Financial Crime Risk Management

HM Revenue & Customs

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The Law Society (England and Wales)

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Consultative Committee of Accountancy Bodies

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CCAB publishes guidance for UK providers of audit, accountancy, tax advisory, insolvency, or trust and company services.

• CCAB case studies - October 2016.
• AML guidance for the accountancy sector – March 2018.
• Supplementary AML guidance for tax practitioners – July 2019.
• Supplementary AML for insolvency practitioners (Draft - Pending approval from HM Treasury) – October 2019.

ICAEW

The Institute of Chartered Accountants in England and Wales is the AML supervisor to nearly 11,000 firms. AML reference points include:

• UK law and guidance on anti-money laundering.
• Money laundering – articles.
• ICAEW Code of Ethics.

ACCA

The Association of Chartered Certified Accountants is a recognised professional body. AML reference points include:

• Practitioner resources.
• Regulation, data protection and cyber security.
• Specimen policies and procedures.
• Guidance for the Accountancy Sector (based on law and regulation at 26 June 2017).

ICAS

The Institute of Chartered Accountants of Scotland (ICAS) is a professional body and regulator. AML reference points include:

• News.
• Awareness - Red flags.
• Resources.

Gambling Commission

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The Gambling Commission ensures controls are in place to prevent casinos from being used for money laundering or terrorist funding.

• Public Register of licence holders and licensed premises.
• AML news for gambling businesses.
• The risk-based approach to preventing money laundering.
• Duties and responsibilities under the Proceeds of Crime Act 2002.
• How to meet your AML responsibilities.
• Regulatory action for AML failings reported in news pages.
• Key findings from AML compliance work.
• Casinos: Prevention of money laundering.
• AML/CTF Guidance for remote and non-remote casinos (Fifth edition – January 2020).
• List of recent regulatory sanctions imposed on licence holders.
• List of recent regulatory sanctions imposed on personal licence holders.

Joint Money Laundering Steering Group

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The JMLSG is made up of the leading UK Trade Associations in the Financial Services Industry. Its aim is to promulgate good practice in countering money laundering and to give practical assistance in interpreting UK Money Laundering Regulations - primarily via publication of industry guidance.

When considering whether to take disciplinary action against an FCA-regulated firm in respect of a breach of the relevant provisions of SYSC, the FCA will have regard to whether a firm has followed relevant provisions in JMLSG guidance (see: FCG 3.1.8).

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• JMLSG Home Page
• Latest News
• Frequently asked questions
• Consultation text of relevant material within Parts I, II and III, with proposed amendments

Guidance:

• Current JMLSG Guidance
• Previous Guidance

International Bodies

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Basel Committee on Banking Supervision (‘BCBS’)

The BCBS is a global standard setter for prudential regulation of banks and provides a forum for regular cooperation on banking supervisory matters. Its members comprise central banks and bank supervisors.

• The Basel Committee - overview
• Search term ‘laundering’ on BCBS website

Egmont Group

The Egmont Group is a body of 164 Financial Intelligence Units (FIUs). Most of the Egmont Group’s operations and information is restricted to the inter-country network of national FIUs, but some limited information is available to the public.

• Egmont Group – Home Page
• Document Library
• Members List

Financial Action Task Force (‘FATF’)

The FATF is the global money laundering and terrorist financing watchdog. The FATF issues Recommendations (or Standards), to encourage a co-ordinated global response to preventing organised crime, corruption and terrorism, and monitors countries implementation of FATF Standards.

• FATF – Home Page
• FATF Recommendations
• Mutual Evaluations
• High-risk and other monitored jurisdictions
• Methods and Trends
• Financing of Proliferation
• Corruption
• Financial Inclusion
• Guidance on Digital ID
• All Publications

Financial Stability Board (‘FSB’)

The FSB is an international body that monitors and makes recommendations about the global financial system.

• FSB – Home Page
• Search term ‘laundering’ on FSB website
• Ease of Doing Business rankings
• Monitoring by Jurisdiction

Transparency International (‘TI’)

Transparency International operates via chapters in more than 100 countries with an international secretariat in Berlin, to lead the fight against corruption.

• TI – Home Page
• Corruption Perceptions Index 2019 (published January 2020)
• Global Corruption Barometer 2019
• National integrity system assessments
• TI Publications

World Bank

The World Bank provides a wide array of financial products and technical assistance, and helps countries share and apply innovative knowledge and solutions to the challenges they face.

• World Bank – Home Page
• Search term ‘laundering’ on World Bank website
• Financial Integrity links