This section provides guidance on how ICAEW member firms can meet the obligations and responsibilities set out in the money laundering regulations.
Regulatory framework
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR17) came into force on 26 June 2017. Since then, HM Treasury has issued a number of statutory instruments to update the regulations for:
- The Money Laundering and Terrorist Financing (Amendment) Regulations 2026 have been made and are effective from 30 June 2026. The changes narrow mandatory enhanced due diligence requirements for certain high-risk jurisdictions, giving firms greater flexibility to apply a risk-based approach. The package also updates requirements for cryptoasset firms, expands information-sharing powers and closes regulatory loopholes identified in the Government’s 2024 AML review.
- Expands person of significant control discrepancy reporting to cover the ongoing business relationship and the Register of Overseas Entities (21 July 2022)
- The Trust Registration (15 September 2020)
- Changes required by the firth money laundering directive (5MLD) (10 January 2020);
AML guidance for the accountancy sector
The Money Laundering and Terrorist Financing (Amendment) Regulations 2026 came into force on 30 June 2026, making 15 targeted changes to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The accountancy sector's anti-money laundering guidance has been updated to reflect the new regulations and to incorporate a small number of additional changes.
The current CCAB appendices for those providing tax services in the UK and insolvency practitioners are also linked below:
Reporting discrepancies in the People with Significant Control Register
What is required of an ICAEW anti-money laundering (AML) supervised firm?
AML Policies and Procedures template
This template is targeted at new firms, sole practitioners and smaller firms who are looking for guidance on how to structure their AML policy and procedure documentation.
Anti-money laundering for smaller practices
Technical helpsheet issued to help new ICAEW practitioners to comply with Anti-Money Laundering (AML) legislation and guidance.
How can ICAEW firms check they comply?
ICAEW has published a compliance review checklist for firms to use to regular assess their compliance with MLR17 and associated legislation.
AML supervision report
Read our latest Anti-money Laundering Supervision Report for the results of our monitoring visits, the outcomes of those visits and the enforcement action taken. This report also summarises all of our anti-money laundering supervisory activity during the period. Firms should pay particular attention to where we address our most common findings, including links to resources to support compliance.
AML service
ICAEW has teamed up with SWAT UK to create a package of online systems and insightful online training seminars tailored to meet your requirements.
Criminal record checks
Under The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR17) ICAEW must approve all beneficial owners, officers and managers (BOOMs) in our supervised firms.
HMRC TCSP register
Under Regulation 54 of MLR17, HMRC must maintain a register of all relevant persons who are trust or company service providers (TCSPs) that are not already registered with FCA.
UK sanctions and their role within the AML framework
The UK Sanctions Regime has been developed over the same timeframe as the AML regime and has many similar objectives and characteristics but there are also significant differences.
Criminal Finances Act – corporate offence to prevent facilitation of tax evasion
The Criminal Finances Act 2017 targets corruption, money laundering and tax evasion by aiming to recoup criminal assets and is part of the government’s strategic approach to reducing financial crime.
The Act also introduces two new criminal offenses in respect of the facilitation of tax evasion. The new offenses will be committed where a corporate entity or partnership fails to prevent an associated person from criminally facilitating the evasion of tax, whether the tax evaded is owed in the UK or in a foreign country where there is a connection to the UK.
Useful links
Please make use of the following resources to ensure you are up-to-date with the latest regulatory information and news:
