What does AML/CTF compliance involve?
AML/CTF compliance requires accounting firms to implement systems and processes that identify, assess, and manage the risk of financial crime.
AML/CTF compliance checklist
1. Risk assessment
Assess the level of risk across:
- Client types
- Services offered
- Delivery channels
- Geographic exposure
2. AML/CTF program
Develop a documented program that outlines:
- Policies and procedures
- Risk controls
- Roles and responsibilities
3. Client identification (VOI)
Verify the identity of all clients using reliable, independent sources.
4. Customer due diligence (CDD)
Understand:
- Who your client is
- The nature of their activities
- Their risk profile
5. Enhanced due diligence (EDD)
Apply additional checks for higher-risk clients, including:
- PEP and sanctions screening
- Source of funds check
6. Ongoing monitoring
Regularly review client activity and update risk assessments where needed
7. Reporting obligations
Prepare to submit:
- Suspicious matter reports
- Annual compliance reports
8. Record keeping
Maintain records of:
- Identification documents
- Risk assessments
- Decisions and actions
Common challenges for firms
- Inconsistent onboarding processes
- Manual record keeping
- Lack of visibility across client risk
- Difficulty applying risk-based controls
How InfoTrack simplifies this
InfoTrack’s Compliance Centre brings these steps into a single structured process so firms are not relying on multiple disconnected tools or manual coordination. Client information is captured once and used across VOI, PEP, sanctions and adverse media checks, with results feeding directly into risk profiles to support consistent decision-making. All compliance activity is recorded automatically, creating a clear audit trail of verification outcomes, risk decisions and screening results. This helps reduce duplication, minimise errors and ensure firms can apply a consistent, scalable approach to AML/CTF obligations as requirements evolve.
Final thoughts
Compliance is not a single task. It is an ongoing process that requires structure, consistency, and the right tools.