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ICAEW regulatory round-up: August 2021

Author: ICAEW Insights

Published: 24 Aug 2021

This month’s regulatory content includes updates on government consultations, news of a Defence Against Money Laundering update and a return to onsite monitoring reviews from ICAEW’s Quality Assurance Department.

Respond to open consultations

We are offering our regulated firms and insolvency practitioners the opportunity to respond to a wide range of consultations. Further information about open and closed consultations, as well as responses to consultations are available at icaew.com/regulatoryconsultations

We invite you to respond to the following consultations if applicable to your area of work:

Consultation: Statement of Insolvency Practice 3.1

Consultation: ICAEW reserved legal services strategy

Consultation: mandating transparency disclosures through regulation

Anti-money laundering webinars

In case you missed it, watch the recording of our second anti-money laundering webinar focusing on when you need to obtain a Defence Against Money Laundering request and what constitutes tipping off.

The third webinar in the series, focusing on client due diligence, will take place on 20 October at 11am. Find out more about the event and register.


Update to the annual return

The annual return has been updated. New guidance notes and updated FAQs are available. The changes can be reviewed in this schedule of amendments and relate to the revocation of our Irish recognised accountancy body status, as well as other small amendments and some clarifications to questions relating to voting rights.

Changes to the Minimum Approved Wording Policy

Following a consultation process earlier in the year, we are making changes to the Minimum Approved Wording Policy. The changes clarify the extent of cover for cyber-related claims in policies of insurance. View the changes


The return to onsite reviews

The Quality Assurance Department (QAD) is resuming onsite monitoring reviews from the start of September. If your firm is due a review this Autumn, access further information on what to expect.

SARs reporting: emerging threats

In the rapidly changing landscape of economic crime, new risks are emerging all the time. In the second part of our interview with Martin Cox of the UK Financial Intelligence Unit (UKFIU), we talk about COVID-19, Fintech, cryptoassets and human trafficking.

Insolvency practitioner updates

There are a number of updates for IPs including new HMRC bulletins, an FCA update and new Defence Against Money Laundering guidance. We encourage ICAEW IPs to follow the ICAEW Regulation and Conduct LinkedIn page for updates and read the latest/previous issues of Insolvency News and access the web resources through icaew.com/talkinsolvency

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