ICAEW regulatory round-up: February 2021

24 February 2021: This month’s regulatory content from ICAEW Insights includes anti-money laundering information, professional indemnity insurance advice and insolvency practice updates.

The national risk assessment of money laundering and terrorist financing 2020: access ICAEW’s summary. Plus a new Risk Outlook for accountants and more AML resources to help firms take a risk-based approach to money laundering compliance.

How we cracked down on money laundering from home: Michelle Giddings, head of AML and operations and chair of the 2021 AML Supervisors Forum, outlines the measures ICAEW has taken to tackle anti-money laundering compliance during lockdown.

How not to get caught out - insight from Professional Standards on expensive PII mistakes: Following the recent hardening of the professional indemnity insurance (PII) market Sarah-Jane Owen, PII Manager, Professional Standards, joined a Small Practice Community webinar to advise on how not to get caught out by expensive PII mistakes.

Insolvency Service targets misleading advertising: The Insolvency Service has reminded practitioners working with outside parties on the provision of individual voluntary arrangements to be alert for unethical advertising aimed at individuals struggling with debts.

New Statements of Insolvency Practice (SIPs) come into effect on 1 April 2021. Following last year’s consultation, SIPs 3.1, 3.2, 7 and 9 have all been updated.

Probate firms should prepare for the 2021 diversity survey: Watch ICAEW’s new webinar to understand how to collect, submit and publish your 2021 results.

Probate firms: review your communications by 31 March: ICAEW’s final transparency review will take place in April – for more information watch ICAEW’s Quality Assurance transparency webinar and review our Best Practice Guide to Price and Service Transparency.