2021/22 anti-money laundering supervision report

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.

• Read the report
• Firms can also review a summary of the most common findings and available resources here

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.

• Read the report to understand the key risk areas within our supervised population

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.

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.

• Find out more about our role as an improvement regulator and how our regulatory work is governed

Regulatory news

• AML telephone monitoring reviews: a two-way process

Raise an AML concern

If you believe a firm supervised by ICAEW is breaching the Money Laundering Regulations 2017, you can raise your concern confidentially. 

Archive

• 2020/21 AML Supervision Report