One member firm was struck off by the ICAEW and 215 supervised firms were told to improve their processes in 2023/24, revealed the latest ICAEW anti money laundering supervision report.

In total, ICAEW sanctioned 39 supervised firms for AML failures in the 12-month period and they were fined £92,025. The highest fine was for £8,000, for an unnamed incident, and the lowest for £560. As well as fines, members can be excluded from the list for AML breaches, however, just one member was excluded.

Over the monitoring period in 2023/24, a total of 1,088 reviews were carried out with 35% categorised between a high and medium risk of being used to enable money laundering leading to 1,896 criminal record checks. ICAEW supervises 11,000 firms for AML and conducted checks on more than one in 10 practices of all sizes.