Pursuant to Part C of the First Schedule of the Anti-Money Laundering and Countering the Financing of Terrorism Act, 2020 (“AML/CFT Act”) as amended, the Financial Intelligence Unit (“FIU”) is the designated supervisory authority for the Accountants & Auditors. 


Persons for the Accountants & Auditors, by way of business, provides any of the following services –

  1. External accountancy services;
  2. Tax advice;
  3. Audit services; or
  4. Insolvency services.


Following the above;

  1. “External accounting services” means accountancy services provided to customers for remuneration and excluded services provided by accountants employed by public authorities or by public authorities or by undertakings which do not by way of business provide accountancy services to third parties;
  2. “Audit services” are audit services provided by the way of business pursuant to any function under any enactment; and
  3. “Insolvency services” are services provided by a person if, by way of business, that person accepts appointment as a liquidator under the Companies Act, Insolvency Act, International Business Companies Act or the Foundations Act.


In accordance to section 12.2 of the AML/CFT Act 2020 as amended, the FIU shall monitor and enforce compliance of the reporting entities under its supervision and shall be responsible for promoting compliance with the provisions of the Act by all the reporting entities.