The latest report into the performance of anti-money laundering (AML) supervision shows that activity has picked up with more on-site inspections which were stopped during the pandemic while the volume of fines issued also increased.

Many of the supervisory bodies have ramped up enforcement andw have made significant improvements in the last two years, with total fines issued in 2021-22 nearly double the figure from 2019-20.

Professional body supervisors (PBSs) including the main accountancy institutes such as ICAEW, ACCA and CIOT, issued £551,064 in fines in 2021-22, nearly double the amount issued in 2019-20, when it was only £279,967. In 2020-21, firms were fined in total £519,946.

The various institutes also have an effective programme of information and guidance for members to help them understand their obligations around AML supervision and had also made appropriate changes to risk-based approaches as a result of the pandemic.