Revised sanctions for AML breaches introduced

An updated Guidance on Sanctions will come into effect from 1 July 2019. The new guidance provides further clarity to the setting of sanctions to deter money laundering by ICAEW supervised firms.

  • Firms which fail to have or to implement AML policies and procedures may now be subject to a minimum starting fine of £2,000 per principal and a capped maximum fine for the largest firms. The starting fine can be increased or decreased depending on the presence of aggravating and mitigating factors.
  • Further specific sanctions for identifiable standalone breaches of the Money Laundering Regulations in relation to firms and individuals are introduced.

 What is the Guidance on Sanctions

The Guidance on Sanctions is used by ICAEW regulatory committees, the Investigation Committee, disciplinary tribunals of the Disciplinary Committee and the Appeals Panel of the Appeal Committee for all complaints they consider.

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