As accountants feel the pressure over increased scrutiny of their AML reporting, the Treasury has tabled a new consultation that is set to overhaul anti-money laundering supervision as we know it.

The Treasury have put forward four new ideas that could potentially reform the supervision of accountants and lawyers' compliance with money laundering regulations.

The options ranged from bolstering the current supervisors of supervisors OPBAS to the more extreme option of stripping the professional bodies and HMRC of its supervision responsibilities and creating a brand new supervisor - the one supervisor to rule them all.

On this week's podcast, David Winch explores the four potential reforms and offers advice to accountants anxious of upcoming changes. 

Also on the pod, the AWEB team discuss ICAS' recent review of MTD for ITSA and its call to scrap the controversial project's decision  on quarterly reporting, as well as taking a closer look at AI and asking: is this new technology a friend or foe when it comes to tax? 

Podcast speakers:
Richard Hattersley
Tom Herbert
David Winch

Producer/editor:
Will Cole

Cinematic + Bright

No Accounting for Taste ep 142: AML, AI and MTD

Our tech editor, Tom Herbert kicks off the podcast with the shutdown and acquisition of online bookkeeping giant Bench. He details who Bench are, what happened when the company ceased operations, why we should care and the dangers of using technology without proper oversight. 

With January being a busy month for accountants and the 31 January self assessment deadline looming, Richard Hattersley talks about HMRC’s statistics that 5.4m taxpayers are still left to file their return. The team questions whether it is just human nature that a deadline is a deadline for a reason and they see how accountants are coping. 

Finally, Matthew Ord reports on the calls for change in audit. He looks at whether any progress has been made so far and the Financial Reporting Council’s (FRC) desire for audit to be more effective. 

No Accounting for Taste ep179: Bench’s collapse, self assessment deadline and audit reform

AccountingWEB’s business editor Tom Herbert speaks to Karen Briggs, KPMG’s new head of Brexit, about forecasting in uncertain times, what the firm is advising their clients and what a head of Brexit actually does...

No Accounting for Taste ep179: Bench’s collapse, self assessment deadline and audit reform

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