{"id":31758,"date":"2025-11-20T09:28:49","date_gmt":"2025-11-20T08:28:49","guid":{"rendered":"https:\/\/figsflow.com\/uk\/?p=31758"},"modified":"2025-12-16T11:55:24","modified_gmt":"2025-12-16T10:55:24","slug":"what-is-aml-risk-a-complete-guide-for-accountants-uk-firms","status":"publish","type":"post","link":"https:\/\/figsflow.com\/uk\/what-is-aml-risk-a-complete-guide-for-accountants-uk-firms\/","title":{"rendered":"What is AML Risk? A Complete Guide for Accountants &amp; UK Firms"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"31758\" class=\"elementor elementor-31758\" data-elementor-settings=\"{&quot;element_pack_global_tooltip_width&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;element_pack_global_tooltip_width_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;element_pack_global_tooltip_width_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;element_pack_global_tooltip_padding&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;element_pack_global_tooltip_padding_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;element_pack_global_tooltip_padding_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;element_pack_global_tooltip_border_radius&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;element_pack_global_tooltip_border_radius_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;element_pack_global_tooltip_border_radius_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true}}\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-cfd4eb0 e-flex e-con-boxed e-con e-parent\" data-id=\"cfd4eb0\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-85c64eb elementor-widget elementor-widget-text-editor\" data-id=\"85c64eb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Money laundering costs the UK economy billions each year. For accountancy firms, the stakes are even higher. A single compliance failure can result in unlimited fines, criminal prosecution, and irreparable reputational damage.<\/p><p>AML risk is no longer just a regulatory checkbox. It&#8217;s a fundamental business risk that every UK accountancy firm must understand, assess, and actively manage. Whether you&#8217;re a sole practitioner or part of a multi-office practice, the Money Laundering Regulations 2017 apply to you.<\/p><p>This guide explains what AML risk means for accountants, how to assess it properly, and what you need to do to stay compliant with UK regulations.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-20f22b2 elementor-widget elementor-widget-text-editor\" data-id=\"20f22b2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2 aria-level=\"2\"><span data-contrast=\"none\">Key Takeaways\u00a0<\/span><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:160,&quot;335559739&quot;:80}\">\u00a0<\/span><\/h2><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">AML risk refers to the potential for your firm to be exploited by criminals to launder money or conceal the proceeds of crime\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">The Money Laundering Regulations 2017 (MLR17) require all UK accountancy firms to conduct and document firm-wide risk assessments\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">You must assess five specific risk factors: client risk, service risk, geographic risk, transaction risk, and delivery channel risk\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Customer Due Diligence (CDD) is your primary defence against money laundering and must be conducted before\u00a0establishing\u00a0any business relationship\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">High-risk services include tax planning, payroll, company formation, trustee services, and\u00a0working\u00a0with incomplete records\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><span data-contrast=\"auto\">You must file a Suspicious Activity Report (SAR) when you know or suspect money laundering activity\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><span data-contrast=\"auto\">Non-compliance can result in unlimited fines, criminal prosecution, and loss of your\u00a0practising\u00a0certificate<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7e9594d elementor-widget elementor-widget-heading\" data-id=\"7e9594d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What is AML Risk? <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-583b5c0 elementor-widget elementor-widget-text-editor\" data-id=\"583b5c0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">AML risk is the potential for your accountancy firm to be used for money laundering activities. Criminals use your services to disguise the origins of illegally obtained money and make it appear legitimate.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Understanding how money laundering works helps you\u00a0identify\u00a0when\u00a0you&#8217;re\u00a0being exploited. The process typically occurs in three stages:<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Placement\u00a0&#8211;<\/span><\/b><span data-contrast=\"auto\">\u00a0Introducing illicit funds into the financial system through cash deposits, asset purchases, or client money accounts.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Layering\u00a0&#8211;<\/span><\/b><span data-contrast=\"auto\">\u00a0Creating complex transactions through multiple transfers or cross-border movements to obscure the money&#8217;s criminal origin.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Integration\u00a0&#8211;<\/span><\/b><span data-contrast=\"auto\">\u00a0Bringing laundered money back into the legitimate economy through real estate purchases, business investments, or other large legitimate transactions.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><p><span data-contrast=\"auto\">Criminals need professional enablers at each stage. Your services provide exactly what they\u00a0require\u00a0to successfully launder money and avoid detection.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Accountancy firms are specifically targeted because your professional status lends legitimacy to suspicious transactions. Criminals exploit accounts preparation services to overstate revenues and explain suspicious deposits. Company formation services help create complex structures with hidden ownership. Tax advisory services move money between\u00a0jurisdictions\u00a0or integrate criminal proceeds into\u00a0apparently legal\u00a0structures.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The consequences are severe. Association with money laundering can destroy client trust, result in losing your professional body membership, and lead to criminal prosecution of firm principals.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-debc1ff elementor-widget elementor-widget-heading\" data-id=\"debc1ff\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">UK Regulatory Framework for AML Compliance <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-76a669e elementor-widget elementor-widget-text-editor\" data-id=\"76a669e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/www.gov.uk\/government\/consultations\/money-laundering-regulations-2017\/money-laundering-regulations-2017\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017<\/span><\/a><span data-contrast=\"auto\">\u00a0form the backbone of UK anti-money laundering law. These regulations implement the EU&#8217;s Fourth and Fifth Money Laundering Directives and\u00a0establish\u00a0comprehensive requirements for all accountancy firms.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">MLR17 defines accountancy firms as relevant persons regardless of your professional body membership. Even if\u00a0you&#8217;re\u00a0not a member of any professional body,\u00a0you&#8217;re\u00a0still subject to these regulations if you provide audit, accountancy, tax, insolvency, or related services by way of business in the UK.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The regulations require you to:<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Identify\u00a0and assess the risks of your firm being used for money laundering or terrorist financing<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Consider how criminals could use your specific services to conceal criminal proceeds<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Implement policies, controls, and procedures that address these risks<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Ensure senior management approves and oversees your AML framework<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><p><span data-contrast=\"auto\">For sole practitioners, senior management means you. You need sufficient knowledge of money laundering risks and\u00a0the\u00a0authority to make decisions affecting your firm&#8217;s risk exposure.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Professional bodies act as anti-money laundering supervisors under the regulations. ICAEW supervises its member firms in practice, while ACCA, CIOT, and AAT supervise their respective members. These supervisors\u00a0monitor\u00a0compliance through annual returns, thematic reviews, and compliance visits.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The Consultative Committee of Accountancy Bodies publishes approved guidance that interprets MLR17 for the accountancy sector. This guidance was last updated in 2023 to include information on proliferation financing and ongoing discrepancy reporting requirements. Following this guidance provides a safe harbour for\u00a0demonstrating\u00a0compliance and applies to all firms providing accountancy services in the UK.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-afd8020 elementor-widget elementor-widget-heading\" data-id=\"afd8020\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Top 5 AML Risk Factors You Must Assess <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-91af109 elementor-widget elementor-widget-text-editor\" data-id=\"91af109\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW36460535 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW36460535 BCX8\">The regulations require you to consider five specific risk factors when assessing your firm&#8217;s exposure to money laundering. Each factor contributes differently to your overall risk profile and requires tailored mitigation strategies.<\/span><\/span><span class=\"EOP SCXW36460535 BCX8\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3c00b80 elementor-widget elementor-widget-heading\" data-id=\"3c00b80\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Client Risk <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-be6e46e elementor-widget elementor-widget-text-editor\" data-id=\"be6e46e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW101175404 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW101175404 BCX8\">Client risk varies significantly based on who you serve. Different client types present\u00a0<\/span><span class=\"NormalTextRun SCXW101175404 BCX8\">different levels<\/span><span class=\"NormalTextRun SCXW101175404 BCX8\">\u00a0of money laundering risk that you must\u00a0<\/span><span class=\"NormalTextRun SCXW101175404 BCX8\">identify<\/span><span class=\"NormalTextRun SCXW101175404 BCX8\">\u00a0and assess.<\/span><\/span><span class=\"EOP SCXW101175404 BCX8\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-009a649 bdt-hide-entries-on-mobile-yes elementor-widget elementor-widget-bdt-table\" data-id=\"009a649\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"bdt-table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"bdt-table bdt-table-default-responsive \" id=\"bdt-table-009a649\">\n\n\n\t\t\t<!DOCTYPE html>\n<html>\n<head>\n  <style>\n    table {\n      border-collapse: collapse;\n      width: 100%;\n    }\n    th, td {\n      border: 1px solid #ccc;\n      padding: 12px 16px;\n      vertical-align: middle;\n      text-align: center;\n      font-size: 16px;\n      font-weight: 500;\n    }\n    th {\n      background-color: #0094B0;\n      color: #FFFFFF;\n      font-weight: bold;\n    }\n    tbody tr:nth-child(odd) {\n      background-color: #0094B017;\n    }\n    tbody tr:nth-child(even) {\n      background-color: #FFFFFF;\n    }\n    td:first-child {\n      text-align: left;\n    }\n    td:nth-child(2) {\n      text-align: left;\n    }\n  <\/style>\n<\/head>\n<body>\n  <table>\n    <thead>\n      <tr>\n        <th>Client Type<\/th>\n        <th>Key Considerations<\/th>\n      <\/tr>\n    <\/thead>\n    <tbody>\n      <tr>\n        <td>Politically Exposed Persons (PEPs)<\/td>\n        <td>Individuals in prominent public functions are vulnerable to corruption, including family members and known close associates<\/td>\n      <\/tr>\n      <tr>\n        <td>Non-resident clients<\/td>\n        <td>Complex international structures, harder to verify the source of wealth or funds<\/td>\n      <\/tr>\n      <tr>\n        <td>High-risk jurisdictions<\/td>\n        <td>Clients from FATF-listed countries with weak AML regimes require enhanced due diligence<\/td>\n      <\/tr>\n      <tr>\n        <td>High net worth individuals<\/td>\n        <td>Must verify sources of wealth, whether inherited, business-generated, or from property\/investments<\/td>\n      <\/tr>\n      <tr>\n        <td>Complex corporate structures<\/td>\n        <td>Multiple holding companies, offshore entities, or nominee arrangements warrant enhanced scrutiny. However, legitimate commercial reasons sometimes justify complexity<\/td>\n      <\/tr>\n      <tr>\n        <td>Cash-intensive businesses<\/td>\n        <td>Restaurants, car washes, and nail bars lack clear audit trails, making it easier to introduce illegitimate funds<\/td>\n      <\/tr>\n      <tr>\n        <td>Agricultural and farming clients<\/td>\n        <td>Specific modern slavery and human trafficking risks related to labour sourcing practices<\/td>\n      <\/tr>\n    <\/tbody>\n  <\/table>\n<\/body>\n<\/html>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5268f61 elementor-widget elementor-widget-text-editor\" data-id=\"5268f61\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW141678943 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW141678943 BCX8\">Understanding your client&#8217;s risk profile is the foundation of effective AML compliance.<\/span><\/span><span class=\"EOP SCXW141678943 BCX8\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-044a7bc elementor-widget elementor-widget-heading\" data-id=\"044a7bc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Service Risk <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e1c6f9f elementor-widget elementor-widget-text-editor\" data-id=\"e1c6f9f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW69929053 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW69929053 BCX8\">Not all accountancy services carry equal money laundering risk. Some services can be easily exploited by criminals to conceal illicit funds or\u00a0<\/span><span class=\"NormalTextRun SCXW69929053 BCX8\">facilitate<\/span><span class=\"NormalTextRun SCXW69929053 BCX8\">\u00a0money laundering arrangements.<\/span><\/span><span class=\"EOP SCXW69929053 BCX8\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-838ad0b bdt-hide-entries-on-mobile-yes elementor-widget elementor-widget-bdt-table\" data-id=\"838ad0b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"bdt-table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"bdt-table bdt-table-default-responsive \" id=\"bdt-table-838ad0b\">\n\n\n\t\t\t<!DOCTYPE html>\n<html>\n<head>\n  <style>\n    table {\n      border-collapse: collapse;\n      width: 100%;\n    }\n    th, td {\n      border: 1px solid #ccc;\n      padding: 12px 16px;\n      vertical-align: middle;\n      text-align: center;\n      font-size: 16px;\n      font-weight: 500;\n    }\n    th {\n      background-color: #0094B0;\n      color: #FFFFFF;\n      font-weight: bold;\n    }\n    tbody tr:nth-child(odd) {\n      background-color: #0094B017;\n    }\n    tbody tr:nth-child(even) {\n      background-color: #FFFFFF;\n    }\n    td:first-child {\n      text-align: left;\n    }\n    td:nth-child(2) {\n      text-align: left;\n    }\n  <\/style>\n<\/head>\n<body>\n  <table>\n    <thead>\n      <tr>\n        <th>Service Type<\/th>\n        <th>Key Risks<\/th>\n      <\/tr>\n    <\/thead>\n    <tbody>\n      <tr>\n        <td>Tax planning services<\/td>\n        <td>Can be used to layer and integrate criminal proceeds through structures that move money between entities or jurisdictions. You must understand the genuine commercial rationale<\/td>\n      <\/tr>\n      <tr>\n        <td>Company formation and registered office<\/td>\n        <td>Allows criminals to create entities with hidden beneficial ownership. Should never be offered as standalone services without other accountancy work for the same client<\/td>\n      <\/tr>\n      <tr>\n        <td>Payroll services<\/td>\n        <td>Risk of fictitious employees extracting funds or paying exploited workers below minimum wage. Verify employees actually exist and review whether staff costs appear reasonable<\/td>\n      <\/tr>\n      <tr>\n        <td>Work with incomplete records<\/td>\n        <td>Criminals may deliberately provide incomplete documentation to prevent identification of suspicious patterns<\/td>\n      <\/tr>\n      <tr>\n        <td>Trustee services<\/td>\n        <td>Control over assets can be exploited to conceal beneficial ownership or receive criminal proceeds. Requires enhanced due diligence and ongoing monitoring<\/td>\n      <\/tr>\n    <\/tbody>\n  <\/table>\n<\/body>\n<\/html>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e28f280 elementor-widget elementor-widget-text-editor\" data-id=\"e28f280\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW151913247 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW151913247 BCX8\">Your procedures should\u00a0<\/span><span class=\"NormalTextRun SCXW151913247 BCX8\">establish<\/span><span class=\"NormalTextRun SCXW151913247 BCX8\">\u00a0what supporting evidence exists and document reasonable explanations for any gaps or inconsistencies.<\/span><\/span><span class=\"EOP SCXW151913247 BCX8\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-caee1db elementor-widget elementor-widget-heading\" data-id=\"caee1db\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Geographic Risk <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2b0e547 elementor-widget elementor-widget-text-editor\" data-id=\"2b0e547\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW186279060 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW186279060 BCX8\">Where your clients\u00a0<\/span><span class=\"NormalTextRun SCXW186279060 BCX8\">operate<\/span><span class=\"NormalTextRun SCXW186279060 BCX8\">\u00a0significantly affects your money laundering risk. Geographic risk encompasses not just where clients are based but where they trade, source funding, and\u00a0<\/span><span class=\"NormalTextRun SCXW186279060 BCX8\">maintain<\/span><span class=\"NormalTextRun SCXW186279060 BCX8\">\u00a0business relationships.<\/span><\/span><span class=\"EOP SCXW186279060 BCX8\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-87a6bdf bdt-hide-entries-on-mobile-yes elementor-widget elementor-widget-bdt-table\" data-id=\"87a6bdf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"bdt-table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"bdt-table bdt-table-default-responsive \" id=\"bdt-table-87a6bdf\">\n\n\n\t\t\t<!DOCTYPE html>\n<html>\n<head>\n  <style>\n    table {\n      border-collapse: collapse;\n      width: 100%;\n    }\n    th, td {\n      border: 1px solid #ccc;\n      padding: 12px 16px;\n      vertical-align: middle;\n      text-align: center;\n      font-size: 16px;\n      font-weight: 500;\n    }\n    th {\n      background-color: #0094B0;\n      color: #FFFFFF;\n      font-weight: bold;\n    }\n    tbody tr:nth-child(odd) {\n      background-color: #0094B017;\n    }\n    tbody tr:nth-child(even) {\n      background-color: #FFFFFF;\n    }\n    td:first-child {\n      text-align: left;\n    }\n    td:nth-child(2) {\n      text-align: left;\n    }\n  <\/style>\n<\/head>\n<body>\n  <table>\n    <thead>\n      <tr>\n        <th>Geographic Factor<\/th>\n        <th>What You Need to Know<\/th>\n      <\/tr>\n    <\/thead>\n    <tbody>\n      <tr>\n        <td>FATF high-risk jurisdictions<\/td>\n        <td>Countries with strategic AML deficiencies or under increased monitoring. FATF regularly updates its lists<\/td>\n      <\/tr>\n      <tr>\n        <td>Highly corrupt jurisdictions<\/td>\n        <td>Check Transparency International's Corruption Perceptions Index. Scrutinise payment practices and supply chains<\/td>\n      <\/tr>\n      <tr>\n        <td>Sanctioned countries\/entities<\/td>\n        <td>Check OFSI and FCDO lists. You cannot provide services to sanctioned individuals or entities, even when they're not your direct client<\/td>\n      <\/tr>\n      <tr>\n        <td>Unfamiliar jurisdictions<\/td>\n        <td>Lack of experience increases risk as you're less able to identify unusual patterns or arrangements<\/td>\n      <\/tr>\n      <tr>\n        <td>Your firm's expertise<\/td>\n        <td>Considerable experience with specific countries allows better risk assessment compared to unfamiliar jurisdictions<\/td>\n      <\/tr>\n    <\/tbody>\n  <\/table>\n<\/body>\n<\/html>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-47b00ba elementor-widget elementor-widget-text-editor\" data-id=\"47b00ba\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW197565745 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW197565745 BCX8\">You must regularly check current FATF designations and sanctions lists<\/span><span class=\"NormalTextRun SCXW197565745 BCX8\">,<\/span><span class=\"NormalTextRun SCXW197565745 BCX8\">\u00a0as these change\u00a0<\/span><span class=\"NormalTextRun SCXW197565745 BCX8\">frequently<\/span><span class=\"NormalTextRun SCXW197565745 BCX8\">.<\/span><\/span><span class=\"EOP SCXW197565745 BCX8\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-14bb63e elementor-widget elementor-widget-heading\" data-id=\"14bb63e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Transaction Risk <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2a31d72 elementor-widget elementor-widget-text-editor\" data-id=\"2a31d72\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW103945530 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW103945530 BCX8\">Transaction risk focuses on the actual movement of money and assets. This is often where money laundering activity becomes most visible if you know what to look for.<\/span><\/span><span class=\"EOP SCXW103945530 BCX8\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fc81582 bdt-hide-entries-on-mobile-yes elementor-widget elementor-widget-bdt-table\" data-id=\"fc81582\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"bdt-table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"bdt-table bdt-table-default-responsive \" id=\"bdt-table-fc81582\">\n\n\n\t\t\t<!DOCTYPE html>\n<html>\n<head>\n  <style>\n    table {\n      border-collapse: collapse;\n      width: 100%;\n    }\n    th, td {\n      border: 1px solid #ccc;\n      padding: 12px 16px;\n      vertical-align: middle;\n      text-align: center;\n      font-size: 16px;\n      font-weight: 500;\n    }\n    th {\n      background-color: #0094B0;\n      color: #FFFFFF;\n      font-weight: bold;\n    }\n    tbody tr:nth-child(odd) {\n      background-color: #0094B017;\n    }\n    tbody tr:nth-child(even) {\n      background-color: #FFFFFF;\n    }\n    td:first-child {\n      text-align: left;\n    }\n    td:nth-child(2) {\n      text-align: left;\n    }\n  <\/style>\n<\/head>\n<body>\n  <table>\n    <thead>\n      <tr>\n        <th>Transaction Type<\/th>\n        <th>What to Watch For<\/th>\n      <\/tr>\n    <\/thead>\n    <tbody>\n      <tr>\n        <td>Client money accounts<\/td>\n        <td>Know the expected source of all deposits, monitor for unusual patterns, maintain compliance with Client Money Regulations<\/td>\n      <\/tr>\n      <tr>\n        <td>Large cash transactions<\/td>\n        <td>Register as a High Value Dealer with HMRC if accepting cash payments exceeding \u20ac10,000<\/td>\n      <\/tr>\n      <tr>\n        <td>Transactions inconsistent with business profile<\/td>\n        <td>International transfers to local retail businesses, payments from unexpected sources or unusual trading partners<\/td>\n      <\/tr>\n      <tr>\n        <td>Rapid fund movements<\/td>\n        <td>Money arriving and departing quickly without clear business purpose suggests layering<\/td>\n      <\/tr>\n      <tr>\n        <td>Off-market asset valuations<\/td>\n        <td>Assets purchased or sold at values significantly different from market rates may indicate value transfer or trade-based money laundering<\/td>\n      <\/tr>\n    <\/tbody>\n  <\/table>\n<\/body>\n<\/html>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c01dbcd elementor-widget elementor-widget-text-editor\" data-id=\"c01dbcd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW48057081 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW48057081 BCX8\">Client money accounts present the highest transaction risk for accountants and require robust controls.<\/span><\/span><span class=\"EOP SCXW48057081 BCX8\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d9e384d elementor-widget elementor-widget-heading\" data-id=\"d9e384d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Delivery Channel Risk <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7b41395 elementor-widget elementor-widget-text-editor\" data-id=\"7b41395\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW121125238 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW121125238 BCX8\">How you interact with clients affects your ability to verify their identity and detect suspicious activity. Remote relationships increase risk because you have fewer opportunities to assess clients directly.<\/span><\/span><span class=\"EOP SCXW121125238 BCX8\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-82cb852 bdt-hide-entries-on-mobile-yes elementor-widget elementor-widget-bdt-table\" data-id=\"82cb852\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"bdt-table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"bdt-table bdt-table-default-responsive \" id=\"bdt-table-82cb852\">\n\n\n\t\t\t<!DOCTYPE html>\n<html>\n<head>\n  <style>\n    table {\n      border-collapse: collapse;\n      width: 100%;\n    }\n    th, td {\n      border: 1px solid #ccc;\n      padding: 12px 16px;\n      vertical-align: middle;\n      text-align: center;\n      font-size: 16px;\n      font-weight: 500;\n    }\n    th {\n      background-color: #0094B0;\n      color: #FFFFFF;\n      font-weight: bold;\n    }\n    tbody tr:nth-child(odd) {\n      background-color: #0094B017;\n    }\n    tbody tr:nth-child(even) {\n      background-color: #FFFFFF;\n    }\n    td:first-child {\n      text-align: left;\n    }\n    td:nth-child(2) {\n      text-align: left;\n    }\n  <\/style>\n<\/head>\n<body>\n  <table>\n    <thead>\n      <tr>\n        <th>Delivery Channel<\/th>\n        <th>Considerations<\/th>\n      <\/tr>\n    <\/thead>\n    <tbody>\n      <tr>\n        <td>Face-to-face meetings<\/td>\n        <td>Allows observation of behaviour, natural follow-up questions, and verification of original documents<\/td>\n      <\/tr>\n      <tr>\n        <td>Video calls<\/td>\n        <td>Better than phone-only, but still limits ability to verify original documents<\/td>\n      <\/tr>\n      <tr>\n        <td>Intermediary relationships<\/td>\n        <td>Reduced visibility when communicating primarily through referrers. You cannot rely solely on an intermediary's due diligence<\/td>\n      <\/tr>\n      <tr>\n        <td>Reliance on third-party CDD<\/td>\n        <td>MLR17 allows this for certain third parties, but you remain responsible. Must satisfy yourself they conducted adequate due diligence<\/td>\n      <\/tr>\n      <tr>\n        <td>Online-only relationships<\/td>\n        <td>Prevents verification of original documents, making stolen or fake identities easier to use. Requires enhanced due diligence from multiple independent sources<\/td>\n      <\/tr>\n      <tr>\n        <td>Complete avoidance of contact<\/td>\n        <td>Clients refusing to meet in person or via video warrant enhanced scrutiny<\/td>\n      <\/tr>\n    <\/tbody>\n  <\/table>\n<\/body>\n<\/html>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a4ff7c4 elementor-widget elementor-widget-text-editor\" data-id=\"a4ff7c4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW103345555 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW103345555 BCX8\">While remote working has become more common, complete avoidance of personal contact warrants enhanced scrutiny and\u00a0<\/span><span class=\"NormalTextRun SCXW103345555 BCX8\">additional<\/span><span class=\"NormalTextRun SCXW103345555 BCX8\">\u00a0verification measures.<\/span><\/span><span class=\"EOP SCXW103345555 BCX8\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-595529f elementor-widget elementor-widget-heading\" data-id=\"595529f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How to Conduct Your Firm-Wide Risk Assessment <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-12e572c elementor-widget elementor-widget-text-editor\" data-id=\"12e572c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW214361285 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW214361285 BCX8\">MLR17 legally requires you to conduct and document a firm-wide risk assessment. This\u00a0<\/span><span class=\"NormalTextRun SCXW214361285 BCX8\">isn&#8217;t<\/span><span class=\"NormalTextRun SCXW214361285 BCX8\">\u00a0merely a compliance exercise but a practical tool for focusing resources on your highest-risk areas.<\/span><\/span><span class=\"EOP SCXW214361285 BCX8\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-42dc6e7 elementor-widget elementor-widget-heading\" data-id=\"42dc6e7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">The Three-Step Process: Identify, Assess, Mitigate <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1438e28 elementor-widget elementor-widget-text-editor\" data-id=\"1438e28\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW8650723 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW8650723 BCX8\">The risk assessment\u00a0<\/span><span class=\"NormalTextRun SCXW8650723 BCX8\">methodology<\/span><span class=\"NormalTextRun SCXW8650723 BCX8\">\u00a0follows three fundamental steps that together create a comprehensive view of your firm&#8217;s money laundering exposure.<\/span><\/span><span class=\"EOP SCXW8650723 BCX8\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d08b870 elementor-widget elementor-widget-image\" data-id=\"d08b870\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"694\" height=\"444\" src=\"https:\/\/figsflow.com\/uk\/wp-content\/uploads\/2025\/11\/How-to-Conduct-Your-Firm-Wide-Risk-Assessment.jpeg\" class=\"attachment-large size-large wp-image-31771\" alt=\"How to Conduct Your Firm-Wide Risk Assessment\" srcset=\"https:\/\/figsflow.com\/uk\/wp-content\/uploads\/2025\/11\/How-to-Conduct-Your-Firm-Wide-Risk-Assessment.jpeg 694w, https:\/\/figsflow.com\/uk\/wp-content\/uploads\/2025\/11\/How-to-Conduct-Your-Firm-Wide-Risk-Assessment-300x192.jpeg 300w, https:\/\/figsflow.com\/uk\/wp-content\/uploads\/2025\/11\/How-to-Conduct-Your-Firm-Wide-Risk-Assessment-18x12.jpeg 18w, https:\/\/figsflow.com\/uk\/wp-content\/uploads\/2025\/11\/How-to-Conduct-Your-Firm-Wide-Risk-Assessment-650x416.jpeg 650w\" sizes=\"(max-width: 694px) 100vw, 694px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-879e95a elementor-widget elementor-widget-text-editor\" data-id=\"879e95a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b><span data-contrast=\"auto\">Step 1\u00a0&#8211;\u00a0Identify<\/span><\/b><span data-contrast=\"auto\">\u00a0all money laundering risks your firm faces. Consider how criminals could use each service you offer, review your complete client base and industries served, and examine\u00a0the\u00a0jurisdictions\u00a0you have exposure to.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Step 2\u00a0&#8211;\u00a0Assess<\/span><\/b><span data-contrast=\"auto\">\u00a0each risk by considering likelihood (from &#8220;rare&#8221; to &#8220;almost certain&#8221;) and impact (from &#8220;minor&#8221; to &#8220;critical&#8221;). For example,\u00a0it&#8217;s\u00a0almost certain that criminals would want to use a chartered accountant to legitimise proceeds, but rare that a local client you meet regularly will lie about their identity.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Step 3\u00a0&#8211;\u00a0Mitigate<\/span><\/b><span data-contrast=\"auto\">\u00a0risks through customer due diligence procedures, enhanced due diligence for higher-risk situations, MLRO approvals for high-risk clients, second-partner reviews, and more frequent monitoring of high-risk areas.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e9048df elementor-widget elementor-widget-heading\" data-id=\"e9048df\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Documenting &amp; Reviewing Your Assessment <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cdea054 elementor-widget elementor-widget-text-editor\" data-id=\"cdea054\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">Documentation is not optional. The regulations explicitly require you to document your firm-wide risk assessment. Without proper documentation, you cannot\u00a0demonstrate\u00a0compliance.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Your documented assessment should clearly show:<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">The\u00a0methodology\u00a0you used<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">All risks\u00a0identified\u00a0across the five risk factors<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">How you assessed the likelihood and impact of each risk<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">What mitigating actions\u00a0you\u00a0implement\u00a0or plan to\u00a0implement<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">Who\u00a0is responsible for\u00a0each mitigating action\u00a0and by what date<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><p><span data-contrast=\"auto\">Include specific examples rather than generic statements. Instead of &#8220;we serve limited companies,&#8221; specify &#8220;we serve approximately 30 limited companies, primarily in manufacturing and trades, with two clients in\u00a0the\u00a0agricultural\u00a0sector. All clients operate within the UK with no international connections.&#8221;<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Regular reviews are mandatory. Regulation 19 of MLR17 requires annual reviews as a minimum. However, you must review your assessment whenever there are material changes,\u00a0such as taking on a new service line, expanding into a new geographic market, or winning a major new client type.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ca5d0bf elementor-widget elementor-widget-heading\" data-id=\"ca5d0bf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Senior Management Responsibilities <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9c52d3d elementor-widget elementor-widget-text-editor\" data-id=\"9c52d3d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">Senior management bears ultimate responsibility for\u00a0your\u00a0<\/span><a href=\"https:\/\/figsflow.com\/uk\/aml-compliance-guide-for-professional-services\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">AML compliance<\/span><\/a><span data-contrast=\"auto\">. Under MLR17, senior management must approve the policies, controls, and procedures that address and mitigate\u00a0identified\u00a0risks.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Senior management means an officer or employee with sufficient knowledge of money laundering risks and sufficient authority to make decisions affecting risk exposure. In a sole practice, this is you. In partnerships,\u00a0it&#8217;s\u00a0typically the managing partner or compliance partner.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">This responsibility cannot be delegated. While you can appoint a Money Laundering Reporting Officer to manage day-to-day compliance, senior management\u00a0remains\u00a0accountable. Your signature on the risk assessment\u00a0demonstrates\u00a0that\u00a0you&#8217;ve\u00a0personally reviewed and approved it.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-80c2a85 elementor-widget elementor-widget-heading\" data-id=\"80c2a85\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Customer Due Diligence (CDD) Requirements <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e31d278 elementor-widget elementor-widget-text-editor\" data-id=\"e31d278\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW221266050 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW221266050 BCX8\">Customer due diligence\u00a0<\/span><span class=\"NormalTextRun SCXW221266050 BCX8\">represents<\/span><span class=\"NormalTextRun SCXW221266050 BCX8\">\u00a0your most important defence against money laundering. CDD helps you know who your clients are, understand their businesses, and detect when something\u00a0<\/span><span class=\"NormalTextRun SCXW221266050 BCX8\">doesn&#8217;t<\/span><span class=\"NormalTextRun SCXW221266050 BCX8\">\u00a0make sense.<\/span><\/span><span class=\"EOP SCXW221266050 BCX8\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f648d20 elementor-widget elementor-widget-heading\" data-id=\"f648d20\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">When &amp; How to Conduct CDD <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-486182b elementor-widget elementor-widget-text-editor\" data-id=\"486182b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">You must conduct customer due diligence before\u00a0establishing\u00a0a business relationship with any client. This means before you agree to provide any accountancy, tax, audit, or related services. Once\u00a0you&#8217;ve\u00a0begun work, withdrawing becomes much more difficult if CDD reveals concerns.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">CDD is also\u00a0required\u00a0for occasional transactions of \u20ac15,000 or more, whether as a single transaction or a series of linked transactions. This most commonly affects insolvency practitioners selling assets.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Existing relationships require renewed CDD at\u00a0appropriate times:<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">When you have doubts about previously obtained identification information<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Material changes to a client&#8217;s business, such as expanding into new markets<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Significant changes in beneficial ownership<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Unusual transactions that\u00a0don&#8217;t\u00a0fit the client&#8217;s known profile<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">The passage of time since your last CDD update<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><p><span data-contrast=\"auto\">The CDD process has four core elements:\u00a0identify\u00a0and\u00a0<\/span><a href=\"https:\/\/figsflow.com\/uk\/verify-client-identity-for-aml-compliance-figsflow\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">verify your client&#8217;s identity<\/span><\/a><span data-contrast=\"auto\">\u00a0using reliable sources,\u00a0identify\u00a0and verify beneficial owners who own or control 25% or more of a corporate client, understand the purpose and intended nature of the business relationship, and conduct ongoing monitoring throughout the relationship.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8ad0526 elementor-widget elementor-widget-heading\" data-id=\"8ad0526\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Standard vs Enhanced Due Diligence <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-300af1e elementor-widget elementor-widget-text-editor\" data-id=\"300af1e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">Standard due diligence suffices for clients who present normal money laundering risks. This includes verifying identity through a passport or driving license plus\u00a0<\/span><a href=\"https:\/\/figsflow.com\/uk\/proof-of-address\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">proof of address<\/span><\/a><span data-contrast=\"auto\">, understanding the client&#8217;s business activities and industry,\u00a0establishing\u00a0the purpose of the professional relationship, and\u00a0identifying\u00a0beneficial owners of corporate entities.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Enhanced due diligence becomes mandatory for:<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Politically exposed persons and their family members or associates<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Clients from high-risk\u00a0jurisdictions<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Non-resident clients<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Unusual or complex beneficial ownership structures without\u00a0a\u00a0clear commercial rationale<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><p><span data-contrast=\"auto\">Enhanced due diligence goes beyond basic identity verification. You might conduct adverse media checks to\u00a0identify\u00a0any negative press associated with the client or beneficial owners.\u00a0Source-of-wealth\u00a0verification requires understanding how they accumulated their assets over time. Source of funds verification for specific transactions requires understanding where\u00a0particular money\u00a0came from.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">More frequent monitoring is essential for high-risk clients. While you might update a low-risk client&#8217;s due diligence every three years, a high-risk client might\u00a0require\u00a0annual or even more frequent reviews.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Simplified due diligence applies only in limited situations where risks are demonstrably lower, such as certain public authorities or companies listed on regulated markets. However, simplified CDD still requires verifying identity and understanding the relationship&#8217;s nature.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b5adf04 elementor-widget elementor-widget-text-editor\" data-id=\"b5adf04\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b><span data-contrast=\"auto\">Deep Dive into Enhanced Due Diligence<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Learn when Enhanced Due Diligence is\u00a0required, what\u00a0additional\u00a0checks you need to perform, and how to implement EDD procedures effectively.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Read:\u00a0<\/span><\/b><a href=\"https:\/\/figsflow.com\/uk\/enhanced-due-diligence-edd-explained\/\" target=\"_blank\" rel=\"noopener\"><b><span data-contrast=\"none\">Enhanced Due Diligence (EDD) Explained in Detail \u2192<\/span><\/b><\/a><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1eb40de elementor-widget elementor-widget-heading\" data-id=\"1eb40de\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Ongoing Monitoring Obligations <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a9b9b67 elementor-widget elementor-widget-text-editor\" data-id=\"a9b9b67\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">CDD\u00a0doesn&#8217;t\u00a0end once you verify a client&#8217;s identity at onboarding. Regulation 28 requires ongoing monitoring throughout the business relationship. This means scrutinising transactions and activities to ensure they\u00a0remain\u00a0consistent with what you know about the client.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">You should\u00a0monitor\u00a0for transactions inconsistent with the client&#8217;s normal business pattern.\u00a0For instance, if a client&#8217;s accounts typically show revenues of \u00a3200,000 annually, then bank\u00a0statements revealing \u00a3500,000 in deposits require explanation.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Changes in beneficial ownership trigger\u00a0additional\u00a0CDD requirements. When shareholders or partners change, you must verify the identity of new beneficial owners who cross the 25% threshold.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Red flags requiring immediate attention include:<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Reluctance to provide routine information<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Implausible explanations for transactions or business activities<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Sudden requests for services outside your normal scope<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Defensive or evasive behaviour when asked reasonable questions<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><p><span data-contrast=\"auto\">Document your ongoing monitoring activities. Your files should show what\u00a0monitoring\u00a0you conducted, when you conducted it, and the results. If you\u00a0identified\u00a0issues requiring further investigation, document the investigation and its conclusions.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e727ab0 elementor-widget elementor-widget-text-editor\" data-id=\"e727ab0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b><span data-contrast=\"auto\">Master the Art of Transaction Monitoring<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Discover how to effectively\u00a0monitor\u00a0client transactions,\u00a0identify\u00a0suspicious patterns, and\u00a0maintain\u00a0compliance throughout the business relationship.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Read:\u00a0<\/span><\/b><a href=\"https:\/\/figsflow.com\/uk\/aml-transaction-monitoring-explained\/\" target=\"_blank\" rel=\"noopener\"><b><span data-contrast=\"none\">AML Transaction Monitoring Explained \u2192<\/span><\/b><\/a><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a60adb5 elementor-widget elementor-widget-heading\" data-id=\"a60adb5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">High-Risk Services &amp; Red Flags <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b382c69 elementor-widget elementor-widget-text-editor\" data-id=\"b382c69\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW246907179 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW246907179 BCX8\">Certain accountancy services inherently carry higher money laundering risks. Understanding these risks and the red flags that\u00a0<\/span><span class=\"NormalTextRun SCXW246907179 BCX8\">indicate<\/span><span class=\"NormalTextRun SCXW246907179 BCX8\">\u00a0potential problems helps you protect your firm.<\/span><\/span><span class=\"EOP SCXW246907179 BCX8\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4c1b60b elementor-widget elementor-widget-heading\" data-id=\"4c1b60b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Accountancy Services That Pose Higher Risks <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7ccd250 elementor-widget elementor-widget-text-editor\" data-id=\"7ccd250\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">Tax planning services can be exploited to layer criminal proceeds through structures that move assets between entities and\u00a0jurisdictions. Ensure genuine commercial rationale exists for any structures you recommend.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Payroll services present modern slavery risks. Verify that employees\u00a0actually exist\u00a0and review whether staff costs appear reasonable for the business size and industry.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Company formation services allow criminals to create entities with obscured beneficial ownership. Never offer these as standalone services. Provide them only to clients for whom you also perform other substantive accountancy work.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Trustee services can conceal beneficial ownership. The trust, its settlor, and beneficiaries all\u00a0require\u00a0thorough due diligence, including verification of asset sources.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Working\u00a0with incomplete\u00a0records\u00a0makes it harder\u00a0to\u00a0identify\u00a0suspicious\u00a0patterns. Document what\u00a0evidence\u00a0exists\u00a0and\u00a0note\u00a0reasonable\u00a0explanations\u00a0for\u00a0gaps.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-02a3026 elementor-widget elementor-widget-heading\" data-id=\"02a3026\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Common Red Flags &amp; Warning Signs <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-67650e3 elementor-widget elementor-widget-text-editor\" data-id=\"67650e3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">Combinations of these red flags significantly elevate suspicion:<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"8\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Client\u00a0Reluctance\u00a0&#8211;<\/span><\/b><span data-contrast=\"auto\">\u00a0Evasive answers, implausible explanations, or defensive behaviour about reasonable requests<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"8\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Complex\u00a0Structures\u00a0&#8211;<\/span><\/b><span data-contrast=\"auto\">\u00a0Multiple offshore layers without\u00a0a\u00a0clear commercial rationale for small businesses<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"8\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Inconsistent\u00a0Transactions\u00a0&#8211;<\/span><\/b><span data-contrast=\"auto\">\u00a0Bank deposits that\u00a0don&#8217;t\u00a0match stated revenues or business activities<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"8\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Frequent\u00a0Bank\u00a0Account\u00a0Changes\u00a0&#8211;<\/span><\/b><span data-contrast=\"auto\">\u00a0May\u00a0indicate\u00a0fraud or\u00a0attempts\u00a0to redirect payments<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"8\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">High-Risk\u00a0Jurisdictions\u00a0&#8211;<\/span><\/b><span data-contrast=\"auto\">\u00a0Payments from weak AML control countries without\u00a0a\u00a0clear business purpose<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"8\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Cash\u00a0Anomalies\u00a0&#8211;<\/span><\/b><span data-contrast=\"auto\">\u00a0Unusually high deposits or revenues disproportionate to business size<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"8\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Urgency or\u00a0Secrecy\u00a0&#8211;<\/span><\/b><span data-contrast=\"auto\">\u00a0Artificial time pressure or requests to keep arrangements confidential<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-890896b elementor-widget elementor-widget-text-editor\" data-id=\"890896b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b><span data-contrast=\"auto\">Master the Art of Transaction Monitoring<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Discover how to effectively\u00a0monitor\u00a0client transactions,\u00a0identify\u00a0suspicious patterns, and\u00a0maintain\u00a0compliance throughout the business relationship.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Read:\u00a0<\/span><\/b><a href=\"https:\/\/figsflow.com\/uk\/aml-transaction-monitoring-explained\/\" target=\"_blank\" rel=\"noopener\"><b><span data-contrast=\"none\">AML Transaction Monitoring Explained \u2192<\/span><\/b><\/a><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9db4d94 elementor-widget elementor-widget-heading\" data-id=\"9db4d94\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Industry-Specific Concerns <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fcc81dd elementor-widget elementor-widget-text-editor\" data-id=\"fcc81dd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW7411266 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW7411266 BCX8\">Certain industries pose elevated money laundering risks based on their characteristics and how criminals have historically exploited them.<\/span><\/span><span class=\"EOP SCXW7411266 BCX8\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2cefdc5 bdt-hide-entries-on-mobile-yes elementor-widget elementor-widget-bdt-table\" data-id=\"2cefdc5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"bdt-table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"bdt-table bdt-table-default-responsive \" id=\"bdt-table-2cefdc5\">\n\n\n\t\t\t<!DOCTYPE html>\n<html>\n<head>\n  <style>\n    table {\n      border-collapse: collapse;\n      width: 100%;\n    }\n    th, td {\n      border: 1px solid #ccc;\n      padding: 12px 16px;\n      vertical-align: middle;\n      text-align: center;\n      font-size: 16px;\n      font-weight: 500;\n    }\n    th {\n      background-color: #0094B0;\n      color: #FFFFFF;\n      font-weight: bold;\n    }\n    tbody tr:nth-child(odd) {\n      background-color: #0094B017;\n    }\n    tbody tr:nth-child(even) {\n      background-color: #FFFFFF;\n    }\n    td:first-child {\n      text-align: left;\n    }\n    td:nth-child(2),\n    td:nth-child(3) {\n      text-align: left;\n    }\n  <\/style>\n<\/head>\n<body>\n  <table>\n    <thead>\n      <tr>\n        <th>Industry<\/th>\n        <th>Key Risks<\/th>\n        <th>Warning Signs<\/th>\n      <\/tr>\n    <\/thead>\n    <tbody>\n      <tr>\n        <td>Agricultural and farming<\/td>\n        <td>Modern slavery and human trafficking<\/td>\n        <td>Low staff costs, high turnover, poor worker conditions<\/td>\n      <\/tr>\n      <tr>\n        <td>Property development<\/td>\n        <td>Cash purchases, value manipulation<\/td>\n        <td>All-cash deals, off-market values, frequent transactions<\/td>\n      <\/tr>\n      <tr>\n        <td>Professional services<\/td>\n        <td>Sham firms, false invoices<\/td>\n        <td>No real offices, unqualified staff, no track record<\/td>\n      <\/tr>\n      <tr>\n        <td>Construction<\/td>\n        <td>Inflated contracts, subcontracting chains<\/td>\n        <td>Inflated invoices, unusual suppliers, suspicious costs<\/td>\n      <\/tr>\n      <tr>\n        <td>Healthcare and care homes<\/td>\n        <td>Fraud, resident exploitation<\/td>\n        <td>Patient numbers misaligned with staffing and capacity<\/td>\n      <\/tr>\n    <\/tbody>\n  <\/table>\n<\/body>\n<\/html>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-03bcdba elementor-widget elementor-widget-text-editor\" data-id=\"03bcdba\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW172393010 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW172393010 BCX8\">Understanding these industry-specific risks helps you assess client risk and\u00a0<\/span><span class=\"NormalTextRun SCXW172393010 BCX8\">identify<\/span><span class=\"NormalTextRun SCXW172393010 BCX8\">\u00a0suspicious patterns early.<\/span><\/span><span class=\"EOP SCXW172393010 BCX8\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6d47b49 elementor-widget elementor-widget-heading\" data-id=\"6d47b49\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Reporting Suspicious Activity <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-71886f9 elementor-widget elementor-widget-text-editor\" data-id=\"71886f9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW89715324 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW89715324 BCX8\">When you know or suspect money laundering, the law requires you to report it. Failure to report is itself a criminal offence carrying up to five years imprisonment.<\/span><\/span><span class=\"EOP SCXW89715324 BCX8\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3e658c6 elementor-widget elementor-widget-heading\" data-id=\"3e658c6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">When to File a SAR &amp; the DAML Process <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-684f0c4 elementor-widget elementor-widget-text-editor\" data-id=\"684f0c4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">You must make a\u00a0<\/span><a href=\"https:\/\/figsflow.com\/uk\/suspicious-activity-reporting-identifying-and-reporting-red-flags-and-warning-signs\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">Suspicious Activity Report<\/span><\/a><span data-contrast=\"auto\">\u00a0when you know or suspect that a person is engaged in money laundering or terrorist financing.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The suspicion threshold is lower than proof. If your suspicion is more than fanciful and based on reasonable grounds, you must report. The requirement extends to any criminal conduct whose proceeds enter the financial system, including tax evasion, fraud, theft, drug trafficking, and corruption.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Defence Against Money Laundering requests are a special type of SAR you\u00a0submit\u00a0when you need consent to\u00a0proceed\u00a0with a transaction involving suspected criminal property. The National Crime Agency has seven working days to grant or refuse consent. If you hear nothing within seven days, consent is\u00a0deemed\u00a0granted. If refused, you cannot\u00a0proceed\u00a0for a further 31 days unless they give earlier consent.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-32f250c elementor-widget elementor-widget-heading\" data-id=\"32f250c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Avoiding the Tipping Off Offence <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f1b97d5 elementor-widget elementor-widget-text-editor\" data-id=\"f1b97d5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">Tipping off occurs when you\u00a0disclose\u00a0that a SAR has been made or is being considered, and that disclosure is likely to prejudice an investigation. The offence carries up to two\u00a0years&#8217;\u00a0imprisonment.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">You must never tell your client that\u00a0you&#8217;ve\u00a0submitted\u00a0a SAR about them. This restriction continues indefinitely, not just during the investigation. The prohibition extends to disclosures to third parties who might relay the information to the subject of the SAR.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Your working papers should never\u00a0contain\u00a0copies of SARs\u00a0you&#8217;ve\u00a0submitted. Be extremely careful with reports to creditors or regulators to ensure they\u00a0don&#8217;t\u00a0reveal that SARs were\u00a0submitted.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Limited exceptions exist. You can\u00a0disclose\u00a0SAR submissions to your professional body supervisor during monitoring activities and discuss potential SARs with your MLRO or compliance team before submission.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6c4d555 elementor-widget elementor-widget-heading\" data-id=\"6c4d555\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Working with Your MLRO <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-754523d elementor-widget elementor-widget-text-editor\" data-id=\"754523d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">Your Money Laundering Reporting Officer acts as your firm&#8217;s focal point for AML compliance. In sole practices, you fulfil this role yourself. Larger firms appoint a dedicated person.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The MLRO receives internal reports of suspicious activity from staff and\u00a0determines\u00a0whether they meet the threshold for external SARs to the NCA. Staff should report suspicions as soon as they arise using internal reporting templates.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The MLRO needs sufficient seniority and authority to challenge partners or directors about compliance concerns. An MLRO who lacks authority or fears career consequences for raising issues cannot function effectively. Senior management must\u00a0demonstrate\u00a0that they value and support the MLRO&#8217;s work.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f840e8a elementor-widget elementor-widget-text-editor\" data-id=\"f840e8a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b><span data-contrast=\"auto\">Want to Learn More About the MLRO Role?<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Discover the complete responsibilities, regulatory framework, and best practices for Money Laundering Reporting Officers in our detailed guide.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Read:\u00a0<\/span><\/b><a href=\"https:\/\/figsflow.com\/uk\/role-of-money-laundering-reporting-officer\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">Money Laundering Reporting Officer: Role &amp; Responsibilities | FigsFlow<\/span><\/a><b><span data-contrast=\"auto\">\u00a0<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-df84a3f elementor-widget elementor-widget-heading\" data-id=\"df84a3f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Practical Risk Mitigation Strategies <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0484aa4 elementor-widget elementor-widget-text-editor\" data-id=\"0484aa4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">Understanding risks\u00a0accomplishes\u00a0nothing unless you implement effective controls. The following strategies form the foundation of practical AML risk management.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"9\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Written Policies\u00a0&amp;\u00a0Procedures\u00a0&#8211;<\/span><\/b><span data-contrast=\"auto\">\u00a0Document\u00a0your\u00a0<\/span><a href=\"https:\/\/figsflow.com\/uk\/how-to-write-an-aml-policy-figsflows-guide\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">AML policy<\/span><\/a><span data-contrast=\"auto\">\u00a0with clear senior management commitment, detailed client take-on procedures specifying acceptable identification and approval processes, risk assessment guidance with relevant red flags, and record-keeping requirements that\u00a0comply with\u00a0MLR17&#8217;s five-year retention period. Regular annual reviews ensure procedures\u00a0remain\u00a0current as risks evolve and regulations change.<\/span>\u00a0<br \/><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"9\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Staff Training\u00a0&#8211;<\/span><\/b><span data-contrast=\"auto\">\u00a0All staff\u00a0require\u00a0basic AML awareness training covering what money laundering is and their legal obligations, with annual refreshers. Client-facing staff need detailed role-specific training on customer due diligence procedures, risk indicators for their services, and handling suspicious situations. Use practical case studies relevant to your firm&#8217;s work to help staff connect concepts to real situations they might\u00a0encounter.<\/span>\u00a0<br \/><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"9\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Screening\u00a0&amp;\u00a0Monitoring Controls\u00a0&#8211;<\/span><\/b><span data-contrast=\"auto\">\u00a0Implement systematic beneficial ownership verification to\u00a0identify\u00a0individuals who own or control 25% or more of corporate clients. Conduct PEPs and sanctions screening at client take-on and periodically thereafter, remembering that PEP status extends to family members. Perform ongoing monitoring at risk-based frequencies, from quarterly reviews for high-risk clients to every three years for low-risk clients, checking for business changes, ownership changes, and transaction consistency.<\/span>\u00a0<\/li><\/ul><p><span data-contrast=\"auto\">Effective implementation of these strategies creates a robust\u00a0defence\u00a0against money laundering while\u00a0demonstrating\u00a0your firm&#8217;s commitment\u00a0to\u00a0compliance.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7702002 elementor-widget elementor-widget-text-editor\" data-id=\"7702002\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW108961239 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW108961239 BCX8\">One smart way to stay compliant is to use\u00a0<\/span><span class=\"NormalTextRun SCXW108961239 BCX8\">RegTech<\/span><span class=\"NormalTextRun SCXW108961239 BCX8\">.<\/span><\/span><span class=\"TextRun SCXW108961239 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW108961239 BCX8\">\u00a0<\/span><span class=\"NormalTextRun SCXW108961239 BCX8\">Find out what\u00a0<\/span><span class=\"NormalTextRun SCXW108961239 BCX8\">RegTech<\/span><span class=\"NormalTextRun SCXW108961239 BCX8\">\u00a0is and how<\/span><span class=\"NormalTextRun SCXW108961239 BCX8\">\u00a0it can\u00a0<\/span><span class=\"NormalTextRun SCXW108961239 BCX8\">benefit<\/span><span class=\"NormalTextRun SCXW108961239 BCX8\">\u00a0you:\u00a0<\/span><\/span><a href=\"https:\/\/figsflow.com\/uk\/ai-regtech-how-technology-is-transforming-aml-compliance-in-2026\/\"><span class=\"TextRun Underlined SCXW108961239 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW108961239 BCX8\" data-ccp-charstyle=\"Hyperlink\">AI and Re<\/span><\/span><span class=\"TextRun Underlined SCXW108961239 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW108961239 BCX8\" data-ccp-charstyle=\"Hyperlink\">gTech: Transforming<\/span><span class=\"NormalTextRun SCXW108961239 BCX8\" data-ccp-charstyle=\"Hyperlink\">\u00a0AML Compliance in 2026 |\u00a0<\/span><span class=\"NormalTextRun SCXW108961239 BCX8\" data-ccp-charstyle=\"Hyperlink\">FigsFlow<\/span><\/span><span class=\"EOP SCXW108961239 BCX8\" data-ccp-props=\"{}\">\u00a0<\/span><\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fad570a elementor-widget elementor-widget-text-editor\" data-id=\"fad570a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2 aria-level=\"2\"><span data-contrast=\"none\">Additional Resources<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559685&quot;:0,&quot;335559738&quot;:299,&quot;335559739&quot;:299}\">\u00a0<\/span><\/h2><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Financial Action Task Force (FATF):<\/span><\/b><span data-contrast=\"auto\">\u00a0<\/span><a href=\"https:\/\/www.fatf-gafi.org\/en\/publications\/High-risk-and-other-monitored-jurisdictions.html\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">High-risk and other monitored jurisdictions<\/span><\/a><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Money Laundering Regulations 2017:<\/span><\/b><span data-contrast=\"auto\">\u00a0<\/span><a href=\"https:\/\/www.legislation.gov.uk\/uksi\/2017\/692\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017<\/span><\/a><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">ICAEW AML Webinars:<\/span><\/b><span data-contrast=\"auto\">\u00a0<\/span><a href=\"https:\/\/www.icaew.com\/regulation\/aml-supervision\/aml-resources\/on-demand-antimoney-laundering-webinars\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">On-demand anti-money laundering webinars | ICAEW]<\/span><\/a><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">AML &amp; ID Verification Guide for Accountants:<\/span><\/b><span data-contrast=\"auto\">\u00a0<\/span><a href=\"https:\/\/figsflow.com\/uk\/complete-guide-to-aml-software-for-accountants-bookkeepers-tax-advisers\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">2025 Anti-Money Laundering ID Check Guide for Accountants in\u00a0<\/span><span data-contrast=\"none\">the\u00a0UK &#8211;\u00a0FigsFlow<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/a><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">AML Software Guide:<\/span><\/b><span data-contrast=\"auto\">\u00a0<\/span><a href=\"https:\/\/figsflow.com\/uk\/complete-guide-to-aml-software-for-accountants-bookkeepers-tax-advisers\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">Complete Guide to AML Software for Accountants, Bookkeepers &amp; Tax Advisors | FigsFlow<\/span><\/a><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d014f3d elementor-widget elementor-widget-heading\" data-id=\"d014f3d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Conclusion <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6f1cee2 elementor-widget elementor-widget-text-editor\" data-id=\"6f1cee2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">AML risk management is not optional.\u00a0It&#8217;s\u00a0a legal requirement that protects your firm, your clients, and the integrity of the UK financial system.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The framework is clear. Assess your risks across all five factors, document your findings, implement proportionate mitigations, and review regularly. Customer due diligence forms your primary defence, but training, monitoring, and a culture of compliance all play essential roles.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Start today if you\u00a0haven&#8217;t\u00a0already. Review your current risk assessment against the\u00a0methodology\u00a0outlined here. Update your CDD procedures. Train your staff. The investment pays dividends through regulatory compliance, reduced exposure to criminals, and the confidence that\u00a0you&#8217;re\u00a0protecting your practice properly.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6fbfcef elementor-widget elementor-widget-text-editor\" data-id=\"6fbfcef\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b><span data-contrast=\"auto\">Mitigate All Your AML Risks with Top-Notch AML Software &#8211;\u00a0FigsFlow<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Streamline your AML compliance from start to finish.\u00a0FigsFlow\u00a0handles complete client onboarding &#8211; from proposal and engagement letter to KYC and AML checks &#8211; all in one platform.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Starting at just \u00a318 per month. But for you,\u00a0it&#8217;s\u00a0<\/span><b><span data-contrast=\"auto\">free for the next 30 days<\/span><\/b><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><a href=\"https:\/\/app.figsflow.com\/signup?utm_source=website\" target=\"_blank\" rel=\"noopener\"><b><span data-contrast=\"none\">Claim Your Free 30-Day Trial \u2192<\/span><\/b><\/a><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-63cfc8a elementor-widget elementor-widget-heading\" data-id=\"63cfc8a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Frequently Asked Questions <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-539e028 elementor-widget elementor-widget-bdt-accordion\" data-id=\"539e028\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"bdt-accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"bdt-ep-accordion-container\">\n\t\t\t<div id=\"bdt-ep-accordion-539e028\" class=\"bdt-ep-accordion bdt-accordion\" data-bdt-accordion=\"{&quot;collapsible&quot;:true,&quot;multiple&quot;:false,&quot;transition&quot;:&quot;ease-in-out&quot;}\" \t\tdata-settings=\"{&quot;id&quot;:&quot;bdt-ep-accordion-539e028&quot;,&quot;activeHash&quot;:&quot;no&quot;,&quot;activeScrollspy&quot;:null,&quot;hashTopOffset&quot;:false,&quot;hashScrollspyTime&quot;:false,&quot;closeAllItemsOnMobile&quot;:false}\">\n\t\t\t\t\t\t\t\t\t<div class=\"bdt-ep-accordion-item\">\n\t\t\t\t\t\t<div\t\t\t\t\t\t\tclass=\"bdt-ep-accordion-title bdt-accordion-title bdt-flex bdt-flex-middle bdt-flex-between\" id=\"bdt-ep-accordion-what-is-the-difference-between-aml-risk-and-aml-compliance\"\n\t\t\t\t\t\t\tdata-accordion-index=\"0\" data-title=\"what-is-the-difference-between-aml-risk-and-aml-compliance\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"bdt-ep-accordion-icon bdt-flex-align-right\"\n\t\t\t\t\t\t\t\t\taria-hidden=\"true\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"bdt-ep-accordion-icon-closed\">\n\t\t\t\t\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"fa-fw e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg>\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"bdt-ep-accordion-icon-opened\">\n\t\t\t\t\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"fa-fw e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg>\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<span role=\"heading\" class=\"bdt-ep-title-text bdt-flex-inline bdt-flex-middle\" >\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tWhat is the difference between AML risk and AML compliance?\t\t\t\t\t\t\t<\/span>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"bdt-ep-accordion-content bdt-accordion-content\">\n\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW8457866 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW8457866 BCX8\">AML risk is the potential for your firm to be exploited for money laundering. AML compliance is the policies, procedures, and controls you implement to mitigate those risks. Compliance is your response to risk.<\/span><\/span><span class=\"EOP SCXW8457866 BCX8\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"bdt-ep-accordion-item\">\n\t\t\t\t\t\t<div\t\t\t\t\t\t\tclass=\"bdt-ep-accordion-title bdt-accordion-title bdt-flex bdt-flex-middle bdt-flex-between\" id=\"bdt-ep-accordion-how-often-should-uk-firms-review-their-aml-risk-assessment\"\n\t\t\t\t\t\t\tdata-accordion-index=\"1\" data-title=\"how-often-should-uk-firms-review-their-aml-risk-assessment\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"bdt-ep-accordion-icon bdt-flex-align-right\"\n\t\t\t\t\t\t\t\t\taria-hidden=\"true\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"bdt-ep-accordion-icon-closed\">\n\t\t\t\t\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"fa-fw e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg>\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"bdt-ep-accordion-icon-opened\">\n\t\t\t\t\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"fa-fw e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg>\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<span role=\"heading\" class=\"bdt-ep-title-text bdt-flex-inline bdt-flex-middle\" >\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tHow often should UK firms review their AML risk assessment?\t\t\t\t\t\t\t<\/span>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"bdt-ep-accordion-content bdt-accordion-content\">\n\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW81791086 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW81791086 BCX8\">MLR17 requires regular reviews but\u00a0<\/span><span class=\"NormalTextRun SCXW81791086 BCX8\">doesn&#8217;t<\/span><span class=\"NormalTextRun SCXW81791086 BCX8\">\u00a0specify\u00a0<\/span><span class=\"NormalTextRun SCXW81791086 BCX8\">the\u00a0<\/span><span class=\"NormalTextRun SCXW81791086 BCX8\">exact frequency. Most firms conduct annual reviews, which regulators consider acceptable. You must also review\u00a0<\/span><span class=\"NormalTextRun SCXW81791086 BCX8\">whenever material changes occur, such as adding new service lines or taking on significantly different client t<\/span><span class=\"NormalTextRun SCXW81791086 BCX8\">ypes.<\/span><\/span><span class=\"EOP SCXW81791086 BCX8\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"bdt-ep-accordion-item\">\n\t\t\t\t\t\t<div\t\t\t\t\t\t\tclass=\"bdt-ep-accordion-title bdt-accordion-title bdt-flex bdt-flex-middle bdt-flex-between\" id=\"bdt-ep-accordion-what-happens-if-my-firm-fails-an-aml-compliance-check\"\n\t\t\t\t\t\t\tdata-accordion-index=\"2\" data-title=\"what-happens-if-my-firm-fails-an-aml-compliance-check\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"bdt-ep-accordion-icon bdt-flex-align-right\"\n\t\t\t\t\t\t\t\t\taria-hidden=\"true\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"bdt-ep-accordion-icon-closed\">\n\t\t\t\t\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"fa-fw e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg>\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"bdt-ep-accordion-icon-opened\">\n\t\t\t\t\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"fa-fw e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg>\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<span role=\"heading\" class=\"bdt-ep-title-text bdt-flex-inline bdt-flex-middle\" >\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tWhat happens if my firm fails an AML compliance check?\t\t\t\t\t\t\t<\/span>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"bdt-ep-accordion-content bdt-accordion-content\">\n\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW63538707 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW63538707 BCX8\">ICAEW can issue civil penalties ranging from warnings to fines exceeding \u00a3100,000. Your\u00a0<\/span><span class=\"NormalTextRun SCXW63538707 BCX8\">practising<\/span><span class=\"NormalTextRun SCXW63538707 BCX8\">\u00a0certificate may be suspended or withdrawn. Serious failures can result in criminal prosecution with potential imprisonment. Complian<\/span><span class=\"NormalTextRun SCXW63538707 BCX8\">ce failures also dam<\/span><span class=\"NormalTextRun SCXW63538707 BCX8\">age your reputation and typically result in lost clients.<\/span><\/span><span class=\"EOP SCXW63538707 BCX8\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"bdt-ep-accordion-item\">\n\t\t\t\t\t\t<div\t\t\t\t\t\t\tclass=\"bdt-ep-accordion-title bdt-accordion-title bdt-flex bdt-flex-middle bdt-flex-between\" id=\"bdt-ep-accordion-do-small-practices-have-the-same-aml-obligations-as-large-firms\"\n\t\t\t\t\t\t\tdata-accordion-index=\"3\" data-title=\"do-small-practices-have-the-same-aml-obligations-as-large-firms\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"bdt-ep-accordion-icon bdt-flex-align-right\"\n\t\t\t\t\t\t\t\t\taria-hidden=\"true\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"bdt-ep-accordion-icon-closed\">\n\t\t\t\t\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"fa-fw e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg>\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"bdt-ep-accordion-icon-opened\">\n\t\t\t\t\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"fa-fw e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg>\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<span role=\"heading\" class=\"bdt-ep-title-text bdt-flex-inline bdt-flex-middle\" >\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tDo small practices have the same AML obligations as large firms?\t\t\t\t\t\t\t<\/span>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"bdt-ep-accordion-content bdt-accordion-content\">\n\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW124573355 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW124573355 BCX8\">Yes, MLR17 applies to all firms regardless of size. However, you can take size into account when designing procedures. A sole practitioner&#8217;s risk assessment can be more succinct than a multi-office\u00a0<\/span><span class=\"NormalTextRun SCXW124573355 BCX8\">firm&#8217;s<\/span><span class=\"NormalTextRun SCXW124573355 BCX8\">, but you must still properly\u00a0<\/span><span class=\"NormalTextRun SCXW124573355 BCX8\">identify<\/span><span class=\"NormalTextRun SCXW124573355 BCX8\">\u00a0and mitigate your specific risks.<\/span><\/span><span class=\"EOP SCXW124573355 BCX8\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"bdt-ep-accordion-item\">\n\t\t\t\t\t\t<div\t\t\t\t\t\t\tclass=\"bdt-ep-accordion-title bdt-accordion-title bdt-flex bdt-flex-middle bdt-flex-between\" id=\"bdt-ep-accordion-what-should-i-do-if-i-suspect-a-client-is-involved-in-money-laundering\"\n\t\t\t\t\t\t\tdata-accordion-index=\"4\" data-title=\"what-should-i-do-if-i-suspect-a-client-is-involved-in-money-laundering\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"bdt-ep-accordion-icon bdt-flex-align-right\"\n\t\t\t\t\t\t\t\t\taria-hidden=\"true\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"bdt-ep-accordion-icon-closed\">\n\t\t\t\t\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"fa-fw e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg>\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"bdt-ep-accordion-icon-opened\">\n\t\t\t\t\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"fa-fw e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg>\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<span role=\"heading\" class=\"bdt-ep-title-text bdt-flex-inline bdt-flex-middle\" >\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tWhat should I do if I suspect a client is involved in money laundering?\t\t\t\t\t\t\t<\/span>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"bdt-ep-accordion-content bdt-accordion-content\">\n\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW111004622 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW111004622 BCX8\">Submit a Suspicious Activity Report to the National Crime Agency as soon as\u00a0<\/span><span class=\"NormalTextRun SCXW111004622 BCX8\">practicable<\/span><span class=\"NormalTextRun SCXW111004622 BCX8\">. If you need to deal with suspected criminal property,\u00a0<\/span><span class=\"NormalTextRun SCXW111004622 BCX8\">submit<\/span><span class=\"NormalTextRun SCXW111004622 BCX8\">\u00a0a DAML request and wait for consent before\u00a0<\/span><span class=\"NormalTextRun SCXW111004622 BCX8\">proceeding<\/span><span class=\"NormalTextRun SCXW111004622 BCX8\">. Never tell the client or anyone else that\u00a0<\/span><span class=\"NormalTextRun SCXW111004622 BCX8\">you&#8217;ve<\/span><span class=\"NormalTextRun SCXW111004622 BCX8\">\u00a0made a SAR, as this\u00a0<\/span><span class=\"NormalTextRun SCXW111004622 BCX8\">constitutes<\/span><span class=\"NormalTextRun SCXW111004622 BCX8\">\u00a0tipping off.<\/span><\/span><span class=\"EOP SCXW111004622 BCX8\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Your professional status makes you a target for money launderers. MLR 2017 requires comprehensive risk assessments from all UK accountancy firms. <\/p>\n","protected":false},"author":31,"featured_media":31760,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_tocer_settings":[],"footnotes":""},"categories":[67,6],"tags":[11],"class_list":["post-31758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accountants","category-blog","tag-compliance"],"acf":[],"_links":{"self":[{"href":"https:\/\/figsflow.com\/uk\/wp-json\/wp\/v2\/posts\/31758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/figsflow.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/figsflow.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/figsflow.com\/uk\/wp-json\/wp\/v2\/users\/31"}],"replies":[{"embeddable":true,"href":"https:\/\/figsflow.com\/uk\/wp-json\/wp\/v2\/comments?post=31758"}],"version-history":[{"count":2,"href":"https:\/\/figsflow.com\/uk\/wp-json\/wp\/v2\/posts\/31758\/revisions"}],"predecessor-version":[{"id":33591,"href":"https:\/\/figsflow.com\/uk\/wp-json\/wp\/v2\/posts\/31758\/revisions\/33591"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/figsflow.com\/uk\/wp-json\/wp\/v2\/media\/31760"}],"wp:attachment":[{"href":"https:\/\/figsflow.com\/uk\/wp-json\/wp\/v2\/media?parent=31758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/figsflow.com\/uk\/wp-json\/wp\/v2\/categories?post=31758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/figsflow.com\/uk\/wp-json\/wp\/v2\/tags?post=31758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}