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.
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