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 is an AML technology provider, and the maker of Source, an all-in-one AML platform. Source powers thousands of compliance experts around the globe to reduce the time and cost burden of complex and international entity KYC. Its enterprise-wide, long term approach to the KYC / CDD data lifecycle addresses time and cost challenges while minimising compliance, reputational and security risks.