The Consultative Committee of Accountancy Bodies (CCAB) has issued draft guidance for all entities providing audit, accountancy, tax advisory, insolvency or related services on anti-money laundering.
According to the guidance accountants are the key gatekeepers for the financial system as they facilitate vital transactions and have a significant role in ensuring their services are not used for criminal purpose.
The guidance listed actions that should be taken by businesses and individuals, yet it stated that due to individual circumstances an alternate interpretation of the UK anti-money laundering (AML) regime is acceptable. However, professionals using an alternative interpretation must be able to justify their decision to their anti-money laundering supervisory authority.
The guidance is based on the anti money laundering and counter terrorist financing law and regulations effective as of 26 June 2017, and the guidance has been sent to the HM Treasury for approval, expected later this year to be published.
The guidance was prepared jointly by CCAB bodies; the Institute of Chartered Accountants in England and Wales (ICAEW), Association of Chartered Certified Accountants (ACCA), Institute of Chartered Accountants of Scotland (ICAS), Chartered Accountants Ireland (ICAS) and Chartered Institute of Public Finance and Accountancy (CIPFA).