View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
August 24, 2017

CCAB issues draft guidance for the accountancy sector on anti-money laundering

By Stephanie Wix

The Consultative Committee of Accountancy Bodies (CCAB) has issued draft guidance for all entities providing audit, accountancy, tax advisory, insolvency or related services on anti-money laundering.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).

Content from our partners
Best practice considerations for firms putting their audit out to tender
Sterling Technology's VDR supported Nestlé with “the largest audit tender in living memory”
MPR & T Finance Joins BOKS International in Romania

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to International Accounting Bulletin