With unpaid invoices across the UK totalling nearly £70 billion, credit checking clients during onboarding is a crucial part of the KYC process, to mitigate the risk of bad clients impacting on your own activities.
Crime costs the UK an estimated £24 billion a year, and most of the proceeds are concealed through banks and investments.
GDPR (General Data Protection Regulation) comes into effect this month, over 200 pages of EU data privacy regulations which will affect how companies manage, process and delete data.
Companies in the accountancy sector must follow certain procedures to comply with their AML responsibilities, and the rules are set to get even more stringent as new CCAB anti-money laundering guidelines have just been approved by HM Treasury.
Know Your Customer is the term commonly used by industry professionals when referring to the procedures used to determine the true identity of a customer.
Over 20 Indian companies have written to the CEO of the Unique Identification Authority of India (UIDAI) asking it to restore their access to agencies that provide KYC verification services to them