FRC launches proposed updates to Money Laundering Guidance
27 Jun 2017 12:25 PM
The FRC yesterday launched a public consultation on revised material to make auditors aware of their responsibilities under UK law with respect to money laundering. The existing material has been updated to take account of new legislation passed by the government to transpose the 4th EU Anti Money Laundering Directive into UK Law.
The new regulations, The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 come into force on 26 June 2017. The FRC has used the opportunity to change the format of the guidance provided to auditors – rather than having a stand-alone Practice Note, the FRC proposes incorporating the guidance as an appendix to ISA (UK) 250: Consideration of Laws and Regulations in an Audit of Financial Statements. By incorporating the guidance as an appendix to the standard, the FRC aims to make all relevant material to support auditors available in one place.
The FRC consultation will close on Friday 8th of September.
Consultation Paper and Impact Assessment: Money Laundering Guidance