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

AccountingWEB’s MTD Accountability Club is in full swing. In association with Sage, it follows accountants and bookkeepers preparing for the first mandation date. Richard Hattersley goes through the early results from our recent survey (which is still open), on how the profession is coping, exploring what the answers reveal about MTD readiness.
Tom Herbert shares the news that Xero has acquired the bill payments platform Melio for $2.5bn. Herbert explains who Melio are and what it signals about Xero’s global strategy, especially as UK users already have an end-to-end accounts payable workflow and recent price hikes are causing concerns.
Finally, Matthew Ord turns to audit reform as the government’s Modern Industrial Strategy confirms plans to update the corporate reporting framework. The team discusses what’s coming and shares their thoughts on key topics also on the agenda, including talent, AI, sustainability reporting, and money laundering regulations.


No Accounting for Taste ep192: Insights into MTD readiness

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 ep192: Insights into MTD readiness

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