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Professional Standards update: August 2022

Author: Professional Standards Department

Published: 12 Aug 2022

In this month’s regulatory update we highlight new AML resources such as the 2021/22 AML supervision report and a new AMLbites video on politically exposed persons. We give an update on the PII market, and invite you to feedback on a proposed probate fee increase for 2023. We also highlight new guidance for auditors from the FRC and changes to The Money Laundering Regulations which are due to take effect in October. There are also reminders of webinars which are taking place in September including one for insolvency practitioners on the topic of pension issues.

In this issue:

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.

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.

Major changes to government sanctions’ enforcement power

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.

HM Treasury review of the UK AML regime

Government has published a review of the UK’s AML regulatory and supervisory regime.

The documents make a thorough assessment of the UK’s money laundering controls and outline areas of focus going forward. These include a commitment to consult on some key proposals for change.

The review proposes further areas of possible reform, most notably in how firms are supervised for AML.

It also commits to consult on some smaller changes to the regulations, where black-and-white inherited EU rules prevent the UK from taking a more risk-based approach to prevention. This includes looking at the enhanced due diligence required for domestic politically exposed persons.

Proposed changes to The Money Laundering Regulations

Understand they key points accountants should be aware of ahead of the changes which will take place in October.


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

AML webinar: cryptoassets

Cryptoassets are becoming more and more mainstream. Register for our next webinar to help you assess the money laundering risks with confidence.

The webinar is taking place on 21 September and representatives from The National Crime Agency, BDO and KPMG will join ICAEW’s anti-money laundering supervision team to answer your questions on the topic.

Our role as an AML supervisor

Find out more about our latest work as the UK’s largest accountancy professional body supervisor for anti-money laundering.

New ICAEW CPD policy from November 2023

The policy will give greater clarity when it comes to Continuing Professional Development.

New guidance published in response to audit failings

The FRC’s recently published Professional Judgement Framework aims to help auditors improve their practice in this key component of quality audit.

PII market update: COVID, 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.

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.

How satisfied are your clients?

We look at why client feedback is so important and provide some tips on how to gather useful data.

August disciplinary update

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

ICAEW Regulatory Board (IRB) papers

Webinar for new insolvency practitioners

Insolvency practitioners who have been newly licensed by ICAEW should watch this recording to help you understand the regulatory framework, what to expect from the monitoring process and access a list of key resources.

Webinar: pensions issues for insolvency practitioners

Join us for this Restructuring & 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.