AIA CALLS FOR ENHANCEMENTS TO THE UK’S AML REGULATORY AND SUPERVISORY REGIMES

The Association of International Accountants (AIA) has responded to two consultations issued by HM Treasury on ‘Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 Statutory Instrument 2022’ and ‘Call for Evidence: Review of the UK’s AML/CFT regulatory and supervisory regime’.

As a professional body supervisor recognised under Schedule 1 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended 2019) AIA recognises its key role in preventing economic crime and contributing to a robust approach to AML safeguards.

Working with other accountancy sector supervisory bodies through the Accountancy AML Supervisors’ Group (AASG) and more widely with government, regulators and other sectors through the AML Supervisors Forum (AMLSF) enables a real public-private partnership which delivers a focussed response to the threat of money laundering and terrorist financing.

AIA Director of Operations, David Potts, said: “We recognise that the regulations are in place to protect our members and safeguard against their being exploited by criminal elements to facilitate illicit activity. Therefore, we work to provide guidance and support, so they recognise the red flags of money laundering and fulfil their obligations by reporting suspicious activity.

“However, there is currently little transparency surrounding the oversight arrangements for the statutory supervisors, particularly on effectiveness, and the sector would benefit from greater consistency and clarity on how the effectiveness of supervision is measured and assessed.”

Members can access a range of anti-money laundering resources via the AIA website including the full consultation responses.

Read the consultation responses now

We recognise that the regulations are in place to protect our members and safeguard against their being exploited by criminal elements to facilitate illicit activity. Therefore, we work to provide guidance and support, so they recognise the red flags of money laundering and fulfil their obligations by reporting suspicious activity.