One year on from the launch of the CPAA's AML helpline, the regulatory landscape continues to evolve, bringing new responsibilities and opportunities for practitioners. With major changes to Companies House processes and enhanced reporting processes, the CPAA's dedicated AML resources and support system remains vital for members navigating these developments.
The AML helpline gives members advice and guidance bespoke to specific queries or issues from a specialist consultancy led by Ian Waters MA FCA. An expert in the field of compliance and a qualified Chartered Accountant, he has extensive experience in both the practice and regulatory sides of the profession. Here, Ian explains more about the latest developments in AML compliance in 2025 and what members need to know.
Key Changes for 2025
The implementation of aspects of the Economic Crime and Corporate Transparency Act 2023 marks a significant shift in how companies interact with Companies House. From 25th March, a new identity verification process will be introduced for those involved in company formation, management, and ownership. While initially voluntary, mandatory verification will be phased in later this year, starting with newly incorporated companies, newly appointed directors, and new persons with significant control (PSCs).
For practitioners, a notable development is the introduction of Authorised Corporate Service Provider (ACSP) status. As at the time of publishing this article, accountancy practices are soon to be able to apply for ACSP registration (keep an eye on the gov.uk website at 'Applying to register as a Companies House authorised agent'). Registration as an ACSP is expected to become mandatory by Spring 2026 for firms filing on behalf of client companies. This new role recognises the profession's crucial position in enhancing corporate transparency and fighting financial crime.
Enhancing Suspicious Activity Reporting
The National Crime Agency's SAR Portal, introduced in September 2023, has now become an essential tool for practitioners. While hard copy SARs are still accepted, the older SARs Online System is scheduled for decommissioning later this year. The new portal offers enhanced security and automatic acknowledgment of submissions, streamlining the reporting process for practitioners.
While SAR submissions are increasing, they appear to be concentrated among a relatively small number of firms. This suggests many practices may be unfamiliar with the new Portal. Ian urges all members to familiarise themselves with this important tool, ensure they are registered to use it, and seek guidance from the CPAA’s AML helpline when needed.
Helpline Insights: Real-World Challenges
Many accountants practise alone, without colleagues to turn to as a sounding board. Therefore, it might be reasonable to assume that firms need support to be able to identify and evaluate suspicious activity, which might require a better understanding of AML compliance more widely. The CPAA’s dedicated AML helpline can offer assistance and reassurance here.
The helpline has fielded diverse queries over the past year, providing valuable insights into the challenges facing practitioners. Common themes include:
- Practical application of CPAA documentation
- Supervisory authority registration
- Client Due Diligence (CDD) in complex situations
- Identifying suspicious activity
Each situation is unique – and this is where the helpline comes into its own, by being able to provide bespoke guidance. For example, a recent case highlighted the nuanced approach to CDD needed for vulnerable clients. When a client had granted lasting power of attorney to a solicitor, the practice needed to balance CDD requirements with practicalities and sensitivity to the client's circumstances. The solution involved focusing CDD efforts on the attorney and the circumstances of their appointment.
How to Access Support
The AML helpline continues to operate 24/7 via email at aml@cpaa.co.uk. Members receive an initial response within 2-3 working days, followed by either detailed guidance within 15 working days or arrangements for in-depth discussion where needed.
This service complements the CPAA's comprehensive suite of AML tools and resources, including:
- Detailed guidance materials in the Members Area of CPAA Zone
- Templates and checklists that can be customised
- Regular CPD training sessions with industry experts
- Live Q&A opportunities with specialists during webinars and seminars.
Looking Ahead
As the regulatory framework continues to evolve, the CPAA remains committed to supporting members through these changes. The combination of the helpline service, comprehensive guidance, and regular updates ensures members have the resources needed to stay compliant and protect their practices.
Members are encouraged to take full advantage of these resources, particularly as they adapt to new Companies House requirements and other developments in general practice. The CPAA's support network ensures practitioners can approach these challenges competently and confidently.
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