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4 ways to safeguard your accountancy practice against financial crime

18th Apr 2024
Brought to you by
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Wolters Kluwer provides software to tax and accounting professionals.

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Did you know that the financial services are one of the sectors most prone to cyber-attacks? In fact, it’s 300 times more likely to be hit than other sectors, with one in three practices reporting a threat. And it’s not just big firms being targeted—cyber-crime and fraud is aimed at all levels of practice.

4 ways to safeguard your accountancy practice against financial crime
Wolters Kluwer

Through our expert solutions, Wolters Kluwer is committed to protecting our clients from cyber-crime, minimising risk, and saving you time. So, what can you do to safeguard your practice from financial crime? Here are our top four recommendations to keep your firm safe. 

1. Understand the threat landscape 

Before you can begin to implement strategies and software to combat financial crime, you need to understand what it is you’re up against.  

Financial crime can be anything from small-scale fraud schemes to large money laundering operations. By understanding common tactics and techniques, you ensure that you know what to look out for, and what it is you can do about it. 

You could improve your understanding of the threat landscape by: 

  • Completing an online course 
  • Attending a webinar 
  • Subscribing to regulatory updates  

2. Know your customer 

Every accountant understands that know your customer (KYC) is key. The practice involves verifying the identity of clients and assessing their risk profile to prevent financial crime, including money laundering and fraud. It not only protects your business, but keeps it compliant. 

Checking your customers against official government documents ensures you’re dealing with legitimate individuals or entities and not unwittingly facilitating criminal activity. 

However, this can be a slow process when done manually. Using a cloud solution can ensure you keep all your KYC and anti-money laundering (AML) data and information in one place, as well as automating the process for you.  

3. Implement robust compliance measures 

Fraud currently accounts for 40% of reported crime, so even if you’re as prepared as you can be, it’s still likely you could fall victim to complex cyber-crimes. That’s why it’s important to have automated defences in place to keep you compliant and reduce the risk of an attack.  

Compliance and security cloud solutions include CCH iFirm, our latest product offering designed to keep you compliant, with ease. CCH iFirm AML, from Wolters Kluwer, will save you time on compliance work and ensure you are minimising the risk and protecting yourself, your firm, and your staff, from dealing with criminals. 

What does it do? CCH iFirm AML offers integrated anti-money laundering checks, along with KYC checks for users. Manage all your AML duties across the firm with one integrated product—it's as easy as that.  

4. Invest in ongoing training and education 

So, you’ve implemented all three of the steps above, but it doesn’t end here.  

While you may have enacted a robust tech solution, such as CCH iFirm, to automate your compliance and AML measures, investing in continuous training and education is crucial. This forward-thinking approach ensures you stay up to date with compliance and anti-fraud regulations.  

Education and training could include: 

  • Internal compliance reviews 
  • Staff training courses on AML and fraud detection 
  • Guest speakers on fraud trends and understanding compliance  

What next? 

Interested in learning more about protecting your practice from financial crime? Join us on Tuesday 23 April at 10:30am for an interactive webinar tailored to accountants looking to fortify their practices against cyber-crime and ensure regulatory compliance.  

Register here: https://www.wolterskluwer.com/en-gb/events/webinar-cch-ifirm-aml-anti-money-laundering-cloud-software-for-accountants-23-april-2024