The challenge is significant: the article cites the 2024/25 ICAEW supervisory report, where only 19% of firms assessed were fully compliant, while 20% were classified as non-compliant.
The solution? Make KYC repeatable.
A structured Know Your Client (KYC) checklist gives every client and every team member the same onboarding framework.
A practical accounting-firm KYC workflow should cover:
πͺͺ Identity Verification
β Government-issued ID
β Legal name and date of birth
β Residential address
β Contact information
π’ Business Verification
β Company registration documents
β Registered address
β Directors and decision-makers
β Beneficial ownership
β Tax identification numbers
β οΈ Risk Assessment
β Nature of business activities
β Source of funds and income
β PEP screening
β Sanctions and high-risk jurisdiction checks
β Documented compliance concerns
π Engagement Readiness
β Confirm scope and services
β Obtain prior accountant information
β Gather historical financials and tax filings
β Secure necessary authorizations
β Assign an internal client risk rating
But having a checklist isn’t enough.
Standardization is what makes it work.
Your team should use approved questions, follow the same structure, clearly communicate requirements, track completion, and maintain a record of information collected.
At AccountEx BPO, we help accounting and CPA firms build scalable offshore capacity across client onboarding, bookkeeping, accounting operations, compliance documentation, and financial reporting.
You focus on client relationships, review and advisory.
We help strengthen the delivery engine behind you.
π Your Growth. Our Accounting Expertise.
Hire AccountEx BPO on Upwork
π Call / WhatsApp: +1 786 686 6209
