Published 2024-02-20
The threat of financial crime is rapidly escalating, posing a significant challenge to businesses and regulatory bodies alike. The world economy is becoming increasingly interconnected and technology advances at an unprecedented pace. Financial crime is no longer a local issue but a global threat. Numerous industries are at risk of being exploited for money laundering, terrorist financing, and fraud.
As a result, regulations on know-your-customer processes have become increasingly strict and now apply to accounting and audit firms as well.
Bo Spångberg, owner of Crowe Sydrevisioner, has been operating an auditing firm in southern Sweden for more than half a century.
When the industry faced the Anti-Money Laundering Act's requirement that all clients undergo enhanced KYC, he knew the agency network needed a cost-saving and efficient solution.
This is to streamline the performance and documentation of know-your-customer for accounting, auditing, and tax engagements and to prevent network firms from being used for financial crime.
As a board member of Crowe Sweden, Bo reviewed customer knowledge solutions for businesses. Price, value, and ease of use for employees were important considerations. A significant requirement was always to have easy access and continuous operations.
They chose Trapets KYC, an industry-leading solution that easily and cost-effectively helps agencies fulfil the Anti-Money Laundering Act's requirements for customer knowledge and risk assessments.
Trapets KYC delivers a user-friendly, affordable solution that meets the requirements of the network agencies. In addition, Bo saw that other major players in auditing had chosen Trapet's KYC, which was seen as a seal of quality.
"Trapets KYC combines the industry's needs with the process required for know-your-customer, which is important," says Bo. "Logging in with BankID makes access and use secure."
The solution can be used for onboarding new customers and continuously updating and evaluating the KYC information of existing customers.
If the customer profile changes, such as a new board member joining the organisation, the client manager receives automatic email notifications.
This makes it easy to track whether existing risk assessments should be reassessed.
Trapets KYC's scalability is a key advantage, making it equally suitable for small, medium, and large agencies with varying client accounts.
In addition, Trapets KYC can be easily integrated with agencies' current systems, such as CRM and accounting systems.
Bo has recommended Trapets KYC to other industry players, such as collaborating accounting firms. They have been very satisfied.
Trapets KYC is crucial in this ongoing work, providing the necessary tools and support for combating money laundering and developing effective risk management processes.
The Crowe Sweden network works continuously to deepen its employees' knowledge and methodology.
The goal is to prevent network agencies from unknowingly working for criminal actors and significantly reduce financial crime.