Innovation in accountancy: embracing digital tools for secure and seamless client services
In the rapidly evolving landscape of the UK accountancy sector, the traditional role of the trusted advisor remains indispensable. However, the way services are delivered is changing, with digital advancements reshaping client expectations and industry norms. To stay ahead, UK accountancy firms must consider leveraging digital providers for crucial functions such as identity verification, AML compliance, client onboarding, and staff vetting.
Meeting Evolving Client Expectations
Client expectations have evolved, and there is a shift towards digital interactions. The convenience of remote and digital processes has become the new standard, prompting accountancy firms to adapt. The traditional, manual approach to AML/KYC checks and onboarding a new client, though well-established, can be complex and time-consuming.
Expecting clients to take a day off to bring in their Identity documents and other documentation is no longer practical. Firms also need to consider the security and protection of sensitive data shared with them by the client, something that can be an issue with manual processes. Utilising a digital provider for identity verification and compliance processes ensures a seamless, secure, and efficient experience for both clients and firms.
Differentiation in a Digital Era
Accountancy firms that embrace digital transformation can set themselves apart from competitors. By adopting advanced digital tools for identity verification, anti-money laundering compliance, and client onboarding, firms demonstrate a commitment to innovation and client-centric solutions.
To thrive in this digital landscape, accountancy firms must blend their traditional strengths with modern technology. While maintaining the essence of being a trusted advisor, firms can enhance their reputation by delivering services through streamlined and secure digital channels.
Digitisation not only changes the way services are delivered but also opens up new horizons for accountancy firms. No longer confined to a specific geographic area, firms can expand their reach into new markets and regions. Digital providers enable firms to seamlessly operate across borders, offering their expertise to clients beyond their immediate vicinity.
Compliance with Employee Screening Regulations
As of October 1, 2022, UK employers, including accountancy firms, are mandated to use a government-certified 'identity service provider' (IDSP) to digitally verify employee right-to-work statuses. Alternatively, you can of course meet your candidates face-to-face to verify their right to work. However, it is a lot more challenging to verify if a candidate’s document is legitimate by looking at it in person. There is also a high risk of substantial fines if you make a mistake.
Instead, a government-certified IDSP can be instrumental in conducting checks to the highest standard on frontline AML staff, business owners, officers, and managers (BOOMs), verifying right-to-work status, or ensuring adherence to the 'fit and proper' requirements. It enables accountancy firms to conduct rigorous staff vetting, mitigating risks during the hiring process and ensuring ongoing compliance with evolving regulatory standards.
How can Amiqus help?
From identity verification and AML compliance checks to ongoing monitoring and risk assessment, the Amiqus platform provides a complete solution for accountancy firms’ compliance needs, all within a single digital platform. In addition, Amiqus is also a government-certified provider that meets the highest level of confidence for Right to Work and DBS criminal record checks, making staff vetting compliant, quick and easy.
Amiqus emerges as a vital partner for UK accountancy firms navigating the dynamic landscape shaped by digital advancements. In essence, Amiqus offers a comprehensive solution not only for checking clients but also the firm’s staff, providing a strategic advantage in terms of efficiency, differentiation, expansion, and regulatory compliance for accountancy firms seeking to thrive in the digital age.
This blog is one of a series of articles from our commercial partners. The views expressed are those of the author and not necessarily those of ICAS.
If you'd like to learn more about how Amiqus can support your AML compliance journey or explore personalised solutions for your firm, book a free demo with Amiqus experts or visits the Amiqus website.