KYC process are, without a doubt, one of the most labour-intensive tasks an accountancy firm has to carry out.
That said, skipping the KYC process is simply not an option. UK regulators like HMRC and FCA have increased scrutiny around client checks and any failure can lead to hefty fines, penalties or even money laundering charges.
Really, it’s been a trade-off between compliance and convenience for years.
But what if your firm could complete the entire KYC process in just a minute? Yes, all those endless piles of documents, chasing clients for information, facial and document verifications done in 60 seconds while staying fully compliant with UK regulations.
This is possible and many accounting firms are actually doing it. If you want to copy their workflow and enhance your KYC process, this post is for you. In this post, we’ll walk you through actionable steps to help you complete KYC in minutes.
What You Need to Complete KYC in Minutes
To be able to complete KYC in minutes, you need to first collect the right documents from clients efficiently.
Here are thedocuments you must collect forKYC:
- Proof of Identity – Passport, UK driving license or national identity card.
- Proof of Address – Utility bill, bank statement, county tax bill and the like.
- Business Documents – This is more relevant for corporate clients and includes documents like Companies House registration, Articles of Association and beneficial ownership information
- Tax Identification – National Insurance Number or Unique Taxpayer Reference (UTR).
Being aware of the required documents means you don’t waste time collecting unnecessary papers. You can also notify clients in advance, especially in an official engagement letter. This gives clients an early start, allowing them to submit all documents on time.
Additionally, you also need some preparation from your side. These include:
- Setting up a clear checklist of required documents
- Training team to verify the document and recognise red flags
- Developing a clear client communication template
- Having the right digital tools or portals for quick document submission and verification
Having these elements in place before client onboarding will help you avoid unnecessary back-and-forth requests and complete KYC in minutes or less.
The Fast-Track KYC Process
Now that you know what it takes to complete KYC in minutes, the next question is: how can your firm achieve this speed and efficiency?
Below is the step-by-step approach to fast-tracking the KYC process.
Step 1: Choose & Integrate a Reliable KYC Platform
Modern KYC platforms leverage AI and biometric verification to validate client identity. This makes the KYC process quick, efficient and legally compliant.
Below are the key things to watch for when choosing a KYC platform:
- Integration capabilities with your existing CRM or workflow systems
- Support for multiple verification methods like document upload, biometric verification and video KYC
- Compliance with local and international regulations like General Data Protection Regulation (GDPR), AML etc.
- AI-powered Optical Character Recognition (OCR) and data validation
- Strong security protocols to protect sensitive data
Also, it’s important to ensure that the platform you choose fits your business needs and offers scalability as your firms grow.
Step 2: Classify Clients Base for Easy Document Collection
Once you have the right KYC platform integrated into your workflow, classify clients into low, medium and high-risk categories. This can be automated via KYC software that allows you to set basic parameters like business sector, transaction volume, geographic location and client profile to determine the client risk profile.
Based on this classification, prepare a tailored checklist of documents for each category.
For example,
For low-risk clients:
- Passport, driving license or national identity card
- Utility bill, bank statement or council bill
For medium risk clients:
- Passport or driving license and biometric verification
- Utility bill, bank statement, or tenancy agreement (dated within 3 months)
- Employment verification and source of funds
For high-risk clients:
- Passport plus secondary ID such as national ID or driving license, and biometric verification (face match and liveness detection)
- Recent utility bill, council tax bill, or mortgage statement
- Enhanced Due Diligence, including source of funds, source of wealth, and screening for sanctions and Politically Exposed Persons
Provide clients with clear instructions on acceptable document types (based on risk labels) and formats (PDF, JPG), file size limits, and quality standards (e.g. no blurred images, colour scans preferred). This prevents any delays caused by rejected or unclear submissions.
Step 3: Perform Biometric or Video Verification
Leverage biometric methods of identity verification, such as fingerprint or facial recognition. You can also conduct live video KYC sessions where secure video calls can be used to verify clients.
These methods allow for instant validation and reduce the risk of fraud. To implement biometric or video verification, make sure your KYC process supports:
- Secure integration with fingerprint or facial recognition tools
- Low-latency video streaming for uninterrupted live KYC calls
- Compliance with regulatory standards across the UK and the globe
- Secure storage of ID and related verification records
In addition to this, make sure to keep digital copies of all identification documents and keep a full audit trail of the verification process.
Step 4: Automate Data Extraction & Validation
The use of AI-powered OCR automates the extraction of key details such as name, address, registration number, and expiry date from the identification documents. It also validates these details in real time against official government databases, watchlists, or sanctions lists.
This is possible with:
- Highly accurate OCR technology
- Integration with official government and regulatory databases
- Automated screening of watchlists and sanction lists
By automating this stage, you can speed up reviews, reduce manual errors, and quickly flag inconsistencies. As the result, the whole process of document validation can be done within seconds.
Step 5: Conduct Internal Compliance Review & Approval
A fast internal review ensures the KYC process is completed without any delays.
This can be achieved by equipping your team with a centralised dashboard that displays all submitted data, flagged issues, and pending approvals in one place. This allows them to prioritise cases quickly, request missing documents (if any), and approve clean applications.
Additionally, you can set up clear internal Service Level Agreements (SLAs) and train your team to handle flagged items.
By applying these measures, you can keep the KYC turnaround time to under a minute.
Step 6: Generate Digital KYC: KYC Certificates & Archive
Once you approve the client’s KYC, generate a digital KYC certificate or acknowledgement receipt and share it with the client in real time. This serves as the official proof of verification while also signalling the successful completion of internal checks.
You can do this by:
- Automating the generation of KYC certificates
- Ensuring certificates include key verification details and timestamps
- Using encrypted storage for all KYC records
This ensures you have a defensible and verifiable record during any inspection or dispute.
Tips To Ensure KYC Completes in Minutes
The best workflow in the world is worthless if it is not properly executed. Here are some tips to make “the fast-track KYC process” possible.
- Train Your Team – Make sure everyone on your team understands document requirements and signs of fraud or discrepancies.
- Automate Wherever Possible – Automate repetitive tasks such as client onboarding, engagement letters, document checks, data extraction, and facial verification. These minor tasks, when done automatically, can save a lot of time.
- Clear Client Communication – Provide straightforward instructions and examples of acceptable documents upfront to minimise confusion.
- Keep Technology Updated – Regularly review your KYC technology stack to stay compliant and leverage new features.
- Plan for Ongoing Monitoring – Set reminders for periodic KYC refreshes to maintain compliance without scrambling at the last minute.
These habits help to keep KYC turnaround time low and maintain a consistently high standard of compliance.
Additional Resources
- FCA Guidance on AML and KYC
Money Laundering Regulations – FCA
- HMRC Customer Due Diligence
Your Responsibilities Under Money Laundering Supervision – GOV. UK
- ACCA AML and Compliance Resources
Anti-Money Laundering Guidance – ACCA Global
- 7 Actionable Tips to Master KYC- Blog Post
7 Actionable Tips To Master KYC for Your Accounting Practice- FigsFlow
Conclusion
KYC is no longer a balancing act between compliance and convenience for UK accountants. With the right approach and modern tool, you can complete the entire KYC process in minutes, if not in seconds, without compromising the regulatory requirements.
So, what’s holding you back? Now is the perfect time to review your current KYC process, invest in the right technology, and implement workflows that keep you efficient and compliant.
FAQs
Firms must classify clients based on risk levels and perform identity checks accordingly. For example, for low-risk clients, the accounting firm must perform Customer Due Diligence (CDD), which includes general verification of identity and address. However, for high-risk clients, the accounting firm must perform additional procedures such as screening of sanction lists, PEPs lists, and biometric and facial recognition.
Accounting firms can automate identity checks where possible. This involves the use of OCR for data extraction and validation, facial recognition, video KYC and biometric checks. These are both legally compliant and efficient KYC procedures.
The firm should immediately request further information and perform enhanced due diligence. If necessary, the firm should report suspicious activity to the UK’s National Crime Agency (NCA).
Typically, accounting firms must update KYC every 12 months. But the frequency depends on the client’s risk level and type. Updates are also required if there is a significant change in the client’s circumstances, such as a change of address, ownership, or source of funds.
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