Ian Ko and Zoe Beels at Kingsley Napley LLP assess why 20% of accountancy firms fail to comply with anti money laundering rules in annual ICAEW anti money laundering report, highlighting key pitfalls, with tips on how to improve compliance, particularly around KYC and customer due diligence
Compliance may be holding steady, but 20% of accountancy firms continue to remain non-compliant with mandatory anti money laundering (AML) rules. This situation is once again highlighted in the latest ICAEW Anti-Money Laundering report for 2024/25, assessing the effectiveness of AML compliance in firms across the accountancy and financial services sector under its supervision.
The publication coincides with the Treasury’s announcement in October 2025 of significant reforms to the UK’s AML supervisory structure. This notably includes transferring oversight from professional bodies such as ICAEW to a centralised supervisory regime, headed by the Financial Conduct Authority (FCA).
This article discusses the ICAEW AML report’s supervisory findings, key pitfalls for supervised firms, and what the upcoming AML reforms might mean for the profession.
