Australian Institute of Criminology

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Anti-money laundering regulation: Implementation experience for accountants in the UK

74 Leichhardt Street, Griffith ACT, Felicity Banks
11:00 AM 18 November 2010 -

Felicity Banks Felicity Banks

Presentation overview

Felicity Banks will speak about the experience of the UK in implementing the inclusion of lawyers and accountants within the regulated sector for anti-money laundering (AML) purposes. Accountants are the second largest sector for numbers of suspicion reports after the banks, and the intelligence gained has had a considerable value to law enforcement. However inclusion has been expensive and burdensome to the profession—and there were a number of problems initially that threatened to damage the AML regime as it applied to accountants, including issues of confidentiality, trust between professional and client, and how to treat tip-offs.

The presenter

Felicity is Head of Business Law at the Institute of Chartered Accountants in England and Wales. She has a wide range of responsibilities, including oversight of all the Institute’s technical work on business law such as economic crime, company law and regulatory requirements not dealt with elsewhere in the Institute. She is also responsible for oversight of the Institute’s technical work in specialist areas not served by other technical functions, including pensions, insolvency practice and the areas within the remit of the Specialist Interest Groups.

Felicity has direct responsibility for the Institute’s work in the areas of economic crime, including money laundering, fraud and corruption. In the case of anti-money laundering, she has acted for the Institute and the profession for more than 15 years, she represents the accounting profession on HM Treasury’s Money Laundering Advisory Committee and several other National AML fora, and acts as secretary to the Institute and CCAB Money Laundering Working Parties.