Testing AP
As accountants play a key role in fighting economic crime, it’s important that our members take a diligent approach to their anti-money laundering responsibilities. We will therefore introduce revised AML Regulatory Actions Guidance document from 7 April 2025.
2017, the Money Laundering Regulations introduced a range of new requirements for professional service firms, including accountants, auditors and insolvency practitioners, significantly impacting how clients should be handled throughout the lifespan of a business relationship.
Since then, both at a UK and international level, there has been an increased focus on the harms of economic crime and the part that professional service firms can play in that, either deliberately or unwittingly. With ICAS’ focus on ethical leadership, it’s right that we and our supervised firms play an important part in this fight.
Our AML monitoring visits demonstrate that supervised firms are mostly compliant and are undertaking their responsibilities diligently. However, some firms still aren’t paying sufficient attention to the requirements, so we must now take a more robust approach in these circumstances.
"Here we are, saying something for the pull quote, because it would be good to see what it looks like. We also want to check multiple paragraphs.
This will show us even better what a pull quote could look like to people using our website and reading our latest news articles. "
- Suzanne Boerrigter
The ICAS Authorisation Committee has recently approved changes to its approach to dealing with AML non-compliance, as set out in its AML Regulatory Actions Guidance document.
The new guidance – which will be used by the Committee from 7 April 2025 onwards – changes the approach in two main ways:
- Tariffs – the guidance will now include indicative regulatory penalties in response to eight categories of non-compliance, including failures in relation to customer due diligence and firm-wide
Categories:
- Technical
- Tax
