CCAB (UK) publishes updated guidance on AML and CFT for accounting practitioners

The UK CCAB has just published its updated guidance on AML and CFT for accounting professionals related to the obligations under UK legislation.

The guidance is based on the law and regulations as of 13 July 2021 and applies to anyone who, in the course of business in the UK, acts as an auditor, external accountant, insolvency practitioner, tax adviser or a trust or company service provider.

The guidance has been approved by HM Treasury, and the UK courts must take account of its contents when deciding whether a business subject to it has contravened a relevant requirement.

While the guide is not intended to be exhaustive, it provides an in-depth discussion on the fundamentals of money laundering and terrorist financing and related offences. It also discusses the responsibilities of senior management/MLRO of businesses providing defined services.

The guide also defines important concepts such as Risk-Based approaches to dealing with AML and CFT, Customer Due Diligence and also discusses record-keeping and the reporting of suspicious activity. The guidance also emphasises the importance of training employees as part of a company’s compliance management programme.

The CCAB updated guidance on AML and CFT for accounting professionals can be viewed here.