When accountancy firms take on new overseas clients, it is vital to carry out the correct know your client checks, explains Phil Cotter, CEO of SmartSearch
In an increasingly globalised business environment, the ability to effectively verify the identity of international clients is paramount.
Financial crime, such as money laundering and sanctions breaches, continues to damage the UK economy, costing an estimated £100bn annually and representing 2.5% of the UK’s GDP.
Accounting firms, like other financial services, are expanding their operations across borders, which inherently increases the risk of fraud and other financial crimes.
Recent data highlights a troubling trend: around 42% of regulated firms have reported a rise in financial crime attempts, with accountancy firms experiencing a 20% increase in 2023 alone.
