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.
Risk assessment and customer due diligence
The latest articles on risk assessment and customer due diligence from ICAEW.
Enhanced due diligence and source of wealth of PEPs.
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.
ICAEW has produced a short video to help members know their clients better using open sources of information.
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.
The NRA is the UK’s stock-take of our collective knowledge of money laundering and terrorist financing risks in the UK.
Premium Content: This is exclusive item - please log in or subscribe to view this item.
A chapter covering the law and associated practical matters concerning anti-money laundering compliance for tax professionals.
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.
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.
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.
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.