Guidance and other work that we have done on anti-money laundering law and practice, in the UK and internationally.
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
Technical helpsheet which aims to help ICAEW members carry out electronic client due diligence.
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.
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.
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.
Looking at fraud in the private education sector.
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.
The FCA published guidance on how firms should apply the definitions of a PEP in MLR17 in the UK.
Technical helpsheet issued to help new ICAEW practitioners to comply with Anti-Money Laundering (AML) legislation and guidance.
Technical helpsheet issued to help new ICAEW practitioners to comply with Anti-Money Laundering (AML) legislation and guidance.
ICAEW AML supervised firms play a critical role in detecting and preventing money laundering and terrorist financing.
Technical helpsheet issued to help members recognise when they should complete a SAR.
Technical helpsheet which aims to help answer some common questions relating to tipping off when money laundering is suspected.
The UK Financial Intelligence Unit (UKFIU) has published new Glossary codes and reporting routes.
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 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.
If your firm is not already part of the PA scheme, you can apply to us for AML supervision.
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.
A response dated 5 August 2019 to a consultation published by BEIS on 5 May 2019.