Guidance for a risk-based approach for the accounting profession
The FATF risk-based approach (RBA) Guidance is aimed at practitioners in the accountancy profession; countries and their competent authorities, practitioners in the banking sector, and other financial and designated non-financial sectors that rely on the customer due diligence performed by accountants.
The Guidance aims to support accounting professionals in the design of effective measures to manage their ML/TF risks, when establishing or maintaining business relationships. In particular, it clarifies the obligation for accountants to identify and verify beneficial ownership information.
The Guidance contains a section for supervisors of the accounting profession. It explains the risk-based approach to supervision of this profession, as well as the supervision of the risk-based approach to ensure that accounting professionals manage their risks effectively. The Guidance highlights the importance of supervision of beneficial ownership requirements and nominee arrangements so that up-to-date information on legal persons and legal arrangements is maintained and available in a timely manner.