AML - the essentials: August 2015
Welcome to the first issue of 'Anti-money - laundering the essentials', containing the latest technical guidance and best practice advice from ICAEW. This newsletter covers: the Fourth EU Anti-Money Laundering Directive moving into UK law; the client screening service offered by ICAEW and the institute's response to a call for information on the SAR regime.
In this issue:
Page last updated
28 August 2015
The final text of the fourth EU Anti-Money Laundering Directive was adopted into EU law in June. We expect this to be enacted into UK law by June 2017. The Directive introduces new requirements around client due diligence and PEPs, as well as central registers of beneficial ownership.
More content on fourth EU Anti-Money Laundering Directive is coming soon.
The ICAEW Library & Information Service now offers ICAEW members and ACA students a free client screening service. This useful resource enables you to check new clients against sanction and PEP lists and regulatory watch-lists.
We have submitted our response to the Home Office. As well as technical issues, we have highlighted our concern that the reporting system is not well designed for use by accountants, who generally form their suspicions based on patterns of behaviour rather than specific transactions.