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AML – the essentials, issue 20

AML the essentials, issue 20 contains guidance on how to submit good quality SARs, red flag indicators shared by the Metropolitan Police and an invitation to attend an upcoming SARs webinar (which is being jointly hosted by the National Crime Agency). We have also summarised ICAEW guidance issued so far in 2021.

Identifying red flags in accountancy services

The Metropolitan Police shared crime indicators with the accountancy Professional Body Supervisors at a recent workshop.

Improving the quality of SARs

Read the UKFIU’s latest guidance on how to submit good quality SARs and a new template designed by the accountancy SARs Engagement Group on how to complete the online SARs tool.

Suspicious Activity Reports in the accountancy sector

The webinar is intended for MLROs and financial crime teams and it will cover the following topics:

  • The key money laundering risks in the accountancy sector;
  • The role and responsibilities of the MLRO and Nominated Officer;
  • What constitutes suspicion, what is a Defence Against Money Laundering (DAML) and a practical explanation of the relevant legislation;
  • Real-life examples and case studies;
  • Top tips on filing a good SAR and a reminder on how to report one externally to the NCA;
  • 30 minutes Q&A with ICAEW and the NCA.

New resources - Fraud

ICAEW’s Technical Advisory team has published the following new helpsheets:

New resources - other

How the pandemic has fuelled money laundering

Help is at hand to know your client better

ICAEW has produced a short video featuring five steps to help members know their clients better using open sources of information.

Open source information refers to anything that is publicly available. Used alongside existing client due diligence procedures members can gain a more complete picture of who they will potentially be dealing with.

AML risk and a risk based approach to compliance

Access our summary of the 2020 National Risk Assessment, the Accountancy AML Supervisors Group’s Risk Outlook and other resources to help your firm assess money laundering risk.

The resources are easily accessible in our new look anti-money laundering web pages.

IFAC installments – 4, 5 and 6

Read the latest installments of the ICAEW/IFAC series on AML - what is money laundering.

4) Asset Transfers

5) Tax Advice

6) Businesses in Difficulty