ICAEW Anti-Money Laundering Service

Our AML service will give your firm the guidance and practical tools you need to comply with the 2017 Money Laundering regulations.

Taking the risk out of compliance

Accountancy firms have had to comply with anti-money laundering legislation since 2004. During that time the requirements have changed several times, most recently in 2017 with the introduction of the 2017 Money Laundering Regulations.

Although many firms have the required anti-money laundering (AML) policies and procedures in place, the level of compliance varies widely. Both ICAEW and Mercia incorporating SWAT regularly come across firms that have AML issues or a lack of understanding in the following areas:

  • the duty to report knowledge or suspicion;
  • the exemption from reporting in privileged circumstances;
  • customer due diligence and beneficial ownership;
  • avoiding tipping-off; 
  • carrying out adequate risk assessments

It’s vital to have the correct systems in place and to give staff regular AML updates and training to make sure your firm is complying with the latest regulations. ICAEW has partnered with Mercia incorporating SWAT to develop the ICAEW Anti-Money Laundering Service to raise firms’ awareness of their AML obligations and help them implement correct procedures.

ICAEW has 13,000 practising firms, as well as being a supervisory body responsible for ensuring AML compliance by its members. As such it has considerable insight into the AML compliance issues that firms encounter. Mercia incorporating SWAT is the largest independent provider of compliance and quality reviews in the UK and has an enviable reputation for providing AML compliance products and services.

Our AML service will give your firm the guidance and practical tools you need to comply with the 2017 Money Laundering regulations. You’ll also have online access to a range of practical documentation, helpsheets and training, tailored specifically to the size of your firm and the profile of your clients.

Although the Anti Money Laundering Service has been designed in conjunction with ICAEW, it is suitable for accountancy practices affiliated to any professional accountancy body.

Choose the right AML system based on your client profile

ICAEW AML Basic System

Aimed at sole practitioners with no staff or subcontractors (or just one or two) with a limited variety of clients, all of whom operate purely within the UK.

ICAEW AML Standard System

Aimed at firms with staff dealing with a more varied client portfolio, all of whom operate purely within the UK.

ICAEW AML Complete System

Supporting firms of any size who have UK or overseas clients, or UK clients with overseas connections.

Compare the systems

   

Basic System

Standard System

Complete System

Suitable for Sole practitioners with no staff or subcontractors (or just one or two) with a limited variety of clients, all of whom operate purely within the UK. Firms with staff dealing with a more varied client portfolio, all of whom operate purely within the UK. Firms of any size who have UK or overseas clients, or UK clients with overseas connections.
 

£105 per annum* 

£215 per annum* 

£595 per annum* 

Geographical limitations

     
UK-based clients with UK customers who operate purely in the UK Covered Covered Covered
Overseas clients or UK clients with overseas connections (customers, suppliers, branches, investors etc) Covered

Staffing limitations

     
Number of staff / subcontractors Maximum of 2  No limit  No limit 

Client types covered (with relevant customer due diligence forms)

     

Sole-traders / Individuals

UK only UK only Full
Professional firms subject to ML Regulations UK only Full
Other partnerships and unincorporated businesses UK only UK only Full
Unlisted limited companies UK only UK only Full
Listed companies Full
Charities UK only UK only Full
Church bodies and places of worship UK only Full
Clubs and societies UK only Full
FSA / FCA(1) authorised entities UK only Full
Pension schemes Full
Trusts or foundations UK only Full
UK public sector bodies, government departments, councils and other local authorities Full
Non-UK public sector bodies, government departments, councils and other local authorities Full

Other documentation included

     

Example AML policies and procedures

Simplified version UK only Full
Client risk assessment flowchart  Simplified version UK only
Client risk assessment - for individuals Full
Client risk assessment - for entities Full
KYC forms with annual review - for individuals UK only UK only Full
KYC forms with annual review - for entities UK only UK only Full
Annual declaration form by staff Full Full
Annual compliance review form  Simplified version More detailed Full
Suspicious Activity Report Full Full Full
Detailed Annual Review Form - Individual Full  Full Full
Detailed Annual Review Form - Entity  Full Full Full
2017 Money Laundering Regulations Checklist detailing the changes required to your policies & procedures Full Full Full

Help Sheets

     
Policies and procedures UK only Full
Customer due diligence Summary
Customer due diligence - introduction Full Full
Customer due diligence – entities UK only Full
Customer due diligence – directors, trustees etc Full Full
Customer due diligence – beneficial owners UK only Full
Customer due diligence – simplified due diligence Full
Customer due diligence – electronic verification Full
Customer due diligence – PEPs and sanctions checks Full
Customer due diligence – reliance on third parties Full
Customer due diligence – certified copies UK only UK only Full
Ongoing monitoring UK only UK only Full
Duty to report UK only UK only Full
Obtaining consent Routine work only Routine work only Full
Exemption from reporting in privileged circumstances Full Full Full
Tipping off UK only UK only Full
AML Training Routine work only Full
Record keeping Full Full Full
Equivalent jurisdictions for money laundering purposes Full
High risk jurisdictions for money laundering and anti-terrorist financing Full
Criminal Finance Act  Full Full Full
BOOMS and DBS Checks  Full Full Full
What makes a good SARs Report and SARs Glossary Code Full Full Full
Sanctions Check Full Full Full

Training

     
Online introductory training Access for single person only. Additional persons are charged separately Unlimited access  Unlimited access 
Access to SWAT UK's Bribery Act 2010 online course Access for single person only. Additional persons are charged separately   Unlimited access   Unlimited access 
Live annual anti-money laundering update webinar May be purchased separately May be purchased separately Unlimited access 
Online recording of annual anti-money laundering update webinar May be purchased separately May be purchased separately Unlimited access
Online recording of specialist anti-money laundering training on:
  • tax consultancy
  • corporate finance
  • litigation support 
  • insolvency
May be purchased separately May be purchased separately May be purchased separately
Monthly newswire of key changes and topical information Included Included Included

 

(1) On 1 April 2013 the FSA (Financial Services Authority) became the FCA (Financial Conduct Authority)

*Prices exclude VAT and are payable in full at the start of your subscription period. Prices are valid until 31 December 2018. The ICAEW Anti-Money Laundering Service is a 12 month online subscription package. Prices are per firm per year and entitle your firm to any updates which are made to your Anti-Money Laundering System throughout the course of your 12 month subscription. Subscribers will be notified when any documentation has been added or updated within your Anti-Money Laundering System.

Online specialist anti money laundering training - In addition to our three web-based systems, the Service also provides specialist AML training and systems covering the areas of tax consultancy, corporate finance, litigation support and insolvency

Still unsure on the best option for your firm?

Download our choosing the right system flow chart    Download

Training

 

Standard Training

These recorded online courses are ideal for new members of staff joining your firm or as refresher training for existing members of staff.

Introductory Money Laundering Training for Accountants 2018

This introductory AML course for accountants and tax advisers is available to watch right now.

Course Content

  • Introduction to the need for Anti-Money Laundering training
  • The process of laundering money
  • Identifying and dealing with suspicious activity
  • When and where consent to continue is needed
  • The exemption from reporting in privileged circumstances
  • Tipping off and prejudicing an investigation
  • The need for risk assessments
  • Customer due diligence: the need for evidence of ID
  • Know Your Client (KYC) and ongoing monitoring
  • A short multi-choice test to ensure you have understood

N.B. This course is an introductory course and so does not cover more complicated issues, nor does it specifically refer to the differences between the 2007 and 2017 regulations.

Bribery Act 2010 Training

The course will provide you with an overview of the various offences that have been created by the Bribery Act, and review the statutory guidance issued by the Department of Justice. This will help you to understand what policies and procedures you and your clients will need to put in place and how the Bribery Act interacts with your obligations under the Money Laundering Regulations 2007.

The course will include:

  • Introduction to the Bribery Act 2010
  • The various offences and penalties
  • The statutory guidance issued by the Department of Justice
  • The treatment of hospitality and gifts
  • The six principles behind the defence of adequate anti-bribery policies and procedures
  • The anti-money laundering implications of the Bribery Act
  • A short multi-choice test to ensure you have understood

Specialist Training

These live webinars range from 30 to 60 minutes, depending on the complexity of the subject. They will all be recorded and available to watch online after the live event.

Annual Anti Money Laundering Update

This course will include:

  • Any changes / amendments to the Money Laundering Regulations
  • Any updates to the guidance or any AML related pronouncements by the main regulatory bodies
  • Any recent case law having an impact on AML issues
  • Updated information about countries with equivalent and those with weak AML regimes
  • Mercia incorporating SWAT guidance on the common problems experienced by firms when implementing AML policies and procedures
  • A selection of real (anonymous) queries from firms in practice and the answer provided by Mercia incorporating SWAT. These questions may relate to obtaining identification; the duty to report; the reporting exemption in privileged circumstances; tipping off; and other issues.

What our subscribers say

We were delighted with the logical approach adopted by the ICAEW's AML service, both in terms of standard documentation and supporting help sheets and guidance. We found it simple to introduce across the firm, easy to understand and most importantly, easy to keep up to date
ICAEW AML Standard System
Read Milburn - Nick Liley, Partner
The helpsheets, coupled with unlimited access to online training, supplemented our existing AML arrangements extremely well.
Grant Thornton - Roy Welsby, Partner & MLRO
The AML system is easy to follow and simple to use. The monthly newsletter is an excellent way of maintaining AML awareness as well as keeping up to date. The training webinars are excellentto keep the whole firm up to date and cost effective. The help sheets are also very easy to use.

ICAEW AML Complete System
Bartfields (UK) Limited - Gavin Bell, Director