I'm an ICAEW CA with a consulting business, to date clients have been local and small, referred through local networks, ex colleagues etc and due to the nature of my engagements I don't have a large volume of clients. Therefore to date KYC/AML has been relatively easy, straightforward and manual...taking copies of originals documents of Directors...passports, utility/council tax bills etc......check Companies House.....use the ICAEW free check service. I have a simple tick box risk profile form I created myself and store the documents securely online.
I've been approached by an ex colleague to help lighten the load at a busy time of year at her company and do a few days for her. This is great however the organisation is much larger than any previous clients. There are 5 directors, not all in the UK and some are high profile individuals. Therefore my normal AML/KYC process is a bit too basic. What should I do? What would be sufficient?
I've looked at services like Veriphy which work on a pay-as-you-go basis, would their £4 ID check for each director be sufficient.
The company is audited by KPMG, can I place any reliance on that?
Thanks, my question feels a bit perocial but I find the ICAEW guidance baffling at times!