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CCAB issues updated AML guidance for the accountancy sector

The Consultative Committee of Accountancy Bodies (CCAB) has published an updated version of its Anti-Money Laundering Guidance for the Accountancy Sector, together with the Tax Appendix and the Insolvency Appendix, following the Treasury’s approval of all three documents.

The guidance was initially issued in September 2020 to reflect amendments made to the UK Money Laundering and Terrorist Financing Regulations 2017 (‘the 2017 Regulations’). These regulations were amended in January 2020 to reflect the Fifth Money Laundering Directive (5MLD) from the EU.

The main changes from the draft guidance are:

  • Timeframe to report PSC discrepancies reduced to within 15 working days (previously 30 days).
  • Strengthening from ‘should’ to ‘must’ for a short list of requirements.
  • Update to the legislation referenced in the guidance following the UK leaving the EU.
  • Clarified wording around enhanced due diligence for an occasional transaction where there are connections to a high-risk third country.

A summary of the changes and the revised guidance can be obtained here.

HAT will cover these changes in our Q3 updates and where relevant reflect in our AML Procedures Manual. 

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