On 31 January 2018 HMRC published the draft CCAB anti-money laundering guidance dated August 2017: see Anti-money laundering guidance for the accountancy sector
This guidance was sent to HM Treasury by the CCAB bodies last year for approval. It will be published as final once the Treasury has approved it. There is more information on the ICAEW website at Money Laundering: UK Law and Guidance
We hope to hear from HM Treasury soon because once the guidance is approved, those who have followed it can cite that fact in court as evidence that they have complied with anti-money laundering rules.
For those in the tax sector, there is additional existing guidance (TAXGUIDE 4/09) which should be read as an appendix to the CCAB guidance.
As noted in our previous news item about the CCAB guidance, the 2017 regulations made changes to, inter alia, customer due diligence (CDD) requirements and to firm-wide risk assessment, and, for firms bigger than a sole practitioner with no employees, impose a requirement to appoint a money laundering compliance principal (MLCP). ICAEW published a synopsis of these and other changes made by the 2017 AML regulations.
There is a wealth of other anti-money laundering guidance on ICAEW’s website.
ICAEW members can subscribe to free updates on anti-money laundering by logging into icaew.com and changing their member communication preferences to include money laundering.