14th December 2021
At our recent webinar, AML compliance expert Steve O’Neill – Managing Director of BTC – presented his update on key Anti-Money Laundering issues to over 300 Lifecycle members.
Given the festive period, Steve drew comparisons with Ebenezer Scrooge from Charles Dickens’ “A Christmas Carol” who, as a moneylender himself, would be regulated by the FCA in this day and age and therefore would need to be aware of the AML regulations!
Steve provided his usual practical and informative update on how the regulations have changed over recent years and what changes are coming. His key messages were as follows:
The ghost of AML past
In the not-too-distant past, the government regulator – OPBAS – had identified widespread failings by the supervisory bodies when it came to AML compliance and improvements needed to be made in order to maintain professional standards.
The ghost of AML present
What we are seeing now is that, as a result of improved regulatory standards, the supervisors – the people who actually assess the accountancy profession – stepped up their level of activity, with many more accountancy firms receiving visits. Steve gave some great practical examples of areas where, according to the supervisory reviews, accountants are commonly falling short.
The ghost of AML future
Steve then considered the changes that are yet to come – both in terms of enhanced digital/biometric identity checks that are being brought in and the reforms to Companies House – where they will use much more comprehensive information to play a more active role in combating economic crime.
You can access a recording of the webinar and accompanying slides here if you are a Lifecycle member.
If you are not yet a member then click here to sign up for free.
About the Lifecycle network
Lifecycle is a unique network for accountants – provided by Leonard Curtis.
It provides member accountants with a comprehensive range of specialist services – and the expert support required – to improve their client offering at every stage of a business’ lifecycle. From company formation to cessation and all stages in between.
Lifecycle is free to join and also offers members many additional benefits. These include access to competitively priced Professional Indemnity insurance cover, a regular programme of free training and education and discounts on products and services relevant to their business and clients’ needs.