Keep tabs on money laundering rules, warns Winch

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Accountants need to keep up to date with changing regulations on money laundering and know what to do when they spot potentially criminal activity at a client, according to David Winch of MLRO Support.

Winch, who leads AccountingWEB’s Money laundering and crime discussion group, said that although most accountancy firms have a nominated money laundering reporting officer, all accountants should be vigilant for criminal activity by a client and be prepared to report concerns to authorities, such as the Serious Organised Crime Agency (SOCA).

“You can say to a client ‘don’t do this, this could be criminal’, but don’t say ‘Oh by the way I’ve reported it to SOCA,’” Winch told September&rsq...

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Nick Huber
Freelance journalist
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