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.

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.

ICAEW Risk and Regulation Manager John Mongelard outlines some of the reasons why banks are closing accounts for small businesses, and what you can do about it.

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

Key elements of a SAR

The Serious and Organised Crime Agency (SOCA) takes the need to protect the confidentiality of reporters very seriously. Access to Suspicious Activity Reports (SAR) information is conditional on compliance with Home Office issued guidance.

The National Crime Agency (NCA) have expressed their appreciation for the Suspicious Activity Reports (SARs) that accountants provide. By ‘mining’ the database of Suspicious Activity Reports (SARs) and investigating similarities, trends and patterns, Law Enforcement have been able to uncover and prosecute organised criminal activity.

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.

The ninth issue of 'Anti-money laundering - the essentials' covers: new HM Treasury guidance, firm-wide risk assessment and a new AML compliance review checklist.

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.

Anti-Money laundering: The SARs Regime

Reform of Limited Partnership Law

Trust registration service penalties