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Anti-money laundering

Guidance and other work that we have done on anti-money laundering law and practice, in the UK and internationally.

 

In this section

What is Money Laundering?

A series in six instalments providing basic guidance on anti-money laundering. We'll add each instalment here as soon as it's published.

ICAEW Firm-wide risk assessment methodology

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR17) require firms to take the appropriate steps to identify and assess the risk that they could be used for money laundering, including terrorist financing.

Risk assessment and customer due diligence

SRA review shows fifth of law firms fail on money laundering compliance

Figures released in the Solicitors Regulation Authority's annual Risk Outlook reveal that it opened 172 investigations linked to anti-money laundering compliance in 2019 and that 21% of surveyed UK law firms did not comply with anti-money laundering regulations. The SRA will be carrying out an extensive programme of targeted, in-depth visits to firms and calling in more firms' risk assessments.

Guidance on crypto assets

This guidance gives an introduction to crypto-assets for accountants, and how members may encounter clients with these assets. The guidance then outlines the Money Laundering risks that could be associated with clients who hold crypto-assets, and the issues that members will need to consider in their risk assessments.

Reporting

Anti-money laundering - the essentials

Issue 17 July 2020

AML the essentials, issue 17 contains our summary of the National Crime Agency’s assessment of serious organised crime and the key factors accountants should be aware of. The issue also contains advice on what to do if you suspect your client of COVID-19 fraud and our 2020 AML monitoring report, particularly useful if you have an upcoming monitoring review.

Issue 16 - April 2020

Issue 16 of our Anti-Money Laundering update includes a Guide to client due diligence during the Coronavirus outbreak, a new Source of wealth factsheet and a reminder of the recent changes to the Money Laundering and Terrorist Financing Regulations.

Criminal record checks

Criminal record checks

The new Money Laundering Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations (MLR17) came into force in June 2017. These have placed new obligations on firms and ICAEW.

Definition of a beneficial owner, officer or manager (BOOM)

Under Regulation 26 of MLR17, from 26 June 2018, ICAEW must approve all beneficial owners, officers and managers (BOOMs) in our supervised firms. The MLR17 define these terms but the Accountancy Affinity Group (which comprises all the accountancy professional body supervisors) have agreed further guidance to identify the relevant roles:

Registration and supervision

Apply for AML supervision by ICAEW

We have an important role as the largest accountancy professional body supervisor in the UK, supervising around 11,000 firms. Our strategy is to provide robust anti-money laundering supervision through a risk-based regime, focussing our efforts on those firms where the risk that they will be used to enable money laundering is highest.

Background and representations