In this episode, panellists from accountancy sector supervisory bodies discuss Anti-Money Laundering (AML) compliance within the sector. This includes specific cases where a firm may have AML concerns during Know Your Customer (KYC) and Suspicious Activity Report (SAR) practices. The panellists use their extensive knowledge to provide their perspectives on the sector as a whole and specifics relating to their areas of focus, from large accountancy firms to individual bookkeepers. There is also information on opportunities for firms to approach the UKFIU’s Reporter Engagement Team (RET) to improve internal understanding of SARs submission. For the subtitled version of this episode go to: https://youtu.be/D0xYmNQsylA Panellists: Tim Pinkney, Director of Professional Standards, Institute of Financial Accountants (IFA) [formerly Head of Practice Standards] Michelle Giddings, Head of AML and Operations, Professional Standards, Institute of Chartered Accountants in England and Wales (ICAEW) Jody Newman, Head of Compliance and Professional Standards, Institute of Accountants and Bookkeepers (IAB) Acronyms used in this podcast: PBS: Professional Body Supervisors AASG: Accountancy AML Supervisors Group Regs: Regulations POCA: Proceeds of Crime Act (2002) KYC: Know Your Customer CDD: Customer Due Diligence Time Stamps 00:40 Introduction 01:34 Tim (IFA) intro 02:30 Michelle (ICAEW) intro 03:54 Jody (IAB) intro 05:17 key money laundering threats and red flags 10:32 SAR submission numbers in the accountancy sector 15:27 When turning away a client due to AML or KYC concerns 17:55 Biggest challenges firms face with AML compliance and SARs 23:37 Firm opportunities to engage with the UKFIU. 24:34 Final key messages 27:48 Outro

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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