UK Updates Anti-Money Laundering Guidance For The Accountancy Sector

; posted on
March 28th, 2018

HMRC published the updated Anti-Money Laundering Guidance for the Accountancy Sector, which was firstly issued in August 2008. The latest amendment was from January 2018 and is based on the 2017 Anti-Money Laundering Draft Guidance.

Scope of the Guidance

The guidance is intended to be read by people providing audit, accountancy, tax advisory, insolvency, or trust and company services in the United Kingdom, being approved and adopted by the UK accountancy AML supervisory bodies. The term “accountancy services” is not defined, however, for the purposes of this guidance it includes any service which involves the recording, review, analysis, calculation or reporting of financial information which is provided under arrangements other than a contract of employment. It covers business carried on in the UK and certain cross-border business models where day-to-day management takes place from UK registered office or UK head office.

Guidance Provided

The term “money laundering” is defined as “all forms of using or possessing or facilitating the use/possession of criminal property (including money or money’s worth, securities, a reduction in a liability, and tangible or intangible property) regardless of how it was obtained”. The Guidance subsequently outlines the responsibilities for business and customer due diligence, risk based approach (RBA) and the risk for different parties, requirements to cope with suspicious activity reporting and record keeping. Lastly, it clarifies training and awareness issues for tax payers.

Sources: HMRC

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