Did you know, The National Crime Agency has issued new guidance on making Suspicious Activity Reports during the pandemic?
This partly relates to the various Government COVID support schemes, grants and loans, that are likely to have attracted professional fraudsters, with temptations also for others to make dishonest claims and applications.
The complexity of identity checks – a key component of the regulations – has also risen thanks to COVID.
When taking on a new client remotely during the COVID crisis, how can accountants carry out the usual necessary tests?
How can they prove they have met their clients when requesting identity documents like a passport?
And, crucially, what methods are acceptable under the Fifth Money Laundering Directive (5MLD)?
Enormous AML fines from regulators
Above are some of the biggest questions practices might face right now in terms of AML.
And with eye-watering fines for breaches of the rules (regulators have imposed nearly £154million in penalties in 2020), it’s not something any accountant can ignore.
There is always a lot to think about when it comes to AML but the crisis the world faces has exacerbated it further, bringing fresh difficulties.
How can you quickly get up to speed?
IRIS recognises the problems posed for accountants when it comes to AML compliance in these extraordinary times.