Renewals

IPA Insolvency Practitioner newsletter AML Digest, November 2022

Contents

• David Holland, Chief Inspector and IPA Money Laundering Reporting Officer
• AML 2021/22 Annual Report and 2022/23 Sector Risk Assessment
• Awareness of CEO fraud and impersonation frauds
• Amendments to the 2017 Money Laundering Regulations
• SARs Reporter Booklet
• Ongoing monitoring and review of a business relationship – Reg 28(11) Money Laundering Regulations 2017
• Accountancy AML Supervisors’ Group alerts
• Sanctions
• SAR Reform Programme
• SAR Glossary Codes
• Supervisory work for 2022/23
• ISS AML training and IPA Learning

As part of renewals, you will notice a number of questions on AML matters. The information requested is important for the IPA to confirm the number of members who we supervise for AML purposes and to confirm members who are supervised by another authority.

The IPA reviews this information and liaises with other AML supervisors to confirm that they are the AML supervisor. This ensures that all members are supervised for AML purposes.
The detail also provides information which we can utilise to consider emerging risk areas and to plan our AML supervision work for the next 12-18 months.

The most important information we request is a copy of your firm’s Regulation 18 firm risk assessment. Every firm must have a risk assessment under Reg 18. The IPA will carry out reviews of a random sample of approx. 20 risk assessments provided to check that they are compliant with the requirement of Reg 18 and are clear on where the risks are deemed higher for your firm.
Any issues or amendments required will be notified via Advisory Notices, which whilst not a disciplinary measure, will ask that urgent updates are made to the risk assessment to ensure that it is compliant and effective.