AML supervisory activities

ACCA has published its first ever annual report on the topic

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ACCA’s first ever annual report detailing our anti-money laundering (AML) supervisory activities sets out the key outcomes and activities that are undertaken by ACCA to effectively fulfil our responsibilities as an AML supervisory body in the UK during the period 6 April 2020 to 5 April 2021.

Money laundering diverts resources away from economically and socially productive uses. It can negatively affect a country’s financial system by undermining its stability, as well as fuelling corruption and organised crime.

Ultimately, money laundering has a devasting impact and negatively impacts lives. Predicate crimes – part of a larger offence – such as human trafficking, drug trafficking and sales of weapons are all connected with money laundering.

The national risk assessment of money laundering, published jointly by HM Treasury and the Home Office, highlights the key vulnerabilities that criminals will look to exploit in the accountancy sector.

All ACCA accountants, from those trading as a sole practice up to large firms, play a vital role in helping the global fight to prevent money laundering.

ACCA conducts designated AML compliance reviews in order to ensure that those we supervise are operating to standards compliant with the regulations. This protects the firm itself from being exploited by criminals and ultimately helps protect society from the impacts of money laundering.

This report encompasses the activities undertaken and the key themes identified during our AML compliance reviews, and highlights resources available for members to help implement appropriate controls.