Anti-Money Laundering Compliance for Accountants
As an accountancy practice, you’re required by law to comply with the UK’s anti-money laundering (AML) regulations. But keeping up with evolving regulations, risk assessments, and client due diligence procedures can be difficult, especially for smaller firms. ICPA members get access to up-to-date guidance and resources to help you meet your AML obligations.
Practical AML Support for Independent Accountancy Practices
HMRC anti-money laundering guidelines change regularly, so it’s important to ensure that you’re up-to-date. Failure to comply can lead to fines, reputational damage, and even criminal prosecution. To simplify AML compliance, we’ve built comprehensive resources, documentation, and support systems (in partnership with The HAT Group) specifically for independent practitioners who need expert guidance without the corporate overheads.
ICPA's Solution for AML Compliance
ICPA has partnered with The HAT Group to provide AML resources and technical support to ICPA members. The HAT Group specialises in training, AML compliance, technical support, and advisory services specifically for accountancy firms. They are members of the ICAEW Practice Assurance Scheme, and their technical team are all members of the ICAEW or ACCA.
Through this partnership, ICPA members access the Essential Documentation Toolkit. This includes our engagement letters pack for non-audit assignments, our anti-money laundering procedures documentation, and our non-audit assignments methodology, as well as on-demand training courses covering key compliance areas.
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Introducing the AML Procedures Pack
Based on the 2017 Money Laundering Regulations and CCAB guidance, our AML Procedures Pack will help you to stay compliant with HMRC requirements. The pack includes:
Firm-Wide Risk Assessment Tools
- check_small Risk assessment framework to tailor AML procedures for your clients
- check_small Identify and manage practice-wide AML risks
- check_small Regular review protocols to ensure ongoing compliance.
Client Risk Assessment Templates
- check_small Ready-to-use templates for conducting client-specific risk assessments
- check_small Streamlined documentation to support your compliance obligations.
Internal Reporting Forms
- check_small Formal internal reporting forms for suspicious activity
- check_small Clear guidance for Money Laundering Reporting Officers (MLROs)
- check_small Structured approach to determining when National Crime Agency reports are required.
Anti-Money Laundering Compliance for Accountants
Anti-money laundering compliance is vital for all accountancy practices – but AML is a complex and time-consuming field to navigate. Here at the ICPA, we provide our members with all of the tools, resources and advice they need to navigate the challenges of AML with ease, saving time, money and hassle. If you need information simply contact our team and one of friendly team members will be in touch
Additional Compliance Resources from ICPA
AML compliance can feel like a heavy administrative burden. Our goal is to simplify it for you. ICPA members benefit from a range of other compliance resources - all included in your membership fee.
Engagement Letters Pack
- check_small These cover non-audit assignments, helping you manage firm liability while ensuring clear terms of engagement. The pack includes a cover letter, terms and conditions, and service schedules, including the preparation of financial statements, payroll, and taxation. Customise these letters to suit your practice.
Non-Audit Assignments Manual
- check_small This covers a three-tier system of documentation required for non-audit assignments, as well as audit exemption confirmation statements, which can be tailored to individual client requirements
Professionally Drafted AML Templates
- check_small This includes practice-wide policies and procedures to help set up or refine your internal controls. These templates save time, reduce risk, and give you a strong foundation for meeting regulatory expectations.
Disclosure Checklists for FRS 105 and FRS 102
- check_small The pack also details the financial reporting standards to be followed, with disclosure checklists covering the requirements of FRS 105 and FRS 102 section 1.
AML Update Courses
- check_small Two AML update courses per year (which count toward your CPD). These cover the latest compliance requirements to keep you and your staff up to date with the latest AML best practices.
Advice Line Support
- check_small Complex AML scenarios can arise without warning – unusual transactions, high-risk jurisdictions, or politically exposed clients. Our technical advice lines are here to help. Call us for guidance on difficult cases, so you can act with confidence.
How ICPA Membership Supports Your Practice
At the ICPA, we’re here to help with your anti-money laundering compliance requirements – and much more, too. With ICPA membership, you can save time and money, remain compliant, and enjoy access to expert support and resources – designed by accountants, for accountants.
Saving Time and Reducing Costs
Searching for reliable compliance information can be time-consuming and costly – and it can be hard to know where to turn. ICPA membership provides everything you need in one place, saving you thousands each year while ensuring you remain on the right side of complex UK regulations.
Access to Expert Support and Resources
Through our specialist advisors and our strategic partnerships with other accountancy organisations, ICPA members have access to both industry-leading support and resources that make AML compliance simple.
Protect Your Practice
Running an independent practice comes with challenges, but our AML support safeguards your practice from unnecessary risk, giving you time to focus on serving your clients and growing your business. Join ICPA to access the expert guidance and resources you need to thrive in an increasingly complex regulatory environment.
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How to Become a Member
Membership Benefits Overview
How else can the ICPA help you?
There are plenty of ways in which you can benefit from being a member of the ICPA. Find out more below.
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Thinking of joining the ICPA but have a question or two that you want an answer for? Complete the form below or use the live chat function during open hours.
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