How to prepare for an AML compliance review

ACCA regularly conducts anti money laundering reviews of regulated practices. Watch our free webinar for top tips

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ACCA is a supervisory authority under Schedule 3 of the Money Laundering Regulations 2017 (MLR17).

Whether you are in public practice or otherwise engaged in providing accountancy, or trust and company services, by law you have to be registered with either

  • ACCA (which is a Professional Body Supervisor for AML)
  • or another professional supervisory body (if you are a dual member)
  • or with HMRC

for the purpose of supervision of your anti-money laundering compliance.

ACCA automatically supervises firms for AML if there is one or more ACCA member holding an ACCA practising certificate with a combined majority control over the firm. ACCA supervises sole practitioners who hold an ACCA Practising Certificate. If a member does not hold an ACCA Practising Certificate or the majority control of the firm, then ACCA cannot act as the AML supervisor of that firm.

ACCA’s AML supervisory team is responsible for conducting AML compliance reviews of our supervised firms. Reviews will be conducted using various monitoring approaches such as remotely as a desk-based review or on-site.

Watch our webinar, Anti-money laundering: registering for supervision, for guidance on what to expect from an AML compliance review. It covers:

  • whether your business falls under the supervisory regime
  • if you MUST register for AML supervision
  • who you should register with
  • what are the key requirements in the Money Laundering Regulations (MLRs) 2017
  • what to expect from an AML supervisory visit.

ACCA's Anti-Money Laundering (AML) monitoring review process technical factsheet includes an introduction to the AML legislation and statutory obligations, the requirements of an ACCA AML supervised firm, and describes AML monitoring review methods. It also explains the reporting and remedial actions following a review and defines the frequency of monitoring.

Firms can also access full ACCA updated guidance and pro forma documents to help firms manage AML risks and comply with Money Laundering Regulations 2017. It draws together best practice and guidance and will hopefully save you time and alleviate the need to acquire third-party services.

ACCA has published an annual report detailing its AML monitoring activities between April 2020 and April 2021.

Finally, if your firm is supervised by ACCA and you haven’t already, please ensure you have completed the ACCA AML risk assessment questionnaire.

Important

Following the UK Prime Minister’s announcements to the House of Commons on 22 and 24 February 2022, the UK has announced a tranche of sanctions on Russia. Members should refer to ACCA’s guidance on their obligations under the AML regulations.