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AML supervision

We have an important role as the largest accountancy professional body supervisor in the UK, supervising around 11,000 firms. Our strategy is to provide robust anti-money laundering supervision through a risk-based regime, focussing our efforts on firms where the risk that they will be used to enable money laundering is highest. Money laundering is the process by which the profits of illegal activities are disguised and made to appear legitimate. The impact of money laundering is devastating – it’s a crime that funds other serious crimes such as modern slavery, drugs trafficking, fraud, corruption and terrorism.

AML News

ICAEW is supporting the authorities in detecting and deterring all forms of economic crime.

As an organisation, we attend the Economic Crime Strategic Board and we support the Economic Crime Plan. We also co-ordinate the AML guidance for the accountancy sector and promote the Government's Flag it Up campaign to our UK members and firms.

At present, anyone can call themselves an accountant

Unlike the term ‘Chartered Accountant’ which is a protected designation, the term ‘accountant’ is not a protected designation – anyone can operate as an accountant. Other professional titles such as ‘solicitor’ or ‘architect’ are protected terms – they can only be legally used by people who are properly qualified, and who are subject to technical, ethical and disciplinary oversight by recognised supervisory bodies. It is inconsistent that this level of assurance does not apply to accountancy. Removing the ability for people to present themselves as accountants is fundamental to reducing the risk of money laundering and the protection of the public.