Accountants beware of Company Impersonation Fraud

The latest SARs In Action magazine is out. Here are the highlights.

The UK Financial Intelligence Unit (UKFIU) has published issue 35 of the SARs In Action magazine.

As always, we encourage you to read the magazine in full, but in summary:

• Criminals are increasingly impersonating professional services, including accountancy firms, to lend credibility to frauds.
• Payment diversion fraud remains a major threat, particularly around property transactions, with victims losing on average £82,000 per case.
• Crypto‑investment fraud is growing, often disguised as legitimate or professional‑looking opportunities.
• SARs submitted by accountants directly support investigations, helping law enforcement detect fraud, money laundering and organised crime.

The UKFIU reminds reporters to keep SAR Portal contact details up to date so it can follow up where needed.

We strongly encourage members to review the magazine, as it can be used to support internal AML training. Ensure that you and relevant employees keep AML knowledge up to date and there is a written record of it.

AAT guidance

AAT has a range of resources available in the AAT Learning Portal including short bitesize modules on AML, licence compliance, and practice assurance reviews. Log in to your MyAAT Account, go to AAT Lifelong Learning Portal, click on ‘Featured CPD’ on the homepage. Find the relevant CPD bitesize and click the ‘Launch’ button.

Further guidance and support on risk management and other components of Money Laundering Regulations compliance is available on our AML webpage. You can also contact us on +44 (0)20 7367 1347 or via email at [email protected]

Future of AML/CTF supervision

On 21 October 2025, the Government confirmed that the AML/CTF supervision for accountancy, legal and Trust and Company Service Provider sectors will move to a single professional services supervisor (SPSS), the Financial Conduct Authority.

While this is a big shift, implementation is likely to take years. In the meantime, AAT will continue as the AML supervisor for eligible AAT licensed members and carry out our normal responsibilities, including Practice Assurance Reviews and risk assessment activities. Therefore, our members must ensure full compliance with the MLR 2017. Find more on the consultation response here.

AAT Comment offers news and opinion on the world of business and finance from the Association of Accounting Technicians.