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Money laundering

On Compliance: Anti-money laundering

17th Sep 2018
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Are you really AML compliant? In this podcast, esteemed AccountingWEB member David Winch and AML expert Richard Simms review the recent AML changes and explain how you can strengthen your compliance.

Click the play button in the box above to listen to the podcast and find out what accounting firms have done to meet the AML regulations and the measures you can take to ensure compliance in the future.

Over the past year, accountants have grappled with new anti-money laundering regulations. The 2017 fourth anti-money laundering directive came into force last summer, and the deadline to get everything done passed by on 26 June this year.

Meanwhile, transparency continues to be a topic of interest. Earlier this year, the government set up the Office for Professional Body Anti-money laundering Supervision (OPBAS) to strengthen the UK’s AML supervision.

That’s why there is no better time for David Winch and Richard Simms to remind you of your AML responsibilities.  

What is in this episode?  

Over the course of this podcast, some of the topics Simms and Winch discussed are:

  • What are the big changes emerging from the new directive
  • Examples of how these changes could trip up accountants
  • What are the likely problems accountants may find themselves
  • What are some of the high-risk scenarios accountants could encounter
  • Whether OPBAS will mean increased fees for accountants
  • Will Brexit have any implications for AML
  • And much, much more.

Show notes

Find out more about Thomson Reuters and how they can help you with your compliance issues by visiting their website.

Replies (3)

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By AndrewV12
19th Sep 2018 11:14

A good article, its always worth going over the important issues in Accounting, again and again and again.

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By richardterhorst
20th Sep 2018 16:48

So Dankse Bank has just admitted to laundering $240 Billion.
HSBC has been fined billions in the USA for money laundering
HSBC has been caught money laundering in Switzerland
ING bank has been fined Euro 900 million for money laundering.

No directors/staff jailed.

And we must be motivated to keep extensive records on our tiny clients who would not know how to launder money even with a how to manual?

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Replying to richardterhorst:
By User deleted
26th Sep 2018 10:11

Believe me, all OMBs know how to launder money in the sense that they know how to divert it into their back pocket.

I agree they wouldn't know about offshore accounts etc

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