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AML – the essentials, issue 33

Read ICAEW’s thematic review on the firm-wide risk assessment, our AML Supervision Report or register for an upcoming webinar where the team will discuss the results reported in both publications. We also signpost recent updates including a Companies House timeline for corporate reform, UKFIU publications and changes to the list of high-risk third countries. Other resources include a new AMLbites video and recent webinar recordings.

Contents
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ICAEW AML publications

Webinar invitation: 2024 AML results and thematic review: the firm-wide risk assessment
Listen to ICAEW’s anti-money laundering supervisory team discuss both of these recently published reports.
ICAEW thematic review: the firm-wide risk assessment
The firm-wide risk assessment is the focus of this year’s thematic review. We contacted the money laundering reporting officer (MLRO) at a sample of 100 high and high/medium risk accountancy firms. We asked the MLROs a series of questions and for a copy of their most recently completed firm-wide risk assessment. Our Quality Assurance Department reviewed the responses, and the findings are included in this report alongside our key reflections.
AML Supervision Report 2024/2025: Protecting against professional enabling

Read the results of our supervisory activity, the most common findings from our monitoring reviews and access the latest recommended resources and guidance.

Regulatory update

Strengthening the UK’s implementation and enforcement of trade sanctions
  • Office of Trade Sanctions Implementation
The Office of Trade Sanctions Implementation (OTSI), part of the Department for Business and Trade, was launched in October 2024. Its purpose is to strengthen the United Kingdom’s implementation and enforcement of trade sanctions, including those in relation to audit, accountancy and tax services. OTSI says it will work with industry to make complying with sanctions obligations as straightforward as possible. OTSI will have powers to publish information about sanctions breaches and impose civil monetary penalties.
Cross-system professional enablers strategy
  • National Crime Agency
Read about the National Economic Crime Centre’s strategy to galvanise a whole system response to deliver a step-change in reducing the threat posed by professional enablers.
Reminder of Current High Risk Third Countries
  • HM Treasury
During the last update, Venezuela and Monaco were added by the Financial Action Task Force to the list of jurisdictions requiring increased monitoring and have been added to the UK list of high risk third countries. Turkey and Jamaica no longer require increased monitoring. 
Accountancy AML Supervisors Group Risk Bulletins
  • ICAEW

Access our new archive of AML Risk Bulletins to check you haven’t missed any alerts.
Access is restricted to money laundering reporting officers and compliance principals, and cannot be extended more widely (This restricted access is a condition of our permission from the AASG to share the bulletins with our firms.)
Log in or reset your password using your record number as the username.

Suspicious Activity Reporting

UKFIU resources

The UKFIU has also published new resources to support firms in improving the quality of the information they submit via suspicious activity reports. Read its latest publications:

Reminders and recently published resources

AML webinar: customer due diligence in practice
Our panel of money laundering reporting officers provided practical insight into how they face the challenges of effective and compliant customer due diligence.
Guide to the role of money laundering reporting officer
Comprehensive guidance for new and existing money laundering reporting officers (MLROs) to enable you to fulfil your role effectively and break it down into manageable tasks. Select the role that applies to you for full guidance on your responsibilities.
AMLbites
Stay ahead of the curve with our short and engaging anti-money laundering bite size videos. Recent topics include the AASG Risk Outlook, financial sanctions and politically exposed persons.
Webinar recording: Practice Assurance monitoring report
Watch our Quality Assurance Department present the key findings from monitoring reviews over the last year, including a focus on anti-money laundering themes.
AASG Risk Outlook

Review the risks within the Risk Outlook and consider how your firm may face these risks. July 2024 updates included the addition of risks and red flags around proliferation financing and crypto-assets, as well as further details on the risk of trust and company services.

Contact us

Anti-money laundering helpline

Raise a concern if you believe a firm supervised by ICAEW is breaching money laundering regulations

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