Advice on AML Compliance and Audit

Home Services Regulatory Defending Accountants and Accountancy Firms Advice on AML Compliance and Audit

Anti-money laundering (AML) compliance is high on the agenda of accountancy regulators, including the ICAEW and ACCA. Firms are required to have in place effective AML regimes, including a firmwide risk assessment; policies, controls, and procedures; regular training; as well as appropriate client due diligence measures.

It is not uncommon for robust enforcement action to be taken when breaches of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 are detected, which can have significant consequences for firms and the senior individuals involved.

We regularly advise and represent firms and individuals in respect of all matters relating to their anti-money laundering (AML) obligations, from corresponding with a regulator during the investigation phase to defending allegations before a Disciplinary Committee. We aim to resolve matters swiftly and effectively, and have a track record for obtaining early resolution for such matters before they are escalated to a disciplinary hearing.

Recent work

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Case 1

Securing early resolution and low-level sanctions in multiple cases involving breaches of the Money Laundering Regulations 2017 brought by accountancy regulators.

Case 2

Advising a Firm on whether it is in scope of the Money Laundering Regulations given its geographical presence. Advising on steps to ensure compliance with laws and regulations.