Firstly I clarify that we do and have been carrying out know your client/anti money requirement procedures but we'd like some feedback on what other accountants in practice are doing please. We are not regulated Independent Financial Advisors also.
We take copies of original passport/ photographic driving licence (with address) and now use Creditsafe AML checks, which may replace the passport/driving licence copying, although copying the documents is not onerous. We have grown to liken the Creditsafe checks and they are usually quick to complete.
We also subscribe to Mercia's Practice Assurance Manual and their (lengthy) New Client Checklist (50 odd questions) and Existing Client Checklist. The Mercia New Client Checklist can take quite a bit of time to complete.
We really want to cut the work down to a sensible minimum and avoid as much unnecessary ticking and paperwork as possible, whilst still being completely compliant.
What do other accountants do and what system(s) do they use please?