Risk assessment and customer due diligence

Misunderstandings about AML requirements are common, therefore we have answered some of the most frequent misconceptions we hear from firms.

Accountants invite significant risk by taking part in activities that support kleptocratic states or individuals, a new book warns.

During the recent webinar on the 2024 AML results and thematic review, viewers highlighted a range of issues. We pick out some common themes, and ICAEW’s AML team provides responses to key questions.

The money laundering regulations (MLRs) require every relevant organisation to take appropriate steps to identify and assess the risks of money laundering and terrorist financing to which its business is subject. We refer to this as the firm-wide risk assessment. It is the foundation upon which a firm builds its AML policies and procedures, particularly regarding customer due diligence (CDD). We asked the money laundering reporting officer (MLRO) at a sample of 100 high and high/medium risk accountancy firms a series of questions. We also asked for a copy of their most recent firm-wide risk as...

We send regular AML Risk Bulletins to money laundering reporting officers and money laundering compliance principals at ICAEW supervised firms. We are not able to extend the distribution list for these bulletins. Most of these bulletins are usually protected behind the ICAEW log-in and should not be disseminated outside of your firm. This restricted access is a condition of our permission from the AASG to share the bulletins with our firms.

Firm-wide risk assessments (FWRAs) lay the foundation for effective anti-money laundering (AML) policies and procedures. In a recent webinar, ICAEW’s AML team talked about what a good assessment looks like and offered some insights into the most common failings found during monitoring visits.

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.

The Q&A session in ICAEW’s recent anti-money laundering (AML) webinar on firm-wide risk assessments (FWRAs) highlighted a range of issues. We pick out some common themes, and ICAEW’s AML team provides responses to key questions.

The Q&A session in ICAEW's recent webinar on money laundering risks highlighted a range of issues. We pick out some common themes, and experts from ICAEW's anti-money laundering (AML) team and leading firms provide responses to key questions.