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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

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.

Supplementary Anti Money Laundering Guidance for the Tax Practitioner Exposure Draft

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.

Risk assessment and customer due diligence

FCA guidance on PEPs

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

Has your practice carried out a firm wide risk assessment?

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

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.

Reporting

Money Laundering Regulations 2017

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.

Suspicious Activity Reports (SARs) Annual Report 2015

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.

Anti-money laundering - the essentials

Issue 12 - March 2019

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.

Issue 11 - November 2018

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.

Issue 10 - September 2018

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.

Criminal record checks

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:

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.

Registration and supervision

Whistleblowing

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.

Background and representations

ICAEW REP 43/19

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

ICAEW Rep 117/18

Anti-Money laundering: The SARs Regime

ICAEW Rep 85/18

Reform of Limited Partnership Law