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CCAB Publishes Updated AML Guidance

The CCAB has issued draft Anti-Money Laundering and Counter-Terrorist Financing Guidance for the Accountancy Sector, which is summarised as follows:

“This is draft guidance pending approval from HM Treasury, published in September 2020.  It is based on the law and regulations as of 10 January 2020.  Please note that some of the requirements of the regulations relating to EU lists are expected to fall away at the end of the transitional period.

This guidance covers the prevention of money laundering and the countering of 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 and has been approved and adopted by the UK accountancy AML supervisory bodies.”

As it is not expected that further amendments will be made to this guidance, HAT has time set aside to review this guidance and to make appropriate amendments to the Anti-Money Laundering Procedures module of the HAT Compliance Manual, and it is intended that this will be released before the end of the year.

The key changes in the guidance will be briefly covered in our Q4 Accounting and Audit Update and a more detailed consideration will be provided in our AML for Senior Management CPD Course in November. 

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