Stop Chasing Client Bank Statements for AML Checks
AML software for accountants is evolving beyond basic screening tools. Accounting firms waste hours collecting PDFs and screenshots from clients for AML verification. Manual source-of-funds checks introduce delays, and relying on unverified documents creates audit risk.
Bank-verified transaction data changes this. Through FCA-authorised Open Banking infrastructure, firms access real financial data directly from UK banks.
After working with platforms supporting UK accounting firms, we’ve seen the pattern. Teams wait days for client uploads, then spend more time manually categorising transactions. Enhanced due diligence becomes a bottleneck because the data foundation is weak.
The Real AML Problem for UK Accountants
Traditional AML processes break under their own weight. Client onboarding stretches across weeks waiting for bank statements. When documents arrive, they’re often:
- PDFs that can’t be verified
- Screenshots missing transaction context
- Incomplete historical data
- Manually formatted statements requiring reconciliation
For firms handling high-risk clients, this creates compliance exposure. Manual categorisation introduces human error at scale. When regulators review AML files, inconsistent evidence becomes a problem.
What Bank-Verified Data Provides
Bank-verified transaction data operates differently. An aml api connects directly to UK financial institutions through regulated Open Banking channels, providing:
- Consent-based access to real account data
- Historical transactions up to 7 years (bank-dependent)
- Structured transaction feeds
- Enriched transaction categories
- Complete audit logs
- API-ready data delivery
The critical difference is verification. Transaction data through Open Banking came directly from the bank. No client editing, no formatting issues, no questions during audit reviews.
For accountancy practices, source-of-funds verification speeds up dramatically. Instead of requesting documents and waiting, you request consent and receive data immediately.
Where AML API Infrastructure Fits
Most firms misunderstand aml software for accountants uk. The software interface matters less than the data layer powering it.
An aml api should provide verified transaction data as the foundation for your compliance workflows. This infrastructure sits between UK banks and your practice management systems, handling:
- FCA-regulated data access
- Ongoing transaction monitoring
- Consent management and renewal
- Data enrichment and categorisation
- Secure API delivery
Finexer provides the bank data layer enabling these workflows. We don’t perform AML checks or make compliance decisions. We provide verified financial data that accounting firms and compliance platforms use to build stronger AML processes.
This distinction matters for technical teams evaluating infrastructure. You need an aml api that delivers clean, verified data without overcommitting on compliance outcomes.
Similar verified data infrastructure powers compliance workflows across sectors including proptech and real estate, where firms require the same level of transaction verification for their AML obligations.
Common Mistakes Accounting Firms Make
| Mistake | Why It Breaks | What Works Instead |
|---|---|---|
| Accepting PDF uploads | No verification possible | Consent-based bank access |
| One-time AML checks | No ongoing monitoring | Continuous transaction feeds |
| Limited transaction history | Weak source-of-funds review | Historical data access |
| Manual categorisation | Inconsistent audit trails | Enriched transaction data |
The shift to verified data doesn’t mean abandoning your existing aml software for accountants. It means strengthening the foundation beneath it.
What I Feel About AML Infrastructure
AML compliance is breaking under manual workflows. I’ve watched accounting firms spend thousands on front-end compliance tools while ignoring the data quality problem underneath.
Infrastructure matters more than feature count. A sophisticated AML dashboard running on unverified PDFs creates false confidence. Simpler workflows built on bank-verified data provide stronger audit protection.
The UK market is moving towards real-time financial data across multiple sectors. Estate agents now use automated AML checks with Open Banking, while law firms implement screening tools for client verification. Accounting firms building AML processes on verified data infrastructure will have advantage when regulatory expectations increase.
What Verified Data Infrastructure Unlocks
Moving to bank-verified data changes operational realities:
- Onboarding times drop from weeks to days
- Audit trails become defensible because data comes directly from banks
- Compliance risk decreases when you eliminate unverified documents
- Source-of-funds verification becomes faster and more thorough
- Regulatory evidence improves because everything is traceable
These outcomes matter more than feature lists. A firm using free aml software for accountants built on strong data beats a firm paying for expensive software built on document uploads.
Implementation Considerations
When evaluating aml api infrastructure, accounting firms should ask:
- Does the provider hold FCA authorisation for Open Banking?
- What percentage of UK banks can you access?
- How far back does historical transaction data reach?
- How is enriched transaction data structured?
- What ongoing support is provided during integration?
Finexer covers 99% of UK banks, provides usage-based pricing, and typically deploys 2–3 times faster than alternative infrastructure options. Integration support runs 3–5 weeks depending on your existing systems.
Understanding UK AML registration requirements helps firms prepare for infrastructure integration and ensures compliance throughout the implementation process.
The technology works. The question is whether your firm is ready to shift from document collection to data infrastructure.
What is aml software for accountants?
AML software helps accounting firms verify client identities, screen for sanctions, and monitor transactions for suspicious activity required under UK money laundering regulations.
Can AML software verify bank transactions automatically?
Yes, when aml software for accountants integrates with Open Banking infrastructure, it can access bank-verified transaction data directly instead of relying on client-uploaded documents.
What is an aml api?
An aml api provides programmatic access to verified financial data from UK banks, enabling accounting software to pull real transaction information for compliance workflows.
How do accountants verify source of funds digitally?
Accountants can use Open Banking infrastructure to access client bank account data with consent, viewing complete transaction history for source-of-funds verification without requesting documents.
Does AML software integrate with Open Banking?
Modern aml software for accountants uk increasingly integrates with Open Banking APIs to access verified transaction data, though implementation varies by provider and use case.
Strengthen Your AML Compliance Today
Connect today and see why UK accounting firms trust Finexer for secure, compliant, and verified Open Banking infrastructure.
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