The Extent of the Problem In recent years, the convenience and popularity of gift cards have unfortunately made them a prime target for fraudsters. This case study delves into the growing issue of Gift Card fraud, especially within the UK. Action Fraud, the national fraud reporting centre, highlighted that in 2023 alone, victims in the…

Comprehensive AML solutions provider, Xama Technologies, has been shortlisted for Best Digital Innovation in the Tolley’s Taxation Awards 2024. Providing everything UK accounting firms need for effortless AML compliance, Xama Technologies support accountancy practices conduct due diligence, undertake client risk assessments and managing records, documents and clients. In addition to providing a cutting-edge AML platform…

Changes at Companies House On 26 October 2023, the Economic Crime and Corporate Transparency Bill was given royal assent and became UK law. The purpose of the bill is to help prevent organised criminals, fraudsters, kleptocrats and terrorists from using companies to abuse the UK’s open economy. The law provides Companies House with a range…

When you receive a potential PEP result as part of an AML check you need to resolve this result. This is done by determining whether any of the potential PEPs listed as potential matches are the same person who you are currently performing due diligence on. Review the PEP results Within the AML report you…

Why this guide? Institute of Chartered Bookkeepers (ICB) members are supported by the ICB with an AML portal where they need to: This guide aims to provide ICB members with information on how they can use the Xama platform in conjunction with the ICB portal without duplicating work. We believe that the two systems can…

We have some exciting news to share here at Xama. Earlier this month the Xama team met up in Portugal. We try to meet up as a team 3 to 4 times a year, which allows us time to spend some time together as we all work remotely. It is much needed events to have…

The AML Academy is a brand new service offered by Xama. The project, which was announced in January 2024, has the aim to change the way AML training is delivered to professional services firms. It is the MLRO’s responsibility to deliver appropriate AML training for each of the staff members within their firm. Often this…

Within Xama it is possible to visualise the ownership structure for companies registered at Companies House.This visualisation can be accessed when creating a client, or via the Companies House button present on any client record of type “Company”. The visualisation provides a quick overview of officers directly connected to the company, as well as persons…

For financial institutions onboarding new clients, anti-money laundering (AML) checks are essential to meet strict regulations and protect themselves from legal difficulties and reputational damage. As part of the Know Your Customer (KYC) standards, businesses and financial institutions are required to take steps to establish the identity of a new client or customer to ensure…

It’s the first anniversary of our tree planting initiative! Launched last year as a commitment to the environment, this programme has been a true embodiment of our commitment to a greener future. For every purchase of credits by our clients, we’ve added a bit greener to our planet by planting a tree. This unique approach…