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TaxCalc AML Identity Checking Service Upgrade

Article ID: 3048
Last updated: 16 Mar, 2020

TaxCalc AML Identity Checking Service Upgrade

We are required to upgrade the TaxCalc AML Identity Checking Service (in partnership with Equifax). Please find below additional information on the planned changes.

When will these changes take effect?

We will be allowing use of the upgraded AML Identity Checking Service on both the Website and the application via the February 2020 product release.

Why is an upgrade required?

The upgrade is required to allow for the support of ongoing compliance obligations and a more technologically advanced service provided by Equifax. This will provide a more secure service that allows better control over your AML ID Checks using improved functionality.

What will the changes include?

Additional Features

  • Choose from three pre-configured profiles; Global, UK Plus and UK Standard, when screening a client to control the lists that your client is matched against.

  • Use additional search criteria such as Country of residence, Bank Account and Telephone Number to help narrow down your search.

  • Fuzzy logic and refined algorithms to optimise matching capabilities and reduce unrelated alerts.

  • AML ID Check Report to summarise the matching criteria and data attributes to aid Enhanced Due Diligence (EDD) assessments for determining the validity of target matches.

These features will help you minimise ‘False Positive’ matches, preventing an unexpected Refer and undue concern to you and your clients.

Account Management

  • Your Equifax account will be migrated to the new service.

  • Improved security protocols will be applied to your account.

We will manage these changes in advance and no action is required by you.

Licencing/Credits

  • To use the new service all users will be required to re-agree to an updated Customer Licence. You will be guided through this process at the time of attempting your first AML ID check following upgrade or on purchasing new credits.

All existing credits will continue to be active and can be used on the new service until they expire.  All credits held on the 31st March 2020 will be given a 12 month expiry to 31st March 2021, with all credits purchased after 31st March 2020 having a 12 month expiry date from the date of purchase.

Will I have to incur any costs?

Due to the increased level of functionality and security, the cost of an AML Identity Checking Service credit will increase. The prices will be reflected at www.taxcalc.com/aml#Versions once the service has been made available.

What do I do now?

Update to the latest version of the software as soon as you have been notified of its availability.  Should you choose not to update, the service will continue as normal until the 31st March 2020 when you will no longer be able to complete an AML ID Check unless you have updated to the latest version of TaxCalc and re-agreed to the updated Customer Licence.

After the 31st March 2020 users who have not upgraded to v11.2 or later will receive the following error in TaxCalc, 'Your version of Taxcalc (x.x.xxx) doesn't support the latest AML ID Check functionality. Please upgrade to the latest version.'

Article ID: 3048
Last updated: 16 Mar, 2020
Revision: 10
Views: 33
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