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Displaying 1-16 of 16 results
AML supervision report and MLRO thematic review: Q&A
- 30 Nov 2023
In a recent webinar, ICAEW’s anti-money laundering (AML) team shared the findings of two recent reports: the AML supervision report for 2022/23 and a thematic review examining the role of the Money Laundering Reporting Officer (MLRO). We pick out some of the common themes raised during the webinar Q&A and provide responses to key questions.
ICAEW response to LSB consultation on first-tier complaints
- 29 Nov 2023
We strongly support the objectives underpinning the proposed provisions to improve accessibility and trust and to focus on continuous improvement. Many of the proposals are already established good practice in our regulations. An area of concern for us is the very low numbers of complaints that we see in this area, means that there is a very high risk of negative data. Our consultation response includes suggestions on ways in which the risk of distortion of data might be reduced.
Watch a summary of the key areas of proposed PII changes
- 29 Nov 2023
ICAEW's PII and Regulatory Manager Sarah-Jane Owen talks through the PII Committee's proposals. The discussion is aimed at helping members and firms in responding to ICAEW's open consultation on changes to PII arrangements. The consultation can be accessed at icaew.com/piiconsultation.
One year on from ISQM 1
- 29 Nov 2023
Experience from audit monitoring reviews in 2023 shows that most audit firms have made great efforts in the implementation of ISQM1. All firms realise that their policies and procedures will develop over time, and it is now the cycle of monitoring, remediation and evaluation of the system of quality management, at least annually, that will be key to ongoing success.
Audit monitoring report 2022/23
- 16 Nov 2023
A key part of our role as an improvement regulator is to provide help and support to our firms, ensuring you have the tools and resources to help your firm maintain the expected standards. Access our latest Audit Monitoring Report, a valuable resource for firms regulated by ICAEW for audit services.
Professional Standards Update November 2023
- 14 Nov 2023
This month we share our guide for witnesses who may be asked to give evidence at a disciplinary hearing. The results of our anti-money laundering monitoring reviews have been published along with our 2023 thematic review on the role of the money laundering reporting officer. There is also an opportunity to join a drop-in session to understand more about proposed changes to professional indemnity insurance and new guidance for probate firms on complex restructures.
2022/23 AML Supervision Report
- 13 Nov 2023
Our 2022/23 AML Supervision Report is now available. Read the most common anti-money laundering findings and access relevant resources.
PII consultation: we want to hear from you
- 10 Nov 2023
The ICAEW Regulatory Board is consulting on changes to ICAEW's professional indemnity insurance (PII) arrangements. James Roberts, Chair of ICAEW’s PII Committee, and Sarah-Jane Owen, PII and Regulatory Manager at ICAEW, outline the key proposals and explain why they want as many people as possible to respond to the consultation.
The Role of the Money Laundering Reporting Officer
- 08 Nov 2023
In this thematic review we sought to understand who the money laundering reporting officer (MLRO) is and how they fulfil their responsibilities. We asked about the challenges they face, training, suspicious activity reporting, compliance monitoring and emerging risks within their client base. This review brings together these findings, provides insight and guidance from our perspective as an anti-money laundering supervisor and includes resources MLROs may find helpful.
Probate investment structures guidance
- 07 Nov 2023
In licensed probate firms, non-authorised persons holding a material interest in the firm must be approved before obtaining interest in the firm. When considering complex restructures (large/investment structures), be sure you’re current with what's needed if you're acquiring (or being acquired by) one. Find further information in our latest guidance.
HMCTS update on delays in probate applications
- 07 Nov 2023
As a member of the Probate Service User Group, the ICAEW Regulatory Policy team regularly meet with Her Majesty's Courts and Tribunals Service (HMCTS) to raise your questions and feedback. Find out what improvements are being planned for Autumn 2023 in HMCTS.
A Guide for Witnesses
- 07 Nov 2023
A complaint received by ICAEW can progress through our disciplinary process and can sometimes end in a hearing, at which witnesses may be asked to attend to provide oral evidence. We understand that acting as a witness can be challenging or daunting. This guide will help you understand the investigation and hearing processes, what to expect as a witness and what support is available.
Disciplinary update: November 2023
- 06 Nov 2023
Take note of the latest disciplinary cases to ensure you or your firm are not making similar mistakes.
Sanctions update: new legal services general licence
- 02 Nov 2023
A new General Licence for legal services (including probate work) came into effect on 29 October 2023. A licence from OFSI is written permission to carry out an act that would otherwise be in breach of financial sanctions prohibitions. Find out what has changed and access the updated licence.
OFSI annual frozen assets review: reports due 10 November 2023
- 02 Nov 2023
OFSI is conducting its annual frozen assets review. If firms hold or control funds or economic resources belonging to, owned, held, or controlled by a designated person, they are required to submit a report to HM Treasury's OFSI by Friday, 10 November 2023.
AMLbites - Proliferation financing
- 30 Oct 2023
Produced by the anti-money laundering supervision team, this video focuses on the definition of proliferation financing, changes to regulations in relation to proliferation financing and the key factors associated.
Displaying 1-16 of 16 results
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