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Anti-Money Laundering
The 2017 Money Laundering Regulations introduced new requirements to tackle money laundering, replacing the 2007 Money Laundering Regulations. The regulations require all individuals that provide insolvency services to be supervised for compliance with the regulations by a supervisory authority; the IPA is recognised as a supervisory authority for supervising the compliance of IPA members. Members can find information and guidance on these regulations below.

Flag it up!

The IPA is delighted to work with the Home Office and the National Crime Agency to support its Flag it up money laundering campaign.  
 
The campaign (jointly with other bodies in the accountancy, legal and property sectors) aims to deter professionals from witting or unwitting involvement in money laundering, driving their engagement with best practice in due diligence and SARs reporting. The campaign is an important part of ensuring that IPA members are aware of the importance of reporting any concerns around money laundering as soon as they might come across them. By doing this, members will help to avoid the possibility of losing their licence, receiving a fine, or facing criminal prosecution, which can be charged even if there is accidental involvement in money laundering.  
 

Information and guidance

Whistle blowing guidance

Insolvency Practitioners (‘IP’s) have a duty under Statement of Insolvency Practice 1 (‘SIP1’) to report any IP who is not complying, or not complied with, any relevant laws and regulations to the complaints gateway or to their relevant RPB (p4 of SIP1).  IP’s also have a duty to report IP’s who are not complying, or have not complied with, or have allegedly breached AML regulations and the IPA acts as a Professional Body Supervisor (‘PBS’) under Money Laundering Regulations.  Members may also consider contacting the HMRC MLR Registration team on their dedicated phone-line - +44 (0)1702 366 312

The IPA’s policy on whistleblowing can be found here.


2018 CCAB guidance

The CCAB published guidance, approved and adopted by the IPA in 2018, on the 2017 Money Laundering Regulations. See guidance here.
 

IT Security Policy

This policy deals with security of data and protection of data and information by the IPA. The policy will allow for anonymity of whistleblowers to be retained and for the IPA to meet its obligations as a Professional Body Supervisor under the 2017 Money Laundering Regulations.


 

 
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