The Anti-Money Laundering and Counter Anti-Terrorism Financing Act (Wwft) entails, among other things, a tightening of client due diligence and a significant increase in the requirements for audit and accounting firms.
The revised Wwft demands more from you as an auditor and your firm. More attention to unusual transaction patterns, new technologies, and high-risk transactions is required. The firm is expected to conduct an internal risk assessment. The Wwft and PCAOB legislation differ in their reporting criteria. While the Wwft mandates reporting when a transaction is deemed unusual, the PCAOB expects reporting only when a transaction is considered suspicious. This distinction also needs a different perspective from you.
Implementing the Wwft often proves to be more challenging than anticipated. Should you report or not? And where are the unusual transactions identified ? This e-learning session focuses on the requirements of the Wwft and ensuring correct implementation. Make sure you are informed about the WWFT laws and regulations on time.
- Key principles of the Wwft
- The difference in the client engagement procedure for accounting firms for the Know your customer partand the Dutch Wwft
- What has changed and requires your immediate attention?
- Tightening of client due diligence
- Dealing with Ultimate Beneficial Owners (UBOs)
- Reporting unusual transactions
- Implications for your professional practice