Anti-money laundering updates and guidance

AAT_Team Administrator Posts: 503 🤖 Admin 🤖
edited March 2018 in AAT member discussion
Anti-money laundering update June 2017

On Monday 26 June 2017 the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (“MLR 2017”), which transpose the Fourth EU Anti-Money Laundering Directive into UK law, came into force, having been laid before Parliament and approved on Friday 22 June 2017. These revoke the Money Laundering Regulations 2007 and the Transfer of Funds (Information on the Payer) Regulations 2007.

Regulated businesses, including accountants and bookkeepers offering self-employed services, are now obliged to ensure both their firm-wide and client-specific risk assessment processes and procedures are sufficiently robust to comply with MLR 2017. More information is available on AAT's News and press release page.

If you are providing bookkeeping, accountancy, taxation or related consultancy services to the public on a self-employed basis, you are required by law to comply with relevant anti-money laundering legislation aimed at reducing the risk of your business being used to facilitate money laundering and terrorist financing.

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