Organising anti-money laundering checks digitally: How a law firm used Opti.Tax to win over the Chamber of Tax Advisers

What you can expect from this article

The law firm HSP STEUER Armin F. Schiehser is taken by surprise by the Nuremberg Chamber of Tax Advisers, which announces that it will be carrying out a money laundering audit. The task is assigned to Monika Dehn, a member of staff in the firm’s management department. She and her team now need a quick, reliable solution to meet the requirements. She told us how she successfully prepared the firm for the anti-money laundering audit in a very short space of time.

Sudden time pressure

Monika Dehn works at the business and tax consultancy firm HSP STEUER Armin F. Schiehser, which, incidentally, is not related to or affiliated with hsp Software. In addition to her duties in firm management, she also handles secretarial tasks. Some time ago, the Nuremberg Chamber of Tax Advisers rang up with the aim of formally reviewing the firm’s anti-money laundering procedures. Monika Dehn took charge of coordinating this project. The aim was to produce a legally compliant, audit-proof report within the set deadline.

The firm quickly decided to use the Opti.Tax software solution from hsp. When it comes to procedural documentation, the firm has been relying on Opti.Tax for years. However, Monika Dehn herself had not yet had any experience with the software. Given the time pressure, using software that still needed to be learnt posed a certain risk. Nevertheless, Opti.Tax enjoyed a good reputation within the firm, so it was decided that the Hamburg-based solution should also be used for money laundering matters.

Plenty of support to help you get started with Opti.Tax

During an initial meeting with hsp Managing Director Paul Liese, the law firm’s team was given access to a half-hour training video. The use of a video offers the advantage that future users can get started at their own pace, whenever and wherever they like. To clarify any individual and/or application-specific questions afterwards, Monika’s team arranged a face-to-face meeting with Paul. As time was of the essence, this also allowed them to agree on a concrete project plan.

The hsp support proved particularly valuable during this stressful period, providing swift assistance whenever obstacles arose. In addition, Paul Liese offered tips and advice on grouping clients or allocating interviews. Opti.Tax simplifies many steps and data processing tasks, which proved to be a great relief given the time pressures involved. According to Monika Dehn, the workload could be distributed relatively evenly amongst colleagues. Regular team meetings quickly dispelled any initial concerns.

Questionnaire from the Institute of Tax Advisers: almost impossible to complete without Opti.Tax

The enquiry from the Nuremberg Chamber of Tax Advisers included a twenty-page questionnaire. This enquires about clients’ potential for money laundering, preferably using a colour-coded system. This is precisely what the anonymised report—which can be generated using Opti.Tax—provides. Furthermore, the software solution helps with the rapid processing of the questions. One question reads: ‘In which sectors do your clients operate?’ Monika Dehn notes that answering this seemingly simple question would have taken an enormous amount of time. However, Opti.Tax provides a quick overview of this, which ultimately saved a great deal of effort.

An overview of the workflow:

1. Enter client data, e.g. via the DATEV interface
2. Assign cloud interviews and have them completed by the relevant staff members
3. Merge the results in the database and generate the anonymised report
4. Submit a report, e.g. to the Institute of Tax Advisers or the tax authorities

At the end of the short but intense process, and following a request for an extension, the firm submitted all the required documents in full. The Nuremberg Chamber of Tax Advisers accepted the anonymised report and had no objections. The firm thus successfully returned to its normal day-to-day operations.

Practical advice for other law firms

Based on the experiences of Monika and her team, here are the key recommendations:

• Choose specialist software: The more clients you look after, the more complex the management of such projects becomes. Specialised software can save you a great deal of time and minimise potential sources of error.
• Take advantage of the training and support services on offer: The better you know the software solution, the faster, more efficiently and more accurately you will be able to work with it.
• Make the most of the cloud features: Assigning interviews, setting deadlines, collecting data – it’s all so easy with the Opti.Tax Cloud.
• Document processes: Process documentation facilitates repeatability and traceability.