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Chapter 73 4

Accountant’s responsibilities

Money Laundering Regulations impose certain obligations on financial services
businesses, which are designed to assist in detecting money laundering and
preventing the financial services organisations being used for money laundering
purposes.

At a minimum, an anti-money laundering program should incorporate:

 Customer identification procedures.

 Enhanced record keeping for:

– all transactions

– the verification of clients' identities.

 Appointment of a Money Laundering Reporting Officer (MLRO).

 Establishing internal reporting procedures to the MLRO.

 Procedures for the reporting of suspicious transactions to the Financial
Intelligence Unit (FIU).

 Communication and training of all staff in the main requirements of the
legislation.

 Systems and controls that effectively manage the risk that the firm is exposed to
in relation to money laundering activities and ensure compliance with the
legislation.

Illustrations and further practice

More details of these requirements are given in Chapter 7

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