The guidance covers key areas such as Firm-Wide Risk Assessments, Client Risk Assessments, client due diligence, and internal controls. It also includes essential questions that firms should consider when assessing their compliance with the Money Laundering Regulations. Members are advised to review the guidance along with the AML Compliance Checklist and other detailed resources available on the AIA website.

David Potts, AIA Director of Policy & Regulation and MLRO, highlighted the significance of this guidance, stating, “Accountants are key gatekeepers of the financial system. Our updated guidance is crucial in helping our members ensure their services are not used to further criminal activities.”