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Checklist · Internal
AML Annual Review Checklist for Accountants
Conducting your mandatory annual AML review.
Built by a practising Chartered Accountant · Unlimited users · 60-day free trial · Last updated 23 September 2026
Quick answer
AML compliance requires a firm-wide risk assessment that you must review at least annually. This checklist ensures you cover all key risk areas, update your firm's procedures, and document your findings thoroughly, as required by supervisory bodies.
Why do you need an annual AML review?
Your AML risks change as your client base and services evolve. An annual review demonstrates your commitment to compliance to supervisors.
Failing to document your annual review is a common finding during supervisory visits.
It's a proactive way to identify gaps in your firm's defences.
What should you review in your annual assessment?
Assess your firm's overall risk profile, review individual client risk levels, check staff training records, and update your firm-wide AML policy.
Key annual AML tasks
- Firm-wide risk assessment
- Review individual client risk scores
- Update AML policy and procedures
+ 2 more in the full download
Checklist preview
0/4 done · showing 4 of 15 itemsThe full 15-item checklist is in the download below. Enter your name and email to get it as a Word or PDF file.
This is a standard checklist. Each firm's requirements may vary, so please cross-check everything against current GOV.UK, Companies House and professional body guidance before relying on it.
See it working with your own clients
A 30-minute walkthrough using your services, deadlines and templates.
Turn this into a task and subtask template in Remindoo
Save each group as a task with subtasks, attach it to the right service and let recurring tasks create it for every client, every period. Each item gets an owner and a deadline, and nothing depends on someone remembering to print the list. See task and subtask templates.
AML risk scoring and digital ID checks
Risk assessments plus built-in digital KYC, AML and proof-of-address checks.
See featureTask and subtask templates
Checklists that make every job consistent.
See featureAutomated reminders
Timely prompts before work becomes urgent.
See featureRoles and permissions
Control who sees and edits client data.
See featureWhat are the common mistakes?
- Using an outdated firm-wide assessment
- Failing to document the review process
- Ignoring new guidance from your supervisor
- Not updating training records for new staff
- Focusing on firm-wide risk while forgetting individual client risk
“Automated reminders and task templates save countless hours each week.”
Frequently asked questions
Who must do this?
Every accountancy firm under AML supervision.
How often?
At least annually, or when significant changes occur in your business.
What is the firm-wide risk assessment?
A document detailing the AML risks your firm faces based on your client base, services, and locations.
Do I need to train staff?
Yes, you must train all staff on the latest AML procedures.
Where do I store this?
Store these files securely with your firm's compliance documentation.
What if my supervisor changes?
Always stay current with the latest guidance from your specific supervisory body.
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Sources
Last updated 23 September 2026. General guidance, not regulatory advice.
Why recording AML checks properly matters
UK accountants must follow the Money Laundering Regulations and their supervisor's guidance. If a check is not recorded, supervisors will generally treat it as not done.
Evidence for your supervisor
Dated ID checks and risk assessments on each client file are what a supervisor asks to see during a review.
Consistent risk scoring
A standard risk assessment means every client is judged the same way, whoever onboarded them.
Ongoing monitoring
Reminders for periodic reviews help keep checks current rather than done once and forgotten.
Faster onboarding
Built-in digital ID and AML checks in Remindoo reduce back-and-forth with new clients.
Practical tips from UK practice
- Complete identity checks and a risk assessment before starting chargeable work.
- Set review dates by risk level, with higher-risk clients reviewed more often.
- Record the reason for each risk rating, not just the rating.
- Check your supervisor's current guidance, as requirements can change.
Related Remindoo features
Written and reviewed by Waqas Sagar ACA FCCA FMAAT, Chartered Accountant with 18+ years in practice. Founder and MD of Accotax, an ICAEW, ACCA and AAT regulated London practice that has served over 5,000 clients, and founder of Remindoo. Guidance is general; check current GOV.UK and professional body guidance for your firm.
What UK practices say about Remindoo
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“During my trial, the team were absolutely amazing. They helped onboard my clients, set up my settings and made sure everything was ready for me to use… they made the whole process completely stress-free.”
“It brings client information, tasks, recurring deadlines, workflows and reminders together in one place, giving us much better visibility across the team.”
