Consultative Committee of Accountancy Bodies AML guidance
Other articles (Insolvency Practitioner, April 2021):
- Michelle Thorp, CEO
- Kevin Hellard, President
- Important reminder: Annual General Meeting
- IPA events update
- Future IPA AML regulation: What members can expect
- Richard Long becomes an Honorary IPA member
- How IPs can save history
- Case law update
- Updated Statements of Insolvency Practice
- Guest article: IPs of FCA authorised companies in voluntary liquidation face more new and difficult challenges
The Consultative Committee of Accountancy Bodies (CCAB) launched its first Economic Crime Manifesto in 2016. The key aim of the manifesto is to improve the effectiveness and capabilities of AML in the UK. Its initial guidance was based on the law and regulations as of 26 June 2017 and was adopted by the IPA in 2018, as well as the subsequent draft appendix- guidance for Insolvency Practitioners. It covers the prevention of money laundering and terrorist financing. It is intended to be read by anyone who provides audit, accountancy, tax advisory, insolvency, or trust and company services in the United Kingdom. Guidance is provided on taking a risk based approach, carrying out customer due diligence, SARs reporting, record keeping, training and awareness.
The guidance has been updated and is available here. It covers the changes to the Money Laundering and Terrorist Financing Regulations 2017, introduced as a result of the implementation of the 5th Money Laundering Directive (5MLD). The new legislation came into force on 10 January 2020. Whilst the draft guidance is pending approval from HM Treasury, we expect our supervised members to follow this guidance. Members who are supervised by another supervisory authority will need to take account of the guidance issued by that authority.
CCAB has five members – ICAEW, ACCA, CIPFA, ICAS and Chartered Accountants Ireland – and provides a forum for the bodies to work together collectively in the public interest on matters affecting the profession and the wider economy.