• Register
Return to: Home > News > Standards > CCAB issues draft guidance for the accountancy sector on anti-money laundering

CCAB issues draft guidance for the accountancy sector on anti-money laundering

The Consultative Committee of Accountancy Bodies (CCAB) has issued draft guidance for all entities providing audit, accountancy, tax advisory, insolvency or related services on anti-money laundering.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

Top Content

    Addressing tax challenges and the digitisation of the economy

    As the economy becomes even more globalised through digital sources, the tax systems currently in place need to be scrutinised to examine whether they are still fit for current and emerging business models. Joe Pickard reports on the OECD’s approach to this issue.

    read more

    Primary financial statements: a game changer in reporting?

    International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

    read more

    FASB readies standards for the netflix generation

    The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

    read more

    Brexit: why it takes two to tango

    Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.