KYC for Accounting Firms

What KYC means for Accounting Firms/Tax Practitioners

Meeting Know Your Client (KYC) requirements by confirming Proof of Identifications (POIs) when taking a new client onboard or serving an existing client by a tax practitioner has been pushed hard by the ATO and TPB since 2022.

The Tax Practioners Board (TPB) has issued guidelines called Practice Note TPB (PN) 5/2022, which has considered TASA provisions and the ATO recommendations in relation to the POI requirements 24for Know Your Client (KYC) for Accounting Firms. TrustEasy allows an Accounting firm to meet these requirements by choosing one of the four methods and then selecting a date and user who conducted the POI check. It also provides for making additional notes and upload the copy of primary and secondary POI documents and authority letter, if necessary, as a part of the accounting firm’s process.

At TrustEasy, we can’t provide any legal advice on how to comply with these requirements and as suggested by the TPB, tax practitioners should seek legal advice wherever necessary. More information can be found by clicking on the following link:

KYC for Accounting Firms in Australia

KYC Software for Accounting Practice

If you want to be compliant with the KYC requirements of TPB and the ATO then start using KYC Software for Accounting Practice like TrustEasy, which is designed keeping TPB (PN) 5/2022 at centre. We understand Accounting Firms better and hence our pricing model is designed in a way that it is cost effective. Although using DVS in combination is one of the methods but not the only method and hence we chose to provide a more cost effective method to our clients.