New Technical Release: Anti-Money Laundering and Terrorist Financing Guidance

May 17, 2019

Technical Release 01 2019 AML Guidance for Members of CCAB-I sets out guidance for accountants regarding the nature and extent of their responsibilities to prevent, recognise and report money laundering and terrorist financing, in the light of significant changes introduced by legislation implementing updated and extended EU requirements set out in the 4th Anti-Money Laundering Directive.  Key areas of change include greater emphasis on identifying beneficial owners of businesses; a wider definition of politically exposed persons; a requirement to apply procedures based on an enhanced risk based approach to assess and respond to potential money laundering or terrorist financing; and enhanced requirements relating to client identification.