As one of the leading innovators in the accounting space, RSM is constantly looking for ways to make their internal processes more efficient and effective. One area RSM were looking to make more efficient was new client onboarding and, in particular, their Anti-Money Laundering (AML) document collection process.
It is a legal requirement for firms to collect AML documents and information from new clients — but, as RSM found out, it is a requirement that comes with a number of challenges:
● Client onboarding issues: New clients are often slow to submit AML documents and personal information causing productivity bottlenecks.
● Security and compliance risks: Manual AML document collection processes like
email are fraught with risks around security and data compliance.
● Multiple storage locations: AML documents get stored in a number of possible locations such as email inboxes, physical files, intranets, on-premise storage, and cloud storage services – making them difficult to find and access.
RSM engaged with PlanetVerify with a view to streamlining and securing their client onboarding process – and, in particular, honing in on the area of AML document collection. A further complicating factor to the RSM workflow lay in the fact that a number of teams – in disparate locations – were involved in the client onboarding process.
Working closely with the team at RSM, PlanetVerify was implemented as a cross-functional solution involving a few key elements:
By automating the AML document collection process with PlanetVerify, RSM were able to achieve some big wins.