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AML Due Diligence Checks

 Do you have plans to being in a link to any AML due Diligence checks software?

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Hi Pamela

Yes, indeed we do! You have a knack for spotting everything that needs to be done :) 

This will be part of a phase 2 for on-boarding although I was thinking of doing a pricing tool first. Maybe we should do the AML checks first...?

Nick Kay also asked for this but he wants it 100% automated i.e. the client signing the proposal automatically starts the AML checks. There are 2 challenges here that we need to address first:

1) The checks will be chargeable and obviously we need to pass that cost on to our customers i.e. you. We need a mechanism to do so as this will also be needed for wherever we use paid for services like SMS. We have an idea that we are developing to get this in as a gateway for these kinds of integrations.

2) While some accountants may want this 100% automated, others may not (would you want the check started automatically?). We need to make this piece of automation optional. Interestingly, there have been a few requests that follow the same theme "can this happen when that happens?" so there is a much bigger benefit to doing this than just for AML checks. We're thinking along the lines of automation options that you can choose to switch on or off.

I would not like it to be fully automated, what I wondered was if there was an API that could link through to the likes of Smart Search if you already had an account, then instead of having to feed in all the information to Onkho and then Smart Search, download the report from Smart Search and upload to the document hub in Onkho you clicked a button in Onkho and selected which AML check provider you used and entered your log in details so the forms self populated.

So we are right that automation needs to be optional :)

I do like the idea of a choice of providers but that all depends on what is offered in terms of their API. For us we would like to build once and integrate with many providers but experience says that that is unlikely due to the absence of standards for exchanging this kind of data. We will definitely investigate the option of multiple providers when we get to this.

Keep the ideas coming Pamela :)

Pamela - this will finally come as part of the integrations we are going to build. For ID verification I've been recommended Credas. Are there any others?