In May 2018 the EU Council approved the 5th Anti-Money Laundering Directive, which has now been published. We expect this will be transposed into UK legislation in early 2020.

The legal and accountancy sector are working with HM Government to support the Flag It Up campaign, a joint initiative that aims to raise awareness about the warning signs of money laundering.

ICAEW has identified a list of circumstances where there might be a high risk of money laundering or terrorist financing. This list includes circumstances agreed by the accountancy professional body supervisors and identified by the National Risk Assessment.

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.

This supplementary guidance has been developed by the Chartered Institute of Taxation, the Association of Taxation Technicians, the Association of Chartered Certified Accountants, the Institute of Chartered Accountants in England and Wales, the Chartered Institute of Management Accountants and HMRC for professionals providing tax services.

A Foreign Affairs Select Committee report criticised the delay of registers of beneficial ownership in overseas territories

The FCA published guidance on how firms should apply the definitions of a PEP in MLR17 in the UK.

The FCA has shared a number of useful resources on how the financial services industry can use new technologies to support AML compliance, particularly in the area of client due diligence (CDD).

Based on their experience reviewing over 2,000 firms each year, the QAD offers advice on best practice in terms of managing risk.

ICAEW has identified a list of circumstances where there might be a high risk of money laundering or terrorist financing. This list includes circumstances agreed by the accountancy professional body supervisors and identified by the National Risk Assessment.

ICAEW guidance on the National Risk Assessment of Money Laundering and Terrorist Financing NRA (2017).

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.

A panel of experts answer questions on wellbeing, suspected criminal activity and a tricky accounting calculation

AML checklist issued 8 March 2018.

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the Money Laundering Regulations 2017) came into force on 26 June 2017. This legislation built on the 2007 regulations, although there are some specific, and potentially significant, changes that you need to be aware of and factor into your policies and procedures.

The SARs Annual Report 2015 covers the first full year of the UKFIU working within the Economic Crime Command and to the published SARs Regime Strategy for 2014–16. It sets out the factual detail of activity during the year with the headline statistic being the continued increase in the number of SARs submitted albeit at a lower trajectory than previous years.

Key elements of a Suspicious Activity Report.

This issue of AML – the essentials covers new Suspicious Activity Reporting resources, the legal status of cannabis and the Government’s new economic crime task force.

The eleventh issue of 'Anti-money laundering - the essentials' covers OPBAS, whistleblowing and anti-money laundering news such as the launch of the National Economic Crime Centre.

The tenth issue of 'Anti-money laundering - the essentials' covers: HMRC’s TCSP register, criminal record checks, the Fifth Anti-money laundering directive and contains useful resources from the FCA and NCA.

A Foreign Affairs Select Committee report criticised the delay of registers of beneficial ownership in overseas territories

Frequently asked questions about criminal records checks in the context of money laundering investigations.

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:

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.

This page explains which firms must be supervised to make sure that they comply with anti-money laundering legislation.

ICAEW is able to supervise members of Global Accounting Alliance (GAA) bodies for the purpose of anti-money laundering (AML) compliance through its Practice Assurance programme.

If you come across an accountancy firm or trust and company service provider, that is supervised by ICAEW and appears to be ignoring the regulations, you can report it confidentiality to us.

If your firm is not already part of the PA scheme, you can apply to us for AML supervision.

RECOVERING THE COSTS OF OPBAS: PROPOSED FEE RATES - A response dated 10 April 2019 to a consultation published by FCA on 14 March 2019

Anti-Money laundering: The SARs Regime

Reform of Limited Partnership Law