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

Nick Williams, global product director at Intuit opens the podcast by announcing the global availability of AI agents on the Intuit platform. He explains how it works, why they’re launching now, and risks and reactions. 
The team discusses new Intuit QuickBooks research showing small and mid-sized businesses (SMBs) can achieve up to 58% more revenue growth by closing the gap between ambition and execution. Williams explores the role of AI, automation, the importance of readiness and unlocking potential.  
Tom Herbert talks about the return of tech founders, covering six founders who built and sold successful accounting tech products and are now back with new software. Herbert details their return and the growing tech gap for small businesses.
With the Budget weeks away, Richard Hattersley chats about rumours, likely changes, Rachel Reeves’s briefing and the team share their thoughts on which tax updates might actually happen.
Matthew Ord wraps up discussing ICAEW AML compliance. A new report shows that rates have remained consistent but non-compliance is rising. He reviews the findings and whether the FCA will be ready to act on them.

No Accounting for Taste ep201: Intuit’s Nick Williams on AI and growth

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 ep201: Intuit’s Nick Williams on AI and growth

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