Anti-money laundering (AML) legislation that came into effect in June may create a “two-tier regime” due to inconsistent approaches towards accountants that are part of a professional accounting body and those who are not, according to Chartered Accountants Ireland (the Institute).
Key aspects of the AML legislation include requiring increased levels of customer due diligence, risk assessments of businesses to be carried out and establishing registers of beneficial owners.
The legislation also included the proposition to establish a new supervisory body, OPBAS (Office for Professional Body Anti-money laundering Supervision), to be hosted within the Financial Conduct Authority (FCA). OPBAS is tasked with overseeing the compliance of members of 22 professional bodies with the new legislation.