Anti Money Laundering for the UK Accounting Sector

Understand the Rules and Regulations and Effective Compliance with Policies and Procedures

4.40 (5 reviews)
4.5 hours
Oct 2021
last update
regular price

What you will learn

The AML rules and regulations in the UK environment - specifically how it impacts those who work in the accountancy sector

The signs of money laundering

How to report your suspicion of money laundering

The role of the Nominated Officer within anti-money laundering and what relevant staff need to know


This course is split into two parts and is aimed at individuals working with the accountancy sector who need to have an awareness of what is required of them to work and operate when it comes to the rules and regulations surrounding anti-money laundering. The first part is for all relevant staff who need to know what their obligations are when it comes to AML and how to spot the signs of money laundering and what to do in those circumstances. The second part is aimed at the Nominated Officer (NO) - who is the dedicated person responsible for implementing and overseeing anti-laundering within the business. If individuals are sole traders - then they are (by default) the NO. Some businesses will outsource this role and there is a market for individuals to offer AML compliance as a service.

The NO has a legal duty to train their relevant staff in what to look out for when it comes to anti money laundering and to record the training dates. This course is ideal for both. It can be taken repeatedly, referred to at leisure and its a simple, cost effective way to become aware of your duties and legal obligations. The UK and EU governments are taking AML very seriously and there are penalties and sanctions for non-compliance.

Your course tutor is AAT qualified and has a first class honours degree in Accounting with Marketing and an MSc in Investment Management. Lisa is the NO in her own company which is regulated by the HMRC and she has had direct experience of implementing procedures, and also audit checks on these procedures by different institutions who at different points of her career were the AML supervisory body for the business she was running.

This course includes checklists and templates and where/how to implement AML procedures for compliance.

This course is specifically for the UK market, particularly using examples which are relevant to those within the accountancy sector. However, casinos, money transfer agents, financial services, estate agents, solicitors - are all industries / professions that need to be aware of AML regulations and to comply (and show compliance if spot-checked), so this course can be of use to those people too.


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Two part structure - Part 1 is for all to take

Introduction to the Course Structure
Overview of part 1 - for all
Introduction to the course and your tutor
The Accountancy Sector
Breaking Bad
Why do I have to do this?
What do HMRC do?
Role of the Nominated Officer
Recognising suspicious activity
Reporting suspicious activity
Quick quiz 1
The requirements when it comes to AML
Non compliance
Flag it up
How can it be done?
How big is the problem?
Red flags
Warning signs
Recap of part 1
Quick Quiz 2

Part 2 - is specifically for the AML Nominated Officer

Introduction to part 2 - the section aimed at the NO
Client verification
Introduction to the Money Laundering regulations
Responsibilities and oversights
The Legal and Regulatory Framework
Responsibility and oversight
Nominated Officer
How might the MLRO role be split?
Record Keeping
Training and Awareness
Risk based approach
Different types of risk
Customer Due Diligence (CDD)
Stages of CDD
Beneficial ownership
When and how should CDD be carried out?
Politically Exposed Persons (PEPs)
Relying on 3rd parties
Use of electronic data
What happens if CDD cannot be done
Suspicious Activity Reports (SAR)
When to make a report
Quick Quiz 3
Failure to disclose
Should I submit a report?
Internal Report to the MLRO
External SAR
Record Keeping
Training and awareness
The Laws
High Risk Factors
Low Risk Factors
Quick Quiz 4



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