PracticeAccounting FirmsInstitute readies members for vigilance

Institute readies members for vigilance

The ICAEW has put out interim guidance for all members in anticipation of tough new anti-money laundering requirements as laid out in the Proceeds of Crime Act.

Link: Money laundering training goes online

The full requirements are only expected to take effect in September, but if they are not fulfilled to the letter, firms, accountants and their employees can face the prospect of stiff criminal penalties.

Under the PoC Act, firms will be required to appoint a laundering reporting officer, train staff to recognise potential illegal activities, verify the identity of new clients and establish appropriate internal procedures to forestall and prevent money laundering.

Karen Silcock, chair of the ICAEW money laundering working part, said the institute had recognised the change to the definition of money laundering – which now includes the possession of proceeds of crime or dealing with someone involved with the proceeds of crime.

‘The ICAEW intends to work with the Treasury and the Home Office over the next few months to develop the guidance for members with the aim of facilitating efficient, as well as effective, compliance with anti-money laundering requirements,’ Silcock added.

The full set of guidelines can be viewed by clicking here.

Related Articles

Productive accountancy firms lead the way

Accounting Firms Productive accountancy firms lead the way

3d Simon Adcock, HSBC
LLPs in Top 50+50: Will LLPs continue to be the preferred set-up?

Accounting Firms LLPs in Top 50+50: Will LLPs continue to be the preferred set-up?

4d Fergus Payne, Lewis Silkin
BDO’s global revenues pass $8bn

Accounting Firms BDO’s global revenues pass $8bn

1w Alia Shoaib, Reporter
Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

Accounting Firms Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

2w Philip Smith, Reporter
Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

Accounting Firms Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

2w Emma Smith, Managing Editor
BDO reports revenue growth of 5.7%

Accounting Firms BDO reports revenue growth of 5.7%

3w Alia Shoaib, Reporter
Taylorcocks announces merger with Surrey firm

Accounting Firms Taylorcocks announces merger with Surrey firm

3w Emma Smith, Managing Editor
Kingston Smith reports 7% gender pay gap

Accounting Firms Kingston Smith reports 7% gender pay gap

3w Emma Smith, Managing Editor