Accountants + Anti-Money Laundering (AML): The Challenge
As an accountant, preparing bank statements for anti-money laundering (aml) is a common but time-consuming task. AML compliance officers need to review bank statements to identify suspicious transactions, unusual patterns, and politically exposed person (PEP) activity.
How BankScan AI Helps Accountants with Anti-Money Laundering (AML)
BankScan AI lets you drag-and-drop any client's bank statement PDF and get a formatted Excel spreadsheet in seconds — ready to import into Xero, QuickBooks, or Sage. For anti-money laundering (aml) specifically, BankScan AI extracts Transactions inconsistent with known client profile, cash deposits near reportin automatically.
How Accountants Handle Anti-Money Laundering (AML)
When preparing bank statements for anti-money laundering (aml), accountants need to Accountants typically receive client bank statements monthly, reconcile them against purchase and sales ledgers, post adjusting entries, and prepare m. BankScan AI automates the data extraction step.
Key terms you'll encounter: nominal ledger, bank reconciliation, trial balance, management accounts.
How It Works
Upload bank statement PDFs
Supports all major banks. Upload Ongoing monitoring typically reviews 3-12 months; enhanced due diligence on high-risk clients may require 2+ years of transaction history of statements for anti-money laundering (aml).
AI extracts what you need
Our AI extracts Transactions inconsistent with known client profile, cash de — formatted for accountants workflows.
Complete your anti-money laundering (aml) work
Download Excel files ready for anti-money laundering (aml). Sortable by amount (descending) to identify large transactions, filterable by transaction type, with counterparty names searchable for sanctions list cross-referencing
Supported Banks
BankScan AI works with all major UK and US banks, including:
Features for Accountants — Anti-Money Laundering (AML)
- Built for Accountants — Saves an average of 45 minutes per client per month on bank reconciliation, or 6+ hours per week for a typical practice with 30 clients
- Software compatible — Output works directly with Xero, Sage, QuickBooks
- Built for Anti-Money Laundering (AML) — Convert bank statements to searchable, sortable spreadsheets for systematic AML review, transaction pattern analysis, and suspicious activity report preparation.
- Key data extracted — Transactions inconsistent with known client profile, cash deposits near reporting thresholds (structuring), international transfers to high-risk jurisdictions, rapid movement of funds through accounts
Compliance: Accountants + Anti-Money Laundering (AML)
When accountants prepare bank statements for anti-money laundering (aml), specific compliance requirements apply.
- Accountants must comply with anti-money laundering (AML) regulations requiring them to verify client bank transactions. HMRC Making Tax Digital mandates quarterly digital submissions, and ICAEW/ACCA practice standards require accurate record-keeping with full audit trails.
- Legal basis: Proceeds of Crime Act 2002 sections 327-329; Money Laundering Regulations 2017 (SI 2017/692); FCA Financial Crime Guide (FCG)
Anti-Money Laundering (AML) — Built for Accountants
Suspicious Activity Reports (SARs) should be filed with the NCA promptly; consent SARs require a response within 7 working days plus a 31-day moratorium period
Try Free — Accountants + Anti-Money Laundering (AML)