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Webinar: How to Manage Anti Money Laundering (AML) Processes in Your Practice

17th Aug 2023
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Sage is the market leader for integrated accounting.

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The landscape of Anti Money Laundering (AML) is facing a major overhaul. With AML investigations intensifying, we’re teaming up with AccountingWEB to offer a webinar on the 6th of September on how you can navigate the changes.

Danielle Fisher, our Product Manager from GoProposal by Sage, will be joined by AccountingWEB’s Editor, Richard Hattersley, forensic accountant David Winch, and Samantha Nelmes, the Director of LilyIris Accounting. Together, we’ll take a deep-dive into the essentials of navigating AML within busy practices.

 

The government announces further crackdowns on suspicious activity

Recent developments have showed a heightened urgency around AML compliance. Earlier this year, the Office for Professional Body Anti-Money Laundering (OPBAS) called for regulators to “step up their efforts” in supervising their members. Consequently, several accountants faced fines, and many customers reported heightened scrutiny during Quality Assurance Monitoring (QAD) reviews. While the average penalty might seem manageable at below £3,000, the resultant disciplinary process can take months and rack up thousands in additional fees.

 

The four proposed models of AML supervision

In July 2023, we saw the Treasury release a consultation document that proposed four potential models for AML supervision. These included:

  • OPBAS+ Model: A nod to minimal disruption, this grants additional powers to the existing supervisor framework while minimising the impact on HMRC operations.
  • PBS Consolidation: This proposal aims to unify AML supervision under a select few professional bodies. This would also reshape the role of HMRC in supervising specific accountancy services.
  • Single Professional Services Supervisor (SPSS): This calls for an independent public entity that would supervise both accountancy and legal sectors, and be directly accountable to the Treasury.
  • Single Anti-Money Laundering Supervisor (SAS): A bold step towards centralising AML oversight with the creation of a solitary public body. This would oversee all UK AML supervision and cover areas currently under HMRC, the Gambling Commission, and the FCA.

With David Winch, a leading voice in AML, predicting a surge in AML supervision regardless of the model adopted, it is vital for accountancy professionals to stay informed and prepared for the upcoming changes.

Our webinar aims to give you the practical strategies that you need to turn theory into practice. We’ll explore everything from how to use tech to create a smooth client onboarding process for new practices to monitoring compliance, decoding the professional and HMRC requirements, and providing a walk-through on what to do if you have a concern on suspicious activity.

Ready to get ahead of the AML changes? Register for the webinar here today.