This Guidance aims to establish a common understanding of a Risk-Based Approach (RBA) for the accountancy profession, financial institutions, and designated non-financial businesses and professions (DNFPBs), facilitating the design and implementation of Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) strategies, with a focus on small firms and sole practitioners. It assists in identifying and managing risks associated with accountants and their services, while also aiding countries, competent authorities, and self-regulatory bodies in implementing FATF Recommendations for accountants, supporting effective national AML/CFT measures. Targeting practitioners in the accountancy profession, countries, their authorities, and self-regulatory bodies, it helps enhance risk assessment and mitigation efforts.