We take the Anti Money Laundering and Counter Terrorism requirements very seriously, like all accountants, we carryout risk assessments on clients, check for sanctions, PEPs, and have KYC procedures.
As part of these procedures most accountants will do annual reviews on their clients as individuals and businesses to update their risk assessments but are annual reviews enough? a lot can change in a year
What if there was a better way?
We already use Creditsafe for Business Checks, AML and Compliance Checks which cover
- PEP
- Sanction – current
- Sanction – previous
- Financial regulator
- Law enforcement
- Disqualified director
- Insolvent
- Adverse media
- Corporate registry
They now have a new service, Bespoke Monitoring, we have just signed up to the service.
Everyday they will now:
- E Mail us any changes to our clients
- Send us a daily spreadsheet for Companies showing any change in status including CCJ’s, Scores, Payment Patterns
- Send us a daily spreadsheet showing any changes in Compliance such as Sanctions
What this means is that:
- We will always be up to date and can update risk assessments as frequently as necessary
- We don’t need to have a rolling schedule of checking to do – that will save us a lot of time (and time is money)
