FRC consults on revisions to money laundering guidance material
27 Jun, 2017
The Financial Reporting Council (FRC) has issued a consultation proposing to issue revised guidance material on the anti-money laundering requirements in UK legislation.
Currently guidance is provided in Practice Note 12: Money Laundering: Guidance for Auditors on UK Legislation. However Practice Note 12 requires updating to reflect revisions to the UK legislative and regulatory framework as required by the 4th EU Anti-Money Laundering Directive which was transposed into UK law by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 692/2017).
It is proposed that the new guidance is contained as an appendix to ISA (UK) 250 Section A rather than as a stand-alone Practice Note.
Comments are requested by 8 September 2017.
The press release and full consultation are available on the FRC website.
