Amiqus named Institute of Chartered Accountants strategic partner

Amiqus ID verification software is currently used by around 150 legal, accountancy, property and recruitment companies in the UK, with the number of monthly background checks processed by the platform increasing month on month.

The software is designed to help firms meet increasingly stringent anti-money laundering and data security requirements, while greatly simplifying the process of issuing, completing and recording the results of identity and financial status checks.

The tie-up comes as billions of pounds continues to be laundered through British businesses every year, making the prevention of money-laundering 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.

David Menzies, director of Practice at ICAS, said: “By collaborating with Amiqus ID, we are providing our members with direct access to a quality service to help reduce the regulatory burden 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, developing a service which is of real value to CAs. 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.”