Investigating how accountants use information on beneficial ownership to manage money-laundering and terrorist-financing risk

This project aims to support accountants’ anti-money laundering (AML) compliance responsibilities within the UK and India by investigating how accountants use information on beneficial ownership to manage money-laundering and terrorist-financing risk. The proposed study aims to address three interrelated issues. First, we will identify the challenges that accountants face in using registers of beneficial owners within the UK and India as part of their compliance role. Second, we will gain an understanding of the concerns of accountants about supervising and monitoring transactions on behalf of their clients, identifying and keeping beneficial ownership records, and reporting discrepancies through official channels. Finally, we will identify best practices employed by accountants in the UK and India to support international collaboration and knowledge exchange between members of the Institute of Chartered Accountants of England and Wales (ICAEW) and The Institute of Chartered Accountants of India (ICAI). To address these issues, the project will adopt a qualitative approach, engaging with accountants within the UK and India through literature review, semi-structured interviews and in-county workshops to gain an in-depth insight into their practices. We will use thematic analysis to determine the key themes impacting accountants’ anti-money laundering (AML) compliance responsibilities and related implications for the profession.