Financial Advisors (IFAs) + Anti-Money Laundering (AML): The Challenge
As financial advisor, 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 Financial Advisors (IFAs) with Anti-Money Laundering (AML)
Convert client bank statements to Excel for quick financial analysis, cashflow modelling, and wealth planning presentations. For anti-money laundering (aml) specifically, BankScan AI extracts Transactions inconsistent with known client profile, cash deposits near reportin automatically.
How Financial Advisors (IFAs) Handle Anti-Money Laundering (AML)
When preparing bank statements for anti-money laundering (aml), financial advisors (ifas) need to IFAs request bank statements during fact-find meetings to assess client income, expenditure patterns, existing commitments, and savings capacity. They. BankScan AI automates the data extraction step.
Key terms you'll encounter: fact-find, suitability report, attitude to risk, capacity for loss.
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 financial advisors (ifas) 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 Financial Advisors (IFAs) — Anti-Money Laundering (AML)
- Built for Financial Advisors (IFAs) — Saves 30-45 minutes per client fact-find on income and expenditure analysis, with annual reviews completed 20-30 minutes faster per client
- Software compatible — Output works directly with Intelliflo, CashCalc, Excel
- 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: Financial Advisors (IFAs) + Anti-Money Laundering (AML)
When financial advisors (ifas) prepare bank statements for anti-money laundering (aml), specific compliance requirements apply.
- FCA rules require IFAs to conduct thorough fact-finds and demonstrate suitability of advice. Bank statements form part of the evidence base for suitability reports. Consumer Duty obligations require advisors to demonstrate they understand client financial circumstances. Records must be retained for the FCA's required period.
- 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 Financial Advisors (IFAs)
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 — Financial Advisors (IFAs) + Anti-Money Laundering (AML)