KYC-Managed Services for Rapid and Reliable Verification for an Accounting Firm

KYC-Managed Services for Rapid and Reliable Verification for an Accounting Firm

AML UAE is providing KYC-managed services and processes for an accounting firm operating in the UAE. The accounting firm provides various services, such as bookkeeping, accounting, auditing, tax preparation and planning, and advisory services.

The client has been operating in the UAE for more than 18 years, and with its growth, there was a need to adopt an effective KYC process.

KYC-Managed Services for Rapid and Reliable Verification for an Accounting Firm

Customer Goals:

Our client, an accounting firm operating in the UAE, wanted to streamline its KYC processes and services as part of its AML/CFT compliance. It also wanted to make its customer onboarding process smooth to provide a world-class customer experience. It was in search of a reliable KYC-managed services provider who could optimise its onboarding processes and then take charge of driving its customer onboarding on a regular basis.


The primary challenge that our client faced was undertaking an effective KYC process to onboard customers. The department overseeing the KYC process within the firm faced issues in adopting a rapid and reliable customer identification and verification process. In most cases, it was becoming increasingly difficult to obtain data from the customers. Once the data was received, the firm did not have uniform procedures to verify KYC forms and carry out due diligence to ensure regulatory compliance. This caused delays in customer onboarding and, in some cases, loss of business.

Therefore, our clients wanted an effective way of conducting KYC processes while also ensuring a quick and accurate verification process for customers.

Legal Background:

The accounting firm was governed by the following regulations:

The regulatory framework lists auditors and accountants among the Designated Non-Financial Businesses and Professions (DNFBPs). Therefore, it is mandatory for all accounting firms established in the UAE to comply with the regulatory framework governing AML compliance.

For this purpose and to combat ML/FT crimes, they need to undertake KYC-managed services in order to achieve rapid and reliable verification.

Thus, the client recognised the need to incorporate a robust and reliable KYC verification process into their AML/CFT compliance processes.

Solution Provided by AML UAE Team:

AML UAE collaborated with the client and documented all KYC and CDD procedures. It then optimised the processes to eliminate unnecessary delays and established clear roles and responsibilities. Having vast experience in managing and undertaking KYC and CDD processes, AML UAE has provided AML/CFT consultants who conduct the following tasks to ensure compliance with the regulatory requirements:

  1. Customer identification program
  2. Customer due diligence
  3. Ultimate Beneficial Owner Identification
  4. Enhanced due diligence
  5. Risk assessment and customer risk rating
  6. Sanctions screening
  7. Politically exposed person screening
  8. Adverse media screening
  9. KYC remediation and renewals

Our services help strengthen the customer identification and verification processes and tailor them to the specific needs of accounting firms. This alignment reduces the likelihood of regulatory non-compliance and safeguards the firm from ML/TF.

End Result:

With our assistance in KYC-Managed Services, a comprehensive solution tailored for the accounting firm, our client achieved rapid and reliable KYC verifications. Our expert team of AML consultants implemented robust KYC measures to help significantly streamline its KYC process and regulatory compliance. It’s an ongoing project where we support the client in their KYC and CDD efforts on a daily basis.

With AML UAE’s assistance, the firm is able to onboard customers in less than 8 hours, compared to more than 7 working days earlier.

Additionally, it improved the overall cost savings in KYC processes by 40% compared to undertaking it by themselves.

Furthermore, the firm improved the identification of potential risks associated with a customer well in advance.

The collaborative efforts between the accounting firm and AML UAE resulted in enhanced KYC compliance requirements and also achieved time and cost savings in AML compliance capabilities.

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