The Accountancy AML Supervisors' Group (AASG), which includes CIMA and other accountancy sector supervisors named in the Money Laundering Regulations, have jointly published a AASG risk document highlighting key risks, and red-flag indicators, the AASG consider relevant to the accountancy sector.
The impact of money laundering is devastating – it enables serious organised crime such as modern slavery, drugs trafficking, fraud, corruption and terrorism. A comprehensive risk assessment is key to understanding the money laundering (ML) and terrorist financing (TF) risks that a business is exposed to.
By knowing and understanding the risks to which the accountancy sector is exposed, HM Government, law enforcement, and the professional body supervisors, as well as the accountancy firms themselves, can work together to ensure that criminals find it difficult to exploit accountancy services.
This will be regularly updated to reflect the UK’s National Risk Assessment and other emerging threats and trends.