offer 12-month contracts to accommodate changing business volumes and to provide stability.
  • 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.
  • Are there any setup or license fees?
    No, we only charge for completed AML checks; there are no setup or license fees.
  • 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.
  • 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.
  • 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.
  • 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.

Have additional questions about AML compliance or our software? Visit our AML FAQs for answers.

Make CCH iFirm AML your trusted partner for AML compliance.

Learn More

Related cloud insights

Unlock the Benefits of Cloud Accounting

Unlock efficiency and streamline your business with cloud-based accounting software. Explore the power of cloud accounting for a smarter, more agile, and successful practice.
Learn More

Is Your Practice Ready to Embrace Cloud-Based Accounting Over Traditional On-Premise Solutions

Explore the evolution of accounting software with our comparison of cloud-based accounting vs traditional on-premises solutions.
Learn More

On-Demand Webinar - Elevate your practice with CCH iFirm - Cloud Accounting Software

Watch this webinar with our product experts for an introduction to CCH iFirm, our new integrated cloud-based tax and accounting platform.

Watch Now
Back To Top