Does SILQ integrate with AplyId's AML portal
SILQ gives you the ability to manage the CTF requirements for most small firms, but you many need to use a specialist AML product if your firm is larger
AplyId has 2 types of products that they offer.
One is a management system for AML/CTF. This includes things like biometric (KYC/VIO) checks as well as additional management around AML. The issue with this sort of service, of which there are a number of them that now exist, is that they exist as a completely separate system to your PMS, which is SILQ in this case. As it exists as a separate system you would be going back and forth between to two systems to fully understand the current AML status of a client.
The second option they offer is a direct biometric check integration which is what SILQ has done. What this does is it allows the user to do biometric (KYC/VOI) checks from within SILQ and have that information returned directly back into SILQ. SILQ also allows you to capture your risk rating, source of funds, nature and purpose, etc. By doing this you have full visibility of the KYC status of a client from within SILQ. Additionally, SILQ allows you to disburse the KYC check costs to a matter as well as the associated KYC documents being automatically downloaded into the document register for that client for later reference. While the SILQ offering wont cover all of your AML requirements, it is our understanding that for most firms with less than 15 staff this should be sufficient.
The advice we have from our AML partner, AML Assist, is that starting with SILQ only, using the AplyId integration should be sufficient for smaller firms, and then if you find over time that is not meeting your needs then engaging with one of the suppliers of a more advanced AML management system would be appropriate.