An exceptionally successful inspection visit at CY Revision
The atmosphere at CY Revision is positive following a recent inspection by the Danish Business Authority. The process was executed flawlessly, leading the owner to reflect that the daunting task of an inspection is manageable if everything is well-organized. "If you have your affairs in order and can document them, the process isn't uphill. You reach a point where you wonder: don't you have more cases for us to review?" says Ghazwan.
Approached the inspection with peace of mind and everything in order
Since September 2021, CY Revision has been using Creditro, and they approached the Danish Business Authority with confidence.
"We were well aware of what Creditro is capable of, which is why we switched to it from our previous program," says Ghazwan. He also highlights Creditro's search for negative media coverage as an additional feature that, in his view, provides extra support for the final risk assessment that an auditor must deliver.
"There are additional features that Creditro provides beyond the required obligations, which have contributed to our confidence in the software we use and the tool we have employed—it has helped us navigate this inspection smoothly."
Know Your Customer – and Your Anti-Money Laundering Legislation
CY Revision received a notification letter from the Danish Business Authority four weeks before the visit, prompting Ghazwan to submit an active customer list, internal policies, and documentation on staff training.
"The obligation to report arises when you cannot dismiss something as suspicious. It's not only when you have observed that a customer or citizen has violated the anti-money laundering law or is under suspicion. These written policies outline the framework and set the boundaries for such situations."
The Danish Business Authority meticulously reviewed the cases
The Danish Business Authority meticulously examined the selected samples, which included both current and former clients, as it is required to retain documentation for five years.
"The Danish Business Authority inquired systematically about the clients, and we went through the list. We know our clients quite well, so we explained the types of clients they are, what they do, and the kinds of developments that have occurred in their businesses," explains Ghazwan, adding:
"The next step is documentation. We relied entirely on Creditro, accessed the client on the platform, and had all the necessary documentation there." He elaborates that part of the documentation process is not only to show that the required information has been gathered but also to record when the information was obtained.
If it's not documented, it hasn't been done.
Ghazwan has clear advice for his industry colleagues: take the anti-money laundering law seriously, know your customers, and consider whether you are managing documentation effectively.
"If you don't have many clients, it might be possible to store documents manually without using software. However, it's simply easier (with software) to administratively document when different clients have joined, when they have been terminated, when responses to various questions have been received, and when IDs have been saved. This is also part of the control process," he says, adding,
"In my industry, it's said that if things aren't documented, they haven't been done."
