The CCAB has published updated guidance for the January 2020 amendments of the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017. This guidance has not yet been approved by HM Treasury.

Summary of the changes that will be made to the Trust Registration Service under the Fifth Money Laundering Directive.

HM Treasury has revised MLR17 to take account of the changes required by 5MLD. The new legislation is effective from 10 January 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.

Guidance for those providing tax services in the United Kingdom, on the prevention of money laundering and the countering of terrorist financing.

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

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.

Enhanced due dilegence and source of wealth of PEPs.

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.

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.

Experts answer your questions on independence, assessing risk, and free consultations

This page brings together the latest guidance and a number of resources to help you decide when to submit a SAR and to increase the quality of the SAR.

26 June 2020: Government schemes to ease the financial impact of the Coronavirus pandemic have been a lifeline for businesses. But with measures rushed in so quickly, some will inevitably take advantage.

Various government schemes have been put in place intended to provide financial support for businesses during the Covid-19 pandemic but are unfortunately open to abuse. Professional accountants are well placed to not only identify and report fraud, but in some cases to prevent it happening in the first place.

Technical helpsheet issued to help members recognise when they should complete a SAR.

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 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.

Issue 15 of our Anti-Money Laundering update includes an update on the Fifth Money Laundering directive and two new pieces of supplementary anti-money laundering guidance from CCAB.

Issue 14 of our Anti-Money Laundering update includes a new electronic due diligence helpsheet and reports and resources from the Government, HM Treasury and the Law Commission.

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.

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:

ICAEW is the largest accountancy professional body supervisor in the UK. Learn more about our role

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

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.

A response dated 13 October 2020 to a consultation published by HMT on 21 July 2020.

A response dated 21 February 2020 to a consultation published by HMRC on 24 January 2020

A response dated 24 September 2019 to a consultation published by FCA on 29 July 2019.