The Accountancy AML Supervisors’ Group (AASG), which is comprised of the 13 accountancy professional body supervisors (PBSs) who are supervisory authorities under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR17), has set out guidance on the steps that auditors, insolvency practitioners, external accountants and tax advisers should take when verifying beneficial owners to ensure consistency in approach across the entire sector.

The AASG Risk Outlook has been updated to reflect the National Risk Assessment 2025, and sets out the key AML risks and red-flag indicators relevant to the accountancy sector. The latest updates include:

• an overview of the UK money laundering risks and threats
• highlighting the risk of professional enabling
• updates to the PEPs guidance and
• ID verification as an ACSP.

This guidance should be read alongside the AML guidance for the accountancy sector (AMLGAS).