CIOT AML Guidance for the Accountancy Sector

The CCAB has published updated Anti-Money Laundering Guidance for the Accountancy Sector (AMLGAS) which is available here. The guidance is based on the law and regulations as of 1 August 2022. This replaces the guidance published May 2022 available here.

Explanatory notes covering the key changes have not yet been released by CCAB, however key updates to the June 2023 guidance include:

• Updated guidance on Counter-Proliferation Financing
• An update to Persons of Significant Control (PSC) discrepancy reporting following the 1 April 2023 amendment to MLRs

Members and firms which are registered with CIOT as their supervisory authority should follow this guidance. Members who are supervised by another supervisory authority will need to take account of the guidance issued by that authority.

AMLGAS is prepared jointly by the CCAB bodies, ICAEW, ACCA, ICAS, ICAI and CIPFA and is approved by the UK accountancy supervisory bodies including CIOT and ATT.

Following the issue of the updated AMLGAS we are working to finalise updates to the pro forma policies and procedures and practice wide risk assessment documents provided on the CIOT website here. We will notify members when the amended versions are available. 

There have been no changes made to  tax sector appendix to AMLGAS. This guidance was developed in conjunction with ATT, ICAEW, ACCA, ICAS and HMRC and focuses on the interaction between Anti-Money Laundering (AML) compliance and tax offences as well as covering the issues that a tax practitioner is most likely to encounter in practice.