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The Association of Accounting Technicians is urging accountants to acquaint themselves with the warning signs associated with money laundering and seek formal training if they have not already done so.
As part of Flag It Up the government’s anti-money laundering (AML) campaign a poll by Coleman Parkes Research has shown that more than one in three accountants has not received any formal AML training. In addition only 37% have a money laundering reporting officer (MLRO) in their company compared with 70% of lawyers surveyed.
Some of the key ‘red flags’ missed by accountants include:
- 63% did not recognise a change in the identity of the lead client or beneficial owner as a potential money laundering trigger;
- 58% did not see a change in the nature or purpose of the business relationship as one;
- 49% did not recognise changes in the client’s instructions without warning or reason; and
- 37% did not recognise an...
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