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.
3. Compliance-ready
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
This article is not only written from the perspective of a technology provider, but also from the lens of compliance professionals. Prior to releasing Source, First AML’s orchestration platform, we processed over 2,000,000 AML cases ourselves. Understanding the acute problem that faces firms these days as they try to scale their own AML, is in our DNA.
That's why Source now powers thousands of compliance experts around the globe to reduce the time and cost burden of complex and international entity KYC. Source stands out as a leading solution for organisations with complex or international onboarding needs. It provides streamlined collaboration and ensures uniformity in all AML practices.
Keen to find out more? Book a demo today!