Due Diligence for Accountants
Every client relationship needs
its own assessment.
Knowing a client’s finances is the starting point. Due diligence also requires verifying identities, understanding their business and documenting the risks. Verifid helps you make these steps part of your accounting practice’s daily work.
A client file that keeps pace
with the relationship.
Keep client information, checks and risk assessments together, even as the people involved or the business itself change.
Identity document verification
ID cards and passports are examined for signs of forgery or alteration. Collecting a copy is therefore accompanied by an authenticity check, as part of due diligence on the client and anyone acting on their behalf.
The company and its beneficial owners
Run sanctions and adverse media checks using the company’s registered name. For beneficial owners, collect identification documents and carry out the relevant checks on each individual. Keep this evidence in the corporate client’s file.
Political exposure and findings to review
Screen individuals against sanctions and politically exposed persons lists, and check relevant adverse media. Assess whether the findings actually relate to your client and record how they affect your decision to accept or continue the relationship.
A Risk Matrix with your practice’s criteria
Record the client’s activities, country of establishment, corporate structure and the services you provide. Add questions based on your own money laundering prevention policy. Where enhanced due diligence applies, include the required information on the source of funds.
Collect documents in the way that suits you
Clients can enter their details and upload documents through a link configured specifically for your practice. If you prefer to handle the process, you can enter their information and upload the supporting documents yourself.
A record of checks and changes
Keep the client’s answers, check results and your team’s notes together. When a representative, beneficial owner or business activity changes, review the relevant information and record the reason for the new assessment.
FATF lists as part
of your assessment.
We provide FATF lists that update automatically whenever a new version is published, giving you the latest information to help complete your Risk Matrix. Consider the countries connected to your client, their business or their transactions, and record how these connections affect your assessment.
High-risk jurisdictions
Jurisdictions for which FATF calls for enhanced measures and, in the most serious cases, countermeasures. Review the relevant statement and the obligations that apply.
Jurisdictions under increased monitoring
The “grey list” is a factor in your assessment. FATF does not automatically call for enhanced due diligence solely because a country is included on this list.
FATF lists concern countries and jurisdictions. They are considered separately from sanctions against individuals and companies, and from the EU list of high-risk third countries.
Preparing reports
to the Hellenic FIU.
The Verifid team helps you prepare and draft suspicious transaction or activity reports to the Hellenic Financial Intelligence Unit (FIU), Unit A of the Hellenic Anti-Money Laundering Authority.
The facts
Organise the sequence of events, the parties involved and the relevant transactions.
Reasons for suspicion
Clearly describe the indicators, inconsistencies and explanations already provided.
Supporting evidence
Arrange the available documents and check results that support the report.
Assessment and submission remain the responsibility of the obliged entity. When the legal conditions are met, the report must be submitted without delay through the Authority’s official channel, while maintaining confidentiality and observing the prohibition on tipping off the client.
Official reporting instructions for the Hellenic FIU (Greek)What your accounting practice
needs to know.
External accountants and tax advisers, as well as those whose principal professional activity is providing tax assistance or advice, are included among the obliged entities under Greek Law 4557/2018.
Article 5(1)(δ), as replaced by Article 4 of Law 4734/2020 (Greek).
The obligation begins with the relationship
Under Article 12 of Law 4557/2018, obliged entities must apply due diligence measures when establishing a business relationship. For an accounting practice, this obligation applies regardless of the amount of its fee.
Your client’s profile evolves
Due diligence continues throughout the relationship. Changes in ownership, business activities or transaction patterns require review and updates, according to the level of risk.
Distinct supervisory roles
Under Articles 88–89 of Law 5313/2026, the Ministry of National Economy and Finance is designated as the competent authority for the sector, the Independent Authority for Public Revenue (AADE) carries out the necessary checks, and fines for obliged entities in this category are imposed by decision of the Economic Chamber of Greece.
This page is intended for external accountants and tax advisory practices. Statutory auditors fall under a different supervisory authority, ELTE.
Frequently asked questions
Are the tax records I already keep sufficient?
They are a useful starting point, but you also need to document the due diligence measures you take: identity verification, beneficial ownership, the purpose of the relationship and risk assessment. Use the information already available and supplement it as appropriate for each case. Article 13 (2018 English text).
Does professional confidentiality remove the reporting obligation?
There is no blanket exemption for all accounting or tax advisory services. Article 22(2) provides a specific exception for information obtained when assessing a client’s legal position, or in the course of defending or representing a client in judicial proceedings and providing related advice. Whether it applies depends on the actual role and circumstances. Article 22 (2018 English text).
Does every list match require a report to the Hellenic FIU?
A potential match needs to be assessed; it does not, by itself, prove unlawful activity. However, where there is knowledge, serious indications or suspicion under Article 22, the reporting obligation does not depend on the amount involved and also covers attempted suspicious transactions. Article 22 (2018 English text) · AADE guidance — POL. 1204/2018 (Greek).
Do I have to use the same standard Risk Matrix for every client?
Your assessment needs to reflect your practice’s clients, services and risks. You can add questions to Verifid’s Risk Matrix and document why different measures are appropriate in each case. FATF lists are one of the inputs to that assessment. FATF guidance for the accounting profession.
Build the process
around your practice.
Tell us about the clients you serve and how you currently collect their documents. After discussing your needs, we help you register and guide you through your own account, so you can decide how you want to proceed.