The clients were pivotal in Jysk accounting firm's KYC journey

Complex and time-consuming KYC process

A multitude of documentation requirements, related to the anti-money laundering law, prompted the North Jutland accounting firm, PJ Revision, to seek an automated solution to manage the KYC processes.

In 2021, the decision was made to partner with Visma Creditro, and according to Bjørn Nielsen, an auditor at the state-authorized PJ Revision, the deciding factor was the experience for the firm's clients.

"That the system was easy for our clients to use was actually almost more important than it being easy for us to implement. And I would say that was the deciding factor," says Bjørn.

Released resources are crucial

According to the auditor, time is a scarce resource in the industry. Typically, much of it would be spent gathering information and IDs, managing Excel sheets, and supporting clients in their quest for the necessary documentation. Freeing up all those hours is more than convenient, as time is a resource better spent on clients.

"It removes a significant burden from us regarding the money laundering process, and it's great that I get some hours freed up. In our industry, time is a scarce resource," says Bjørn and continues:

"A clear positive aspect is that, while not exactly passing the ball to another field, we bring in a new player to handle that part, and additionally, it's user-friendly."

Seamless Anti-Money Laundering Documentation

When PJ Revision's clients previously relocated, the new address information didn't always reach the accountants. This has now been addressed.

"The system issues a warning if we have a client who has changed their address, ensuring that we obtain the new documentation. This provides reassurance," says Bjørn.

When the accountants acquire new clients, they are introduced to Visma Creditro’s platform, where they answer questions and upload the documents required by accounting legislation.

”It indeed helps us feel more secure. We are confident that we possess the necessary documentation to comply with the regulations regarding anti-money laundering documentation."