Segment Explains the Importance of a Risk-Based Approach Towards AML Efforts
Together with ICAEW, The International Federation of Accountants (IFAC) today released the second installment in its Anti-Money Laundering: The Basics educational series: Installment 2: A Risk-Based Approach.
The publication is part of a 6-month short series helping professional accountants enhance their understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest.
The first installment in the series provided a general overview of AML, including a definition of money laundering and an analysis of key concepts professional accountants must understand.
The installment series, with its focus on accessibility and ease of use, will be a resource for Small and Medium Practices (SMPs,) and accountants less familiar with AML, while also providing guidance for those looking for a quick refresher or reference.
Anti-Money Laundering: The Basics will be featured on both the IFAC and ICAEW websites and available for download for free. To be globally relevant, the series uses the risk-based approach of the Financial Action Task Force (FATF) – the global money laundering and terrorist financing watchdog -- as a starting point.
For more information about IFAC, visit www.ifac.org.
For more information about ICAEW, visit https://www.icaew.com/.