AIA Releases New AML Monitoring and Supervision Guidance

The Association of International Accountants has published new guidance based on findings from its Anti-Money Laundering (AML) monitoring and supervision activities. This guidance is intended to assist Members in Practice in complying with AML regulatory requirements. 

Key themes addressed in the guidance include Firm Wide Risk Assessments, Client Risk Assessments, client due diligence, and internal controls. The guidance also includes key questions firms should answer when reviewing their compliance with the Money Laundering Regulations. Members are encouraged to review the guidance alongside the AML Compliance Checklist and other detailed resources available on the AIA website.  

David Potts, AIA Director of Policy & Regulation and MLRO, emphasised the importance of this guidance, saying "Accountants are key gatekeepers of the financial system. Our updated guidance is crucial in helping our members ensure their services are not used to further criminal activities." 

Read Further Guidance