This factsheet helps ACCA-supervised firms understand ACCA’s AML monitoring review process. It includes an introduction to the AML legislation and statutory obligations, sets up the requirements of an ACCA AML supervised firm, and describes AML monitoring review methods. It also explains the reporting and remedial actions following a review and defines the frequency of monitoring.
This factsheet should be read in conjunction with the Technical factsheet: identifying client risk (see below). This technical factsheet introduces the different levels of client due diligence and advises when these need to be carried out. It also addresses the issue of what steps you need to take if you decide to rely on third-party software for your CDD.
This factsheet should be read in conjunction with Technical factsheet: client due diligence (see above). This technical factsheet provides practical guidance on identifying client risk and it is designed to raise awareness of accountancy firms’ obligations when it comes to risk assessment. It describes the requirements of the firm to have a consistent process in place in order to identify risks before establishing a client relationship or accepting an engagement. It sets out the obligations on firms to review risk on an ongoing basis and to state the firm’s procedures relating to client risk in their policies and procedures document.
In the ACCA client risk-assessment tool and KYC form, we have provided a basic know your customer (KYC) form and client risk-assessment template which can be used as a starting point. The questions posed are indicative only and not all will be applicable to all clients. They are also non-exhaustive and should be used as a guide only; there may be additional risk factors that will need to be considered and documented.