It takes a long-term strategy, the right people, and efficient and accurate processes to get compliance right.
Here are 3 things leading accountants are doing consistently to win in the long run.
1. Avoid the talent war
Successful accountants understand the cost of hiring, which goes beyond salary or hourly wages.
The less obvious costs in taking on a new employee include recruitment fees, pay bonuses and rises, equipment, tools and office space, training and development costs, and ACC levies, KiwiSaver contributions and Fringe Benefit Tax. All that in addition to possible salary wars in order to remain competitive in the employment market.
These knowledge informs their cost versus benefit analysis, resulting in many choosing to outsource the AML process to minimise risk.
2. Best practice
Winning at compliance is more than knowing how to do compliance right. It’s also about doing it well.
A big part of doing compliance well is to stay on top of the latest changes in AML/CFT regulations, processes and technology available to you that can help you do AML/CDD more efficiently and accurately.
Forward-thinkers know that compliance is nuanced and ever-changing, so to keep up with best practice, leading accountants rely on industry advisors and experts to apply AML best practice, prepare for audits, while minimising their cost and risk.
Strategic thinkers know the burden of AML legislation lies in the admin.
It can take days and weeks to collect required documents (e.g. beneficial owner ID evidence), map the structure of a trust or a company, and check against PEPs and sanctions lists.
The best accountants know to outsource the admin, not the risk assessment. Leaving their team to focus on billable hours and making better, more informed decisions, while being compliant.
It’s a win-win situation.
About First AML
First AML streamlines the entire anti-money laundering onboarding and compliance process. Backed by real expertise, its cloud-based KYC Passport allows complex entities to share their verification across multiple companies and geographies, at their discretion.
Making an otherwise complex and manual onboarding process simple for clients and cost effective and compliant for businesses, First AML delivers efficiency and time savings, protecting reputations, and enabling companies to be on the right side of history in the face of global threats.