Last week (27 February) AIA’s Director of Operations, David Potts, delivered a session at the Charity Finance Group (CFG) Annual Conference exploring how charities must operate under the latest money laundering regulations to remain compliant, including:

  • - changes emerging from the new regulations
  • - how these changes affect accountants
  • - high-risk scenarios accountants must consider
  • - training advice
  • - warning signs of money laundering
  • - suspicious activity reporting requirements
  • - Brexit implications for AML 

Over the past year, accountants and regulators have implemented new anti-money laundering regulations with the MLR2017 coming into force and the deadline to get everything completed passing on 26 June 2018. 

Earlier this year, the government set up the Office for Professional Body Anti-money laundering Supervision (OPBAS) to strengthen the UK’s AML supervision, in the wake of which the Financial Action Task Force has released its Mutual Evaluation Review into the AML/CTF measures in place in the UK. 

AML remains largely logical with requirements reinforced by strong documentary evidence, internal controls and processes backed up by asking the correct questions. The challenge for the accountancy sector, however, remains to continue raising the average level of compliance and to increase the consideration of any actual or perceived risk and the steps that can be taken to mitigate those risks. 

To further your understanding about the risks posed by money laundering and explore how you can help disrupt this growing threat, sign up for this free hour-long webinar taking place on 14 March 2019 and run in partnership with the UK Government’s #FlagItUp campaign anti-money laundering campaign. Click here to register.