The accounting firm Aboa Novale Oy takes care of its obligations with regards to the Act on Preventing Money Laundering in DOKS. According to CEO Vesa Halme, DOKS makes it easy to take care of the obligations for both the company and its customers, and it has enabled the reform of the company’s administrative practices.
Auditing is one of the obliged entities in accordance with the Act on Preventing Money Laundering. This means that auditors are obligated to attend to their customer due diligence, monitor the customer relationship and make a money laundering risk assessment with regards to their own as well as the customers’ activities.
Halme tells that the obligations of the Act on Preventing Money Laundering have increased the administrative work and bureaucracy of day-to-day activities. The intention is good, however.
“The aim is that auditors make sure that customers comply with certain agreed rules.”
According to Halme, DOKS works as a good tool for identifying customers, monitoring customer relationships, making risk assessments and maintaining data.
“DOKS saves our time. Thanks to DOKS, we can spend more time on the main aspect of our work, auditing, and when there is less administrative work, it means that bills are lower for our customers.”
He emphasises that the legislation and good auditing practices have required even before that customer due diligence in carried out and beneficial owners verified, but, as a result of the Act on Preventing Money Laundering that came into force in 2017, the instructions and practices applied to the sector have become more specific and uniform.
Getting rid of paper copies
Aboa Novale Oy now takes care of all of its customer commissions and confirmations, which used to be collected as paper copies, electronically in DOKS. The company also uses the system as an archive, so, for example, the stages of customer identification and other documentation are easy to verify using the service.
“We now have one place where we can document everything, which reduces the workload. A system that is used via an Internet browser is handy, and thanks to that, all the documents are always there when you need them,” Halme explains.
According to him, Suomen Tilintarkastajat ry (Finnish Association of Authorised Public Accountants), the sector’s national lobby group, has instructed its members well on the questions related to the Act on Preventing Money Laundering, which has harmonised the rules in the industry.
The Finnish Patent and Registration Office and the auditing committee under it supervise the work of auditors. In questions related to money laundering, the Finnish Patent and Registration Office’s auditor oversight acts in cooperation with the Financial Intelligence Unit at the National Bureau of Investigation.