Anti–Money Laundering: Requirements for Accounting Professionals Webinar

Anti-money laundering (AML) requirements for accounting professionals stem from global efforts to prevent the integration of illicit funds into the legitimate economy. The Financial Action Task Force (FATF), an international body, sets standards through its 40 Recommendations, designating accountants as “gatekeepers” vulnerable to exploitation when providing services such as managing client funds, forming companies, handling real estate transactions, or advising on tax matters. These recommendations emphasize a risk-based approach, requiring professionals to assess and mitigate money laundering and terrorist financing risks effectively.

Under FATF guidelines, accounting firms must implement customer due diligence (CDD) measures when engaging in specified activities on behalf of clients. This includes verifying client identity, understanding the nature of the business relationship, and identifying beneficial owners of legal entities. Enhanced due diligence is required for high-risk clients, such as politically exposed persons (PEPs) or those from jurisdictions with weak AML controls, while simplified measures may apply in low-risk scenarios.

Accounting professionals are obligated to conduct firm-wide risk assessments to identify vulnerabilities based on client types, services offered, and geographic factors. Policies, controls, and procedures must be documented and regularly updated, proportionate to the firm’s size and complexity. This includes appointing a compliance officer (often called a Money Laundering Reporting Officer in some jurisdictions) responsible for oversight and ensuring staff receive ongoing training to recognize suspicious activities.

A core requirement is the monitoring of client transactions and relationships for red flags, such as unusually large cash movements, complex structures without economic purpose, or links to high-risk countries. If suspicion arises, professionals must file a Suspicious Activity Report (SAR) to the relevant financial intelligence unit without tipping off the client, balancing this with professional ethics and confidentiality obligations.

Record-keeping is mandatory, with firms required to retain identification documents, transaction records, and risk assessment evidence for at least five years (or longer in some jurisdictions). This supports audits by supervisory bodies and enables traceability in investigations. Non-compliance can result in significant penalties, including fines, license revocation, or criminal prosecution.

Ultimately, AML compliance protects the integrity of the accounting profession, mitigates reputational and legal risks, and contributes to global financial security. Firms are encouraged to use technology for efficient screening and monitoring while staying abreast of regulatory updates through guidance from bodies like FATF, CCAB, or national supervisors. Join us for this webinar to get useful insights on the obligations placed on accounting professionals on matters AML

 Target Audience:

All professionals, especially members in practice.

CPD Units:

Members who attend the webinar in full will earn 2 Structured CPD Units.

Financial Commitment:
The Webinar charges are Kshs. 1,000. Charges will cater for online video access fees, learning materials, and e-certificates of attendance.