Key AML risks and challenges for the accountancy profession associated with the coronavirus crisis
Advisory note published by the AAG highlighting key AML risks and challenges associated with coronavirus.
The Accountancy Affinity Group (AAG), a sub-group of the UK Anti Money Laundering Supervisors Forum, is a forum in which professional bodies work collaboratively to promote accountancy sector supervisory policy to further consistency in standards and best practice.
ICAS, and the other accountancy professional body supervisor listed in Schedule 3 of the Money Laundering Regulations, has jointly published an advisory note for practitioners to highlight key AML risks and challenges associated with the Covid-19 crisis. It also includes alternative methods to help the profession comply with their ongoing obligations under the Money Laundering Regulations.
The advisory note covers:
- AML risks accountancy practices should be particularly alert to and vulnerabilities that criminals may seek to exploit during this time of unprecedented economic pressure;
- Methods of digital identification and verification and the associated considerations which may help with some of the challenges facing firms in respect of non face-to-face identification;
- Other issues to consider in respect of these policies, controls and procedures, data protections and information security.
The AAG advisory note is available to read in full here.
CCAB has also released supplementary anti-money laundering guidance in relation to completion of client due diligence during urgent work.