Accountants and accounting firms must have a compliance regime that includes:
- The appointment of a compliance officer for the accountants or accounting firms.
- Written policies and procedures describing, among other things, how the accountant or accounting firm will meet its obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
- An assessment of the risks of money laundering and terrorist financing they face, and measures to mitigate high risks they have identified.
- A training program on their specific anti-money laundering obligations and the compliance program.
- A review of the effectiveness of the compliance program, training program and risk assessment for the accountant or accounting firm.