Anti-money Laundering
Anti-money laundering: for firms and supervisory bodies
Money laundering is a blight on UK industry to the tune of more than £100 billion a year, with criminals and terrorists using legitimate businesses to move funds and pay for assets.
A particularly vulnerable group to such criminal activity is accountancy service providers, who are regulated under anti-money laundering (AML) legislation. These firms are supervised by organisations called professional body AML supervisors of the accountancy and legal sectors (PBSs), which also have legal obligations.
Accountancy service providers
If you provide accountancy services, you have a hugely important role to play in making sure you’re not exploited to further criminal activities. You know your firms must act with integrity and uphold the law. Drawing from extensive backgrounds in the police and anti-fraud agencies, our vastly experienced CaPS Compliance team enable accountancy service providers to earn a reputation as a trusted, reliable brand by doing things the right way.
Professional body anti-money laundering supervisors (PBSs)
PBSs are licensed to supervise accountancy service providers for AML compliance and are required by law to conduct monitoring and audits to ensure these firms comply. Fail to do it properly and you risk losing your licence to supervise. Our CaPS Compliance team can either support your PBS through a completely outsourced service for AML compliance inspections, or give you the knowledge and skills you need to make the grade.
If you’re an accountancy service provider or a professional body anti-money laundering supervisor, contact us today to find out how we can help you.
“Running an International membership organisation in the financial sector presents a wide range of challenges. Derek and his team at CaPS have provided an invaluable resource especially in relation to the provision of Anti-Money Laundering Supervision. In recent times the IAB has been spear heading change in this area with the development of a comprehensive AML Inspection regime. The positive impact being made can be strongly attributed to the expertise CaPS have provided in re-organising the back office functions while also providing a scalable outsourced compliance inspection system which can absorb our plans for growth”.
Sarah Palmer
COO of the International Association of Bookkeepers
