In this episode, panellists from accountancy sector supervisory bodies discuss Anti-Money Laundering (AML) compliance within the sector. This includes specific cases where a firm may have AML concerns during Know Your Customer (KYC) and Suspicious Activity Report (SAR) practices. The panellists use their extensive knowledge to provide their perspectives on the sector as a whole and specifics relating to their areas of focus, from large accountancy firms to individual bookkeepers. There is also information on opportunities for firms to approach the UKFIU’s Reporter Engagement Team (RET) to improve internal understanding of SARs submission.

For the subtitled version of this episode go to: https://youtu.be/D0xYmNQsylA

Panellists:

Tim Pinkney, Director of Professional Standards, Institute of Financial Accountants (IFA) [formerly Head of Practice Standards]

Michelle Giddings, Head of AML and Operations, Professional Standards, Institute of Chartered Accountants in England and Wales (ICAEW)

Jody Newman, Head of Compliance and Professional Standards, Institute of Accountants and Bookkeepers (IAB)

Acronyms used in this podcast:

PBS: Professional Body Supervisors

AASG: Accountancy AML Supervisors Group

Regs: Regulations

POCA: Proceeds of Crime Act (2002)

KYC: Know Your Customer

CDD: Customer Due Diligence

Time Stamps

00:40 Introduction

01:34 Tim (IFA) intro

02:30 Michelle (ICAEW) intro

03:54 Jody (IAB) intro

05:17 key money laundering threats and red flags

10:32 SAR submission numbers in the accountancy sector

15:27 When turning away a client due to AML or KYC concerns

17:55 Biggest challenges firms face with AML compliance and SARs

23:37 Firm opportunities to engage with the UKFIU.

24:34 Final key messages

27:48 Outro