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The Professional Standards Department March update

Author: ICAEW

Published: 08 Mar 2022

In this update we provide an FAQs on the sanctions on Russia, explain how to access our new anti-money laundering training film, All Too Familiar, an update on how our new records management system may affect our usual processing times for regulatory applications and firm structure changes, and how to comply with investment business requirements.

The ICAEW Regulatory Board is also recruiting for new board members – the positions are open to ICAEW members and non-members. And to help us improve our communications, we’d like to hear your views on the content of our monthly regulatory newsletter.

Investment business: keeping on the right side of compliance

Complying with the requirements of your firm’s DPB (Investment Business) licence needn’t be onerous if you follow some simple good practices.

Audit monitoring: telling the story

ICAEW’s audit monitoring report for 2020/21 shows most firms reached a good standard. But it also flags areas for improvement, highlights how root cause analysis can boost performance, and urges firms to tell an audit story. 

Changes to UK sanctions in response to development in Ukraine

Frequently asked questions about changes to UK sanctions against Russia, in response to the conflict in Ukraine.

Probate: check your firm’s eligibility to carry out probate work

The Probate Committee has requested that we remind our firms to be careful to ensure changes to your firm structure do not affect your eligibility to carry out probate work. This is the most common disciplinary issue the committee sees.

Read our case studies to help you identify whether common issues we see could be relevant to your firm to help you identify whether common issues we see could be relevant to your firm

Our regulatory support team are available to talk through any changes you are planning to make before they happen to help you ensure your eligibility is not affected.

Contact the team on +44(0)1908 546302 or by email regulatorysupport@icaew.com.

Probate firms: please tell us about issues you may be having with your bank

Are you still having issues with opening client money accounts? Please tell us which bank or branch this relates to so that we can build a picture and contact the relevant banks or branches on your behalf. Tell us about your experiences.

New resources

All Too Familiar: we have launched our new film

Check your inbox for the link to our new training film which was emailed to contacts in regulatory roles at ICAEW supervised firms last week. All Too Familiar is provided as a free training tool to our firms and insolvency practitioners along with additional resources and learning materials.

All Too Familiar, examines the role of professional scepticism in the fight against economic crime. Produced in collaboration with HMRC, the film looks at a real-life scenario of how firms and individuals may inadvertently become ‘professional enablers’ for criminals involved in everything from financial fraud to modern slavery and terrorism.

Watch: Money laundering risk assessments

In case you missed it, watch our webinar hosted by members of our supervisory team, money laundering reporting officers and anti-money laundering professionals on how to perform a money laundering risk assessment. The webinar included case study discussions and a live Q&A.

An update from the ICAEW Regulatory Board 

An opportunity to contribute

The ICAEW Regulatory Board (IRB) is currently recruiting new members. We talk to existing board members about their background, why they decided to serve, the benefits and challenges, and the need for a blend of skills.

Find out what is discussed at ICAEW Regulatory Board meetings

The ICAEW Regulatory Board aims to be as open and transparent as possible. It is now publishing its meeting minutes and papers for your review.

To be aware of

Please plan ahead: regulatory applications and firm structure changes

ICAEW is implementing a new records management system this spring. As the new system goes live, there may be some disruption to our usual processing times, particularly during March and April. If you or your firm is considering a new regulatory application or change (e.g., to the structure of your firm or to your own registration record), please contact our regulatory support team by emailing regulatorysupport@icaew.com at the earliest opportunity.

Please note, you must notify us of any changes to the structure of your firm within 10 business days of the change.

March disciplinary update

Familiarise yourself with the latest cases

The March disciplinary update is now available, and we recommend reading the update to familiarise yourself with the latest cases we are seeing. 

Give your views

Help us improve our communications

Please help us improve our communications by giving your view on the content of our monthly regulatory newsletter.

Consultation on proposed changes to ICAEW’s disciplinary framework

The ICAEW Regulatory Board (IRB) is consulting on the proposed changes to ICAEW’s disciplinary framework. We’d like to hear your views.

Keep updated

Be the first to know when articles like this are released by following us on LinkedIn and subscribing to our monthly newsletter, Regulatory & Conduct News.

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