Anti Money Laundering Checks for Accountants
Keeping the cost of compliance under control
The AML Challenge
Audit, accountancy, tax, insolvency and book keeping are all impacted by current anti money laundering regulations. These require you to prove the identity of your clients before commencing an engagement.
For individuals, KYC checks can be achieved by obtaining original documentation, although it can take time to arrange a meeting with your client or paying for important documents through the post. When the client is an entity, understanding the identity includes not only verifying the entity, but also looking at beneficial owners and people with controlling influence. The range of documentation required is much larger which means it can be difficult to obtain everything needed.
Protect your Practice
Through our platform you gain access to a range of anti money laundering checks to help you comply with regulations:
- Electronic ID verification
- Identity document, photo and proof of address capture
- Screening against regulatory watchlists and PEPs
- Adverse media screening
- Company verification including corporate tree
Combine the above as required to address the AML risk of your client.
Simplify your AML
Our solution can simplify your customer due diligence processes further by integrating directly into your own customer management system, for a seamless approach. Without the need to rekey data you can gather all required Know You Customer documentation electronically and in a fraction of the time.
How can we help your business?
Get in touchFrequently Asked Questions
Under the money laundering regulations, accountancy service providers are:
- Auditors who carry out statutory audit work
- Accountants who provide accountancy services to clients
- Tax advisers and consultants who provide advice to clients about their tax affairs
- Payroll agents that provide accountancy services or tax advice
- Customs practitioners, freight forwarders and similar businesses if they provide accountancy or tax services
The main supervisory bodies are:
- Association of Accounting Technicians
- Association of Chartered Certified Accountants (ACCA)
- Association of International Accountants
- Association of Taxation Technicians
- Chartered Institute of Management Accountants
- Chartered Institute of Taxation
- Insolvency Practitioners Association
- Institute of Certified Bookkeepers
- Institute of Chartered Accountants in Ireland
- Institute of Chartered Accountants in Scotland
- Institute of Chartered Accountants of England and Wales
- Institute of Financial Accountants
- Institute of Accountants and Bookkeepers
Advise and Assist
If you have more complex AML requirements where our standard checks don’t cover all requirements, we can provide advice on how our services can be tailored to your needs. All delivered via our web portal.
Where there are historic short falls in customer due diligence or a need to undertake a periodic refresh, our team is available to help undertake remediation exercises and bring your AML records up to date.
Some of our clients
