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AML - the essentials: December 2017

The eighth issue of 'Anti-money laundering - the essentials' covers: firm wide risk assessment guidance, high risk money laundering circumstances, NRA update and guidance and the warning signs of money laundering campaign.

Page last updated

5 December 2017

Firm-wide risk assessment guidance for ICAEW firms

New guidance is available on the ICAEW website to help firms comply with their obligations under the new 2017 Regulations.

Circumstances where there might be high risk of money laundering or terrorist financing

MLR17 requires ICAEW to make available any information relevant to the firm’s own firm-wide risk assessment. We have identified a list of circumstances where there might be a high risk of money laundering or terrorist financing.

The UK National Risk Assessment

HMT has published the 2017 update of the UK National Risk Assessment of Money Laundering and Terrorist Financing (NRA). The first version was published in 2015 and is available along with ICAEW guidance.

Flag it Up campaign

ICAEW is once again teaming up with the legal and accountancy sectors and HM Government to support the ‘Flag It Up’ campaign. This joint initiative aims to raise awareness of the warning signs of money laundering, as well as the correct due diligence processes, and ultimately to help professionals to protect themselves and their firms.

AML guidance for the accountancy sector

We are moving ever closer to a final HM Treasury approved version. For now the draft guidance is still available on the CCAB website.