Professional Standards Department updates

A disciplinary framework fit for the future
ICAEW’s disciplinary framework is being simplified and updated to make it more efficient and accessible. Ahead of the changes, Duncan Wiggetts, ICAEW’s Chief Officer for Professional Standards, explains the rationale behind the reforms and discusses how the revamped framework better meets the needs of a modern regulator.

Hitting a nerve: ICAEW’s latest training film
All Too Familiar, an educational drama created by ICAEW in collaboration with HMRC, examines the powerful role of professional scepticism in reducing the risk of economic crime. In the first of a series of articles looking at the different ways firms of all sizes are using the film to inform and train staff, we talk to a senior partner in a small independent practice.

Insolvency infographic
Find out about our role as the UK’s largest insolvency regulator, including the support we provide to firms, monitoring reviews and sanctions.

Upholding the highest standards
Read more about the oversight of ICAEW’s regulatory and conduct roles and 2021-2022 activities in the recently published Regulatory and Conduct Annual Report 2021-2022.

Updates on sanctions

Prohibition on Provision of Accountancy Services to Russia comes into force
The Government has now published The Russia (Sanctions) (EU Exit) (Amendment) (No. 14) Regulations 2022, which implements the ban on the export of accounting services.

• Read the Statutory Instrument 
• Read the statutory guidance
• Read ICAEW’s guidance on the ban 

Russian export sanctions prohibitions (US and EU)
New guidance on the professional services that have been prohibited and the organisations and individuals that are impacted by EU and US export prohibitions.

Regulatory updates

July 2022 Statutory Instrument to amend Money Laundering Regulations
The government has published its response to the HMT consultation entitled: Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 Statutory Instrument 2022, which concluded in October 2021. The Statutory Instrument has been laid in Parliament. Read key points ICAEW firms should be aware of

Register of Overseas Entities Regulations published
On 23 June 2022, BEIS published the draft Register of Overseas Entities (Delivery, Protection and Trust Services) Regulations 2022 and explanatory memorandum. The Register and memorandum mandate digital delivery to the register and the protection regime (ie, permitting certain information to be hidden from the public register and to include corporate trustees). They also correct provisions missed from the drafting of the Economic Crime Act earlier in the year.

Major changes to government sanctions’ enforcement powers
New powers brought in through the Economic Crime Act will bolster the Office of Financial Sanctions Implementation's ability to penalise individuals in breach of sanctions rules.

OFSI and NCA red alert: financial sanctions evasion typologies
Read the new alert about preventing designated persons and their UK enablers from evading financial sanctions.

HMRC update for insolvency practitioners

July 2022: voting rights
HMRC will now be more proactive in the use of voting rights and vote on voluntary arrangements. Read the update to find out more about the effect on Voluntary Arrangement proposals. There are also two important updates on HMRC Dropbox and Members' Voluntary Liquidations clearances.

Events

AML supervision team webinar: crypto assets
The cryptocurrency space is dynamic and fast-moving. Products and services widely available in the industry today could not have existed a decade ago. Cryptoassets, under the National Risk Assessment of Money Laundering and Terrorist Financing 2020, have increased to a medium risk area and criminals are increasingly using and incorporating them into money laundering methodologies.

We have invited the National Crime Agency and anti-money laundering professionals to join ICAEW in this webinar that aims to:

• Help you understand what is meant by crypto assets.
• Advise you on how crypto can be abused by criminals.
• Help you to spot the red flags and the money laundering methodologies.

The webinar will take place on 21 September 2022 at 12:00-13:30.

On-demand webinars

Invitation: Virtual restructuring & insolvency roadshows
See what’s on the agenda in the 2022 roadshows. The webinars are free one-hour sessions.

Restructuring & Insolvency Conference recordings
Book onto the event to watch recordings of the 2022 Restructuring & Insolvency Conference.

Consultations

2023 Probate fees consultation
As an approved regulator and licensing authority for probate services, our activities are guided by and support the Legal Services Board’s strategic themes: fairer outcomes, stronger confidence and better services, to strengthen trust and protect the public by enabling, evaluating and enforcing the highest standards in the profession.

Recognising inflationary pressures and to continue to deliver our ongoing programme of activity to fulfil these objectives and those of the Legal Services Act, we propose to increase probate registration fees by 7% for 2023.

We welcome your views on this proposed change to probate registration fees for 2023. Please review our plans including the 2023 budget, business plan and the 2023 fee scale which sets out the impact of the change.

This consultation is open until 16 September 2022.

• Respond to the consultation

Keep updated

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