AML before Firmcheck
Like many established firms, Edwards Accountants managed AML compliance through a patchwork of tools and manual processes. Red Flag, Mercia KYC forms, and Word documents were stored across multiple systems and folders. This made it difficult for anyone to see a complete, up-to-date AML record for a client.
This was not due to a lack of diligence. AML requirements are complex, and the tools available at the time were not designed to manage them end-to-end. Even the most experienced compliance professionals at Edwards Accountants had to spend significant time locating documents, reconciling different formats, and piecing together information from multiple locations. Over time, these manual methods made it harder to maintain a clear view of the firm’s overall AML position and risk.
Choosing Firmcheck to modernise compliance
Recognising the need for a centralised, more efficient system, the MLRO led the decision to move to Firmcheck well before any audit was anticipated. The goal was to streamline processes, reduce duplication, and store all AML evidence in one secure platform.
As client data was uploaded into Firmcheck, the platform quickly identified and highlighted gaps in existing records. This provided immediate visibility of missing information and enabled the firm to take action. The MLRO explained, “We wanted a single system to hold all of our compliance information, streamline the process, and make it easier to manage.”
Partnering through the transition
Firmcheck’s Customer Success team acted as an extension of Edwards’ compliance function. They worked closely with the compliance officer to prioritise tasks, keep the migration on track, and resolve issues quickly.
When legacy data imports proved challenging due to dispersed storage and inconsistent formats, the Customer Success team worked directly with Edwards’ IT support to implement an efficient solution. They also provided targeted training to ensure the team could fully utilise the platform’s features from the outset.
Doing an AML audit with confidence
When an audit notice was later received, the benefits of having Firmcheck in place were clear. The firm had already made significant progress consolidating and updating records, and the audit simply meant accelerating that work to meet the deadline. With centralised records and complete client profiles, Edwards could prepare with confidence and avoid the last-minute scramble many firms face.
The auditor noted that Firmcheck was “a step in the right direction,” affirming that the investment in improving processes had delivered measurable results.
Outcomes
Centralised compliance records: One platform replaced multiple storage locations
Improved visibility: Gaps were quickly identified and addressed
Ongoing efficiency: Reduced time spent locating and consolidating information
Audit readiness: Evidence was easy to present when required
Proactive support: Customer Success team helped ensure a smooth transition
The takeaway
Before Firmcheck, Edwards’ AML compliance processes were fragmented because available tools were not built for the complexity of the work. By adopting Firmcheck well before an audit was on the horizon, the firm had already made substantial progress towards a centralised, streamlined system. When the audit notice arrived, they were able to present a clear record of compliance and pass with confidence, all while building a stronger foundation for future reviews.
