The Consultative Committee of Accountancy Bodies has issued joint guidance for the profession on the situation in Ukraine.

• Read the CCAB guidance

• Read frequently asked questions about changes to UK sanctions against Russia, in response to the conflict in Ukraine

• Watch our short video which takes you through how sanctions work and apply to ICAEW firms

• Read the Risk Alert - Sanctions and new and existing clients

The NCA has issued a new SAR glossary code for reporters to use to identify SARs relating to sanctions.

• View the glossary

• Watch ICAEW’s video on using open sources of information to identify potential connections to Russia

ICAEW members are urged to be hypervigilant of any connections with Russia among their clients and perform careful due diligence in the light of Russian sanctions.

• Read the article

• Watch webinar: UK Sanctions relating to Russia: Briefing by UK Government

A recording of the event has now been published on gov.uk on can be accessed. We strongly encourage you to watch this webinar to understand how sanctions may affect you and your clients.

When a person or organisation is subject to an asset freeze, any funds or economic resources belonging to them, must be frozen. You must not deal with these assets, or make them available to, or for the benefit of, a designated person unless there is an exception in the legislation you can rely on, or you have a valid licence.

• Find out more about OFSI licences

A legal overhaul of the register will bolster the powers of Companies House so that it can better tackle crime and fraud and provide a stronger foundation for boosting enterprise.

• Read more

The amended list came into force on 29 March 2022. Enhanced due diligence (EDD) is required for all business relationships and transactions with a person, or entity, established in a high risk third country.

• Read HMT’s advisory notice, which provides additional clarification

The Economic Crime (Transparency and Enforcement) Act 2022 came into force on 15 March. It establishes a new Register of Overseas Entities Beneficial Ownership to help law enforcement track down those using UK property as a money laundering vehicle, or those in breach of financial sanctions. There is heightened AML risk that individuals may approach ICAEW AML-supervised firms to assist them in restructuring the ownership of their assets to avoid the register and/or financial sanctions.

ICAEW AML-supervised firms should assess the risk that their firm may be used to facilitate money laundering, and update their firm-wide risk assessments and mitigating actions accordingly.

In the seventh instalment of Anti-Money Laundering: The Basics, IFAC and ICAEW look at the risks associated with virtual assets

• Read more

Fraudsters have been targeting COVID-19 business support schemes since their inception. For firms preparing end of year accounts, staying alert to COVID-related fraud is more important than ever.

• View the update

This guidance is designed to supplement the requirements within the CCAB AML Guidance for the Accountancy Sector.

• Read more

ICAEW members can phone anonymously if they wish to speak to an adviser about suspected illegal activity or any matter that may trigger a need to submit a suspicious activity report.

• See more details

Read about recent cases where we have taken disciplinary action against ICAEW member firms and ICAEW members for AML matters. 

• Read the update

• Read the latest edition of the UKFIU magazine

• How to report a concern

• Visit the hub

• See more details