I have recently started a new accountancy practice which will be regulated by ACCA. I wanted to get an insight into other accountants experiences with AML regulations, searches and Know Your Customer (KYC). How do you complete your risk assessment for each client? Do you use a separate software for this? I have found example risk assessment questionnaires (such as the templates from ACCA). However, I find these very lengthy and can see that this will be very time consuming to complete. I want to cut down the level of checks to a sensible amount whilst still being compliant of course. My concern is if I have a compliance review I would not wish be found wanting in my compliance either.
What providers do you use to complete your AML searches? I have researched into a company called Creditsafe and they are really pushing me into making a decision and I do not want to unless I am absolutely sure. How much do they charge you and how do you find their service? What additional systems do other accountants use?