In particular, firms should read the report to understand our most common anti-money laundering findings, and access relevant resources to support compliance in these areas.
We recommend firms read the whole report for more resources and information, including a forward look at our AML supervisory activity for 2022/23.
Understanding AML risk
We review firms on a risk-based approach, directing more resources towards those firms that present a higher risk of facilitating money laundering. We score each firm using data that we collect through our annual return and disciplinary and review history.
We have implemented targeted AML quality assurance reviews at our highest risk firms as well as placing more focus on firms’ reporting of suspicious activities by their clients.
2021/22 AML activity
- The implementation of our core AML strategy of providing robust anti-money laundering supervision through a risk-based approach.
- The investment of resources to understand how the risk of money laundering presents itself within our supervised population. We continue to work with law enforcement to share information and intelligence
- The launch of our new educational film drama, "All Too Familiar", created in collaboration with HMRC.
- The identification of emerging AML risks associated with the sanctions issued on the Russian and Belarussian states. The communication of guidance and FAQs to support firms in complying with the sanctions regime in their day-to-day operations.
- Increased communication activity to support firms in complying with the Money Laundering Regulations.
As the UK’s largest accountancy professional body supervisor, it is ICAEW’s aim to lead from the front to enhance impact and effectiveness in anti-money laundering supervision.
Oversight of ICAEW's regulatory and disciplinary functions
The ICAEW Regulatory Board (IRB) has governed ICAEW’s regulatory and disciplinary functions since 2016. The IRB has parity of lay and chartered accountant members with a lay chair who has a casting vote. A lay member is someone who is not, and has never been, a member, affiliate or employee of ICAEW or any accountancy body.
All significant decisions on AML regulatory matters are made by the Practice Assurance Committee and the Investigation Committee. These committees are independent from staff and comprise of a parity of lay and chartered accountants with a lay chair who has a casting vote.
Members of the ICAEW Regulatory Board and the Practice Assurance and Investigation Committees are appointed by the Regulatory & Conduct Appointments Committee which has a majority of lay members and a lay chair.