Newly updated AML guidance, TR01/2019 (Revised March 2022 and July 2026), for members of Chartered Accountants Ireland is now available.

There have been some major changes in the AML landscape since anti-money laundering guidance from the Consultative Committee of Accountancy Bodies-Ireland was last revised in 2022, Lilian Halpin, Technical Manager, Chartered Accountants Ireland, says.

“We are encouraging all members to review this updated guidance. It is written specifically with members in mind and will assist them in complying with their AML obligations. These obligations are becoming increasingly onerous, as are the sanctions for non-compliance”, Halpin notes.

The Institute has included a section in its guidance on sanctions: legally binding restrictive measures which apply to accountants. These sanctions have increased in importance since Russia’s invasion of Ukraine. The guidance outlines why sanctions should now be part of screening practices and procedures.

The biggest change since the 2022 release has been the adoption by the European Union of the sixth Anti-Money Laundering Directive (AMLD 6), Halpin says.

This is a package of regulations and directives adopted by the EU in 2024 and due to take effect on 10 July 2027.

It harmonises AML rules across the EU by a directly effective regulation – the single rule book – which strives to eliminate fragmentation of rules across the EU and harmonise laws so there are no legislative gaps amongst Member States.

The Institute’s updated guidance includes a chapter on some of the important changes AMLD 6 will bring next year.