Anti-Money Laundering Solution for Accountancy Professionals

The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended)  identifies particular persons that provide specific business activities in the state as “designated persons”. One such group of designated persons includes tax advisers or external accountants.

Section 24 of the Act defines external accountants as: “a person who by way of business provides accountancy services (other than when providing such services to the employer of the person) whether or not the person holds accountancy qualifications or is a member of a designated accountancy body.” Tax adviser is defined in the same section as: “a person who by way of business provides advice about the tax affairs of other persons.”

The Act place a number of legal obligations on designated persons to guard against them being used for the purpose of money laundering or terrorist financing. The key obligations are:

• Customer Due Diligence (CDD) – Sections 33 to 39

• Ongoing Monitoring – Section 35

• Business Risk Assessment – Section 30A

• Customer Risk Assessment – Section 30B

• Policies and Procedures – Section 54

• Record Keeping – Section 55

• Suspicious Transaction Reporting (STR) – Section 42

At AML HQ we help Accountants to meet their AML requirements, our service reduces your risk of exposure to money laundering by guiding your staff through efficient processes such as initial risk assessments, client due diligence checks and providing PCP templates. Whether your prospective client is a body corporate or an individual, our all-in-one solution covers every base, so your business is protected when it comes to complying with the latest anti-money laundering regulations.

Guidance from the Association of Chartered Certified Accountants (ACCA) and the Anti-Money Laundering Guidance for Members of the Bodies affiliated to the Consultative Committee of Accountancy Bodies in Ireland (CCAB-I) define what Policies, Controls and Procedures are required for Accountants. 

They maintain that every Accountancy firm must have appropriate policies and procedures for assessing and managing Money Laundering risks. They also refer to the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2021 which places certain requirements on Accountancy firms regarding Client Due Diligence CDD and ‘record keeping, procedures, and training'.

The following topics, all of which form part of the Money Laundering framework, need to be considered when drafting policies and procedures:

• Risk Based Approach, Risk Assessment and Management.

• Customer Due Diligence (CDD)

• Confirm Beneficial Ownership

• Record keeping

• Internal Control

• Ongoing Monitoring

• Reporting Procedures

• Compliance Management

• Communication

• Training and Awareness

Accountancy firms must implement and document policies, controls and procedures that are proportionate to the size and nature of the firm. These should be subject to regular review and update, and a written record of this exercise maintained.

AML HQ's all-in-one solution for accountancy service providers was created in line with guidance from competent authorities (CCAB-I, ACCA, CAI) to solve the challenges that accountants, bookkeepers, and tax advisers face in complying with ongoing anti-money laundering regulations.

We do this by providing you with:

• Policies, controls, and procedures manual that you can use out of the box or you can further tailor to suit your firm.

• Digital risk assessments that allow you to quickly determine risks and efficiently record assessments to evidence due process.

• Client onboarding processes and tools to help you identify and verify new corporate clients and private individuals. AML HQ helps you to make a good first impression with new clients while also securely managing their sensitive data in accordance with GDPR.

• Training material and electronic training logs to track and monitor your staff training requirements.

• Audit reporting that significantly reduces the administrative burden when an AML audit is undertaken.

To stay compliant with evolving AML regulations, accountancy firms must adopt a proactive approach. This includes regular staff training, client due diligence, and effective risk management processes. AML HQ simplifies this by offering an all-in-one AML solution that helps firms meet their obligations efficiently.

Our service includes:

• Digital risk assessments for firm-wide and client-specific risk management.

• Client onboarding tools to identify and verify both corporate and individual clients, meeting CDD requirements.

• AML policies, controls and procedure templates that can be tailored to your firm's needs.

• Instant audit reports and compliance gap analysis for easy auditing.

• Staff training hub to ensure your team stays up to date with AML requirements.

AML HQ helps streamline your processes and ensures your firm meets its AML obligations with ease.