AML Guidance for the Accountancy Sector
The CCAB has published updated Anti-Money Laundering guidance for the accountancy Sector (September 2020) which is available here. The guidance 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. The main 5MLD changes are summarised in the note provided by ICAEW as one of the CCAB bodies.
** Please note that HM Treasury have not yet approved this guidance but the website will be updated as soon as we have confirmation of the final guidance **
Members and firms which are registered with CIOT as their supervisory authority should follow this guidance. Members who are supervised by another supervisory authority will need to take account of the guidance issued by that authority.
AMLGAS is prepared jointly by the CCAB bodies, ICAEW, ACCA, ICAS, ICAI and CIPFA and is approved by the UK accountancy supervisory bodies including CIOT and ATT.
No amendment to the tax sector appendix to AMLGAS has been required at present. This guidance was developed in conjunction with ATT, ICAEW, ACCA, ICAS and HMRC and focuses on the interaction between Anti-Money Laundering (AML) compliance and tax offences as well as covering the issues that a tax practitioner is most likely to encounter in practice.