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Amiqus and ICAS team up to tackle money laundering

cash money

Money laundering is a multi-billion pound problem


Identity software company Amiqus has secured a partnership with Scotland’s accountancy trade body to provide money-laundering protection to its members.

Edinburgh-based Amiqus will work with the Institute of Chartered Accountants of Scotland (ICAS) to encourage its members to take their compliance procedures online.

The agreement is the second strategic partnership with a professional body for regulated professionals agreed with Amiqus this year following an agreement in January with the Law Society of Scotland.

With billions laundered through British businesses every year, preventing money-laundering has become an increasingly important but cumbersome part of the work of Scottish accountants. Since the 2017 Money Laundering Regulations came into force, accountants must make complex identity and financial status checks before taking on new clients, while simultaneously monitoring the risk profile of existing clients. The regulations also require the vetting of members of staff in key roles at accountancy firms, such as beneficial owners and managers.

To meet these new standards, and avoid heavy fines for non-compliance, identity verification software is fast becoming an essential tool for collecting, processing and monitoring staff and client data swiftly and securely. 

Amiqus ID verification software is currently used by around 150 legal, accountancy, property and recruitment companies in the UK.

David Menzies, director of practice at ICAS said he hoped the collaboration would help reduce the regulatory burden facing members and ensure they are compliant with the 2017 Money Laundering Regulations.

“We are delighted to welcome Amiqus ID into our family of partners and look forward to working closely with them. We want to encourage and support our members in updating their compliance strategies through the adoption of technology and taking a digital approach. Our partnership with Amiqus ID is a clear signal of our commitment to do just that.”

Mel Alexander, head of growth at Amiqus, said: “We want to help ICAS members de-risk their client portfolios while also helping them to improve their client experience. Gone are the days when you had to call a client into your office and photocopy their passport for a paper file. Now that client can verify their identity and financial status from wherever they choose on their personal device.

“Moving staff vetting procedures and client due diligence into one secure online account will equally help accountancy firms meet their anti-money laundering obligations, while protecting staff and client personal data. We’re looking forward to working with ICAS and the wide range of member firms they represent.”


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