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AML - the essentials: March 2019

This issue of AML – the essentials covers new Suspicious Activity Reporting resources, the legal status of cannabis and the Government’s new economic crime task force.

Regulatory updates

New AML web pages

We have re-launched our AML webpages, clearly signposting our guidance and resources, to help your firm comply with the Money Laundering Regulations 2017.

Suspicious Activity Reporting (SARs)

Flag It Up! Guidance on submitting better quality Suspicious Activity Reports 

SARs can provide crucial pieces of intelligence – use this best practice guidance from the National Crime Agency’s UK Financial Intelligence Unit (UKFIU) and Flag It Up for a quality submission.

UK Financial Intelligence Unit publishes new magazine and resources

  • The UK Financial Intelligence Unit has published the first edition of SARs In Action, the new magazine for all SARs regime stakeholders. Each publication will focus on a specific issue relevant to the exploitation of financial intelligence to assist in preventing and detecting crime.
  • The SARs Reporter Booklet provides excellent examples that highlight how law enforcement agencies utilise SAR intelligence to initiate investigates and inform existing ones.
  • The SAR Annual Report sets out the work of the National Crime Agency during 2018, including statistics on the number of SARs and Defence Against Money Laundering SARs submitted

Whistleblowing – reporting suspicions of non-compliance or lack of supervision

If you come across an accountancy service provider (ASP) or trust and company service provider (TCSP) that does not appear to be regulated under the Money Laundering Regulations 2017 or appears to be ignoring the regulations, and you want to report it confidentiality, you can contact ICAEW. 

Cannabis. Its legal status and engaging with clients who invest in it.

There is currently a considerable amount of commercial interest in investing in entities engaged in the production of cannabis. We explore the key points to consider when taking on a client who is investing in the production of cannabis.

Have you obtained your criminal record checks?

As part of our monitoring reviews, we will require firms to show us the original criminal record check certificate for each Beneficial Owner, Office or Manager at our next visit. For selected firms, we may alternatively ask you to send them by post.

HMRC’s TCSP register – is your firm on it?

Find out more about which firms can and cannot perform TCSP work, and the criteria ICAEW uses to categorise whether your firm should be added to HMRC's register.

Anti-money laundering news

UK’s anti-money laundering regime is the strongest

The Financial Action Task Force (FATF) has published its mutual evaluation report (MER) of the United Kingdom’s AML/CTF regime. The report recognises that the UK’s anti-money laundering and counter-terrorist financing (AML/CTF) regime is the strongest of any country assessed to date. The UK received the highest rating possible in four areas of the report, and received a rating of ‘substantial’ (the second highest rating) in a further four areas.

New sanctions list

HM Treasury has published an update to the UK sanctions list.

Government launches new taskforce to tackle economic crime

The new Economic Crime Strategic Board, will set priorities, direct resources and scrutinise performance against the economic crime threat, as set out in the Serious and Organised Crime (SOC) Strategy.

New and useful resources