Preventing Money Laundering

Accountancy AML Supervisors' Group issues advisory note to practitioners
In these difficult and challenging times, criminals may adapt their methods to exploit vulnerabilities and benefit from financial crimes. Action Fraud recently disclosed that it had received 21 reports of fraud linked to the virus last month, with victims’ losses totalling over £800,000. Therefore, it is imperative that accountants remain vigilant regarding money laundering and terrorist financing risks and implement effective measures to minimise these risks.

The Accountancy AML Supervisors' Group (AASG), which includes the Institute of Financial Accountants and all the accountancy sector supervisors named in the Money Laundering Regulations, has jointly published an advisory note, highlighting key AML risks and challenges for the accountancy profession associated with the Covid-19 crisis. It also includes information to help the profession comply with their ongoing obligations under the Money Laundering Regulations.

This advisory note covers:

• Some of the particular AML risks to accountancy firms and vulnerabilities that criminals may seek to exploit during this time of unprecedented economic pressure and upheaval
• Challenges facing firms and factors to consider in respect of non-face-to-face identification & verification, and associated digital identity services
• Other issues to consider in respect of policies, controls and procedures, data protection and information security.

The AASG advisory note is available here.

To ensure consistency of approach, the AASG Advisory note is consistent with the equivalent Advisory Note for the legal sector which is available here. 

Further guidance on AML is available on our website.