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

With the self assessment deadline next week, the worst has happened for some tax agents who have been locked out of their agent accounts. Tom Herbert examines the timing, the impact on practitioners’ livelihoods, and HMRC’s poor communication around the issue.

Continuing on with HMRC, Richard Hattersley reviews the criticism HMRC has come under, from exchequer secretary James Murray being grilled on customer service to a scathing public accounts committee report on poor service levels. The team considers what it will take for HMRC to change.

Matthew Ord shares insight from his conversation with Pete Fendall, one of the youngest CFOs in the alternative investment market, who reveals how he proved himself at such a young age. 

Lastly, Herbert discusses the software market for large firms. He spoke with John Toon, tech strategy lead at Beever and Struthers about how 2025 might bring an increase in spending.


No Accounting for Taste ep180: HMRC issues, CFO at 32 and software shopping

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 ep180: HMRC issues, CFO at 32 and software shopping

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