AIA LAUNCHES NEW CASE STUDIES GUIDANCE TO TACKLE ECONOMIC CRIME AND MONEY LAUNDERING

Last updated: 10 Feb 2021 02:20 Posted in: AIA

Today (10 February 2021) at a joint workshop with the UK National Crime Agency (NCA) on submitting good quality Suspicious Activity Reports AIA strengthened its work to prevent economic crimelaunching a new guidance publication for members aimed at spotting and reporting suspicious activity to tackle money laundering. 

Whilst the Money Laundering Regulations set out the rules and requirements for firms operating in the regulated sector, the ongoing fight against money laundering is not just a box-ticking exercise. 

Whether complicitly or through failing to ask the correct questions or not understanding the requirements, professional accountants may be involved in money laundering. 

Although compliance can occasionally be time consuming and complicated, with clear guidance and support AIA believes that all ethical accountants can work together in the public interest to stamp out money laundering. 

Money laundering can often feel as though it is something that happens to other firms, particularly big banks which must monitor many millions of transactions a day. However, it is often professionals who are targeted by criminals to provide a veneer of respectability to criminal activity. 

Money laundering is also a key enabler of other serious crimes including modern slavery, drugs trafficking, fraud, corruption, and terrorism. 

Money laundering risk means that it is vital that professional accountants continue to keep up-to-date with the latest guidance and advice from AML supervisors to recognise the ‘red flags’ of money laundering and how to react. 

AIA Council member and chair of the Regulatory Oversight Committee George Josephakis said "The case studies outlined in this new publication, developed in collaboration with experienced financial investigators and law enforcement officers, give a stark warning of the possible consequences of involvement in money laundering." 

As a professional body AIA supports members and strengthens their defences against money laundering, creating a robust system of internal controls and targeted risk-based approach. 

Read the full guidance

The case studies outlined in this new publication, developed in collaboration with experienced financial investigators and law enforcement officers, give a stark warning of the possible consequences of involvement in money laundering.