Accountants have warned that the industry is facing a slew of new money laundering threats, so let’s look at what you should know.
New National Risk Assessment
The latest National Risk Assessment has flagged a higher risk for accountants in 2025, thanks to rising risks in crypto, fintech, and gambling. Accountancy services have long been at risk of money laundering; however, the increasing complexity of the financial services’ digital markets and evolving threats from high-risk third parties are providing new layers of complexity.
This is the fourth report produced by the ICAEW. The core sectors remain a particular risk: wholesale banking, retail banking, legal services, wealth management, and accounting.
What the National Risk Assessment does
The NRA provides an annual national picture of where crime is affecting the financial services industry and where vulnerabilities exist. For firms working in the industry, the NRA report helps to focus minds on protective measures that benefit firms, clients, and the wider UK economy. For accountants Chippenham, such as https://chippendaleandclark.com, the picture helps to identify risk areas and advise clients where necessary.
How the NRA is created
The NRA is produced using intelligence from the financial services industry, regulators, and law enforcement.
It doesn’t produce detailed rules for financial operations to follow, but it does set out a government-level assessment of risk, helping at-risk sectors understand where they face the greatest exposures and should focus their vigilance.
The UK continues to be at a particularly high risk of money laundering due to its status as a global financial centre.
