AML bites

This short video has been recorded by ICAEW's AML supervisory team and covers why Trust and Company Service Providers are considered high risk. It looks at changes in legislation and red flags our firms should look out for. The video also highlights further ICAEW resources on this topic.

This short video from ICAEW's quality assurance team summarises why politically exposed persons - or PEPs - and their relatives can be a money laundering risk, what the regulations say, how a PEP is defined and what other risk factors might increase the risk profile of the PEP.

How sanctions work and apply to ICAEW firms.

In part 2 of our video on Suspicious Activity Reporting, our quality assurance team focuses on tipping off, the privilege circumstance reporting exemption and the circumstances when you should submit a Defence Against Money Laundering request to the National Crime Agency.

In this short video we cover some key topics around suspicious activity reporting. Topics include the relevant regulations, obligations of the accountant, when to submit a suspicious activity report and what happens to it, what do the National Crime Agency term a ‘good quality SAR’? and also highlights further guidance including AMLbites: suspicious activity reports part 2

Learn about the regulatory framework, the steps of firm wide assessment and the risk factors you need to consider. We will also tell you where you can find guidance resources.

Find out why ongoing CDD is required, how often to perform it, what you need to do and what you need to document.

Learn about Enhanced Customer Due Diligence (EDD) and the aspects you need to consider when undertaking a customer risk assessment. We will also provide you with practical advice on the additional measures you can take to verify clients.

Sandy Price from ICAEW's AML supervisory team discusses the basics of client due diligence in the first AMLbites video. This short recording focuses on when to perform CDD and the stages of CDD.