FRC consults on revisions to money laundering guidance material

  • FRC Image

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.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.