1 December 2020: The latest ICAEW-IFAC anti-money laundering guide outlines how company formation services can be misused by criminals and what accountants should be aware of when it comes to client due diligence.
12 November 2020: Following claims of fraudulent activity around government support schemes, chartered accountants should turn to their code of ethics to assess and manage their potential exposure to ethical and reputational risk.
27 October: ICAEW has teamed up with IFAC to produce a series of six short guides for accountants to enhance their understanding of money laundering. The second guide sets out what is involved in a risk-based approach to AML.
Operationally, the National Crime Agency (NCA) leads and coordinates the UK’s response to serious organised crime. It publishes an annual national strategic assessment on the issue, highlighting key findings and trends.
Technical helpsheet issued to help members with some of the more common questions on client due diligence around to prevent money laundering.
Enhanced due dilegence and source of wealth of PEPs.
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26 February 2020: understanding their source of wealth can be a key component of client due diligence for certain high-risk clients. Sophie Wales, Director, Technical Strategy, Tax, Ethics & Law Group, explains what is involved.
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.
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