XPM - AML/CTF Verification of client
Make the Verification fields mandatory in individual records if practice has had to register under rhe new AML/CTF obligations. Could be something in the user practice settings that if the practice has registered with Austrac that they switch this on so all individuals are verified when being set up or could just be mandatory for all. Also add 2 more fields to the Verification to meet the AML requirements: AML Client Risk Rating (CRR) – Low Medium or High
AML CRR Reason – enter the reason you gave the client the above rating
Samantha Campbell
shared this idea
Thanks for sharing this idea about client verification mandatory for individual records, and adding fields for AML client risk rating and the reason for that rating.
If this would help your practice as well, please add your vote and comment with a brief example of your workflow. Details like whether you currently track this outside Xero, how often it creates extra admin, or what information you need to capture for AML/CTF purposes will help show the impact and build support for the idea.
