We continue to await publication of the final HM Treasury approved CCAB anti-money laundering guidance for the accountancy sector, which currently remains in draft form and awaiting the expected appendices for tax and insolvency practitioners. However, there have been some recent developments.
Firm-wide risk assessments
The 2017 Money Laundering Regulations (MLR) require supervisory bodies, such as the ICAEW, ACCA, ICAS and CAI, to make information available that is relevant to their members own firm-wide risk assessments. You may recall that under the new MLR, there is a need for a firm to document such a risk assessment and make this available to its supervisor on request.
ICAEW and other professional bodies have now started to publish this information and the ICAEW has also published further guidance on conducting firm-wide risk assessments, both which can be accessed here.
As this guidance has begun to become available, we have published an updated version of our Money Laundering Compliance Manual based on the draft CCAB guidance. Subscribers will automatically be updated as required once the CCAB guidance has been approved and is in its final form.
We have also produced a free download, which includes a short checklist of the key actions required to help you stay compliant under the new Money Laundering Regulations.
Anti-money laundering professional body regulator launched
This month also saw the launch of the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) within the FCA. The OPBAS Regulations 2018, which came into effect on 18 January 2018, gives OPBAS duties and powers to ensure professional body AML supervisors meet the standards required by the Money Laundering Regulations 2017. OPBAS will not, however, directly monitor the businesses that the professional bodies supervise. Click here for more.