The CCAB has issued joint guidance to the profession in response to the crisis in Ukraine. The guidance reminds the profession of their ethical obligations in relation to compliance with sanctions regimes imposed by the UK Government and their statutory duties to report any instances of non-compliance with the sanctions regime of which they become aware.
There is a heightened risk of money laundering as individuals and organisations may seek to evade the impact of the sanctions. The guidance reminds the profession of their duty to have in place adequate AML procedures and to undertake adequate risk assessments and enhanced due diligence checks where required.
The guidance reminds the profession to ensure that their professional indemnity arrangements may need to be checked in the current situation and that they should consider whether expert advice on financial and trade sanctions which is tailored to their particular circumstances, should be obtained.
The guidance relates to sanctions imposed by the UK and is available on the CCAB website. Separate guidance relating to sanctions imposed by the Republic of Ireland and the EU is also available.
Technical and Ethics Advisory Services
ICAEW Members can contact our free confidential helpline for advice and support on technical, ethical, anti-money laundering and fraud issues.
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Support for members during the Ukraine crisis
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Guides to affected countries
ICAEW's Library and Information Service produces guides for members who are considering doing business in overseas countries. There are separate guides for Ukraine and its neighbours, all of which include updates on the latest sanctions and restrictions.
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