The Evolving Role of Accountants in AML Compliance

The presentation highlights the evolving role of accountants in Anti-Money Laundering (AML) compliance, emphasizing their responsibility in promoting transparency and combating corruption. It explains that professional accountants, through education and ethical practice, play a key role in reducing financial crimes such as tax evasion, fraud, and money laundering. The global AML framework, led by the Financial Action Task Force (FATF), outlines standards like customer due diligence, reporting suspicious transactions, and ensuring effective supervision. Bangladesh is largely compliant with FATF’s key recommendations but still faces challenges in beneficial ownership transparency and supervision effectiveness. The upcoming Fifth Round of Mutual Evaluations will focus more on effectiveness and risk-based approaches. Being placed on the FATF grey list can hurt a country’s economy by reducing access to capital and increasing business costs. Therefore, maintaining compliance is crucial for economic stability. The presentation concludes that organizations like ICAB and individual accountants must act as key partners in safeguarding public interest, upholding integrity, and strengthening Bangladesh’s global financial reputation.