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Risk assessment and customer due diligence

The latest articles on risk assessment and customer due diligence from ICAEW.

Understanding your client's Source of Wealth

Enhanced due diligence and source of wealth of PEPs.

Understanding money laundering risks

ICAEW Insights 02-03-2021

3 March 2021: A shared understanding between law enforcement, supervisory bodies and firms of money laundering and terrorist financing risks is crucial to ensuring firms recognise when they are at risk of being used to facilitate money laundering.

AML risk and the risk-based approach


This section provides guidance on how ICAEW member firms can effectively design and implement a risk-based approach. We also provide information on AML risk.

Emerging money laundering risks


Staff and engagement teams should be alert to the following fraud risks, particularly when preparing the client’s year end accounts and/or undertaking audit planning.

Anti-money laundering

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Julian Hickey, Adrian Shipwright Law and Regulation of Tax Professionals 01-01-2021

A chapter covering the law and associated practical matters concerning anti-money laundering compliance for tax professionals.

Getting to grips with AML: company formation services


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.

Accountants must be wary of COVID-support fraud


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.

Getting to grips with AML: a risk-based approach


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.

National strategic assessment on Serious Organised Crime (SOC)

Professional Standards Department 15-07-2020

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.

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