No Accounting for Taste ep 142: AML, AI and MTD

AccountingWEB

As accountants feel the pressure over increased scrutiny of their AML reporting, the Treasury has tabled a new consultation that is set to overhaul anti-money laundering supervision as we know it. The Treasury have put forward four new ideas that could potentially reform the supervision of accountants and lawyers' compliance with money laundering regulations. The options ranged from bolstering the current supervisors of supervisors OPBAS to the more extreme option of stripping the professional bodies and HMRC of its supervision responsibilities and creating a brand new supervisor - the one supervisor to rule them all. On this week's podcast, David Winch explores the four potential reforms and offers advice to accountants anxious of upcoming changes. Also on the pod, the AWEB team discuss ICAS' recent review of MTD for ITSA and its call to scrap the controversial project's decision on quarterly reporting, as well as taking a closer look at AI and asking: is this new technology a friend or foe when it comes to tax? Podcast speakers: Richard Hattersley Tom Herbert David Winch Producer/editor: Will Cole