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Professional Standards Department updates

Our role as an AML supervisor

Some 347 AML monitoring reviews were carried out with firms in Q2 2022, and 39% were at high or high-medium risk of being used to enable money laundering. Read more about our latest work as the UK’s largest accountancy professional body supervisor for anti-money laundering.

Understanding AML risk

Read our latest anti-money laundering supervision report for the results of our monitoring visits, the outcomes of those visits and enforcement action taken. This report also summarises all of our anti-money laundering supervisory activity during the period. In particular, firms should read the report to understand our most common anti-money laundering findings, and access relevant resources to support compliance in these areas.

AMLbites: PEPs

This short video summarises why politically exposed persons (PEPs) can be a money laundering risk.

An easy sell for AML

Firms of all sizes are using ICAEW’s AML educational drama All Too Familiar as a way of supporting in-house training. In our latest case study, we find out how the film has helped to strengthen and underpin the AML culture at BHP, one of the largest independent firms of chartered accountants in the north of England.

2023 probate fees consultation
Give your view on a proposed fee increase for 2023. Please read our budget and proposed fee scales and give your view by 16 September. Find our more and respond to the consultation. 

How satisfied are your clients?
We look at why client feedback is so important and provide some tips on how to gather useful data. 

PII market update: the impact of COVID-19, sanctions and cyber

In our latest update on professional indemnity insurance (PII), we look at the continuing hard market and how some key issues – from COVID-19 and Russian sanctions to the ever-present risk of cyber attacks – could affect the renewal process.

August disciplinary update

See the latest cases and ensure you and your firm are not making similar mistakes.

Upcoming webinars – register your attendance

Cryptoassets: how to spot money laundering red flags

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, which aims to:

• help you understand what is meant by cryptoassets;
• advise you on how crypto can be abused by criminals; and
• 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.

Webinar: Pension Issues for Insolvency Practitioners
Join us for this Restructuring and Insolvency Community webinar: a comprehensive round-up of all relevant pension scheme matters for insolvency professionals. This webinar will guide you through practical issues faced with company pension schemes and address statutory requirements and common issues such as working with auto enrolment providers, calculating unpaid pension contribution claims and determining which pension liabilities transfer under TUPE.

The webinar will take place on 12 September 2022 at 14:00-15:00.