The Scenario: You have successfully passed a regulatory AML inspection review. You have some follow-up tasks that need completed before your next review.
You have recently received confirmation that the AML inspection process has been completed successfully.
There are a few ‘mopping up’ matters that need following-up, and your professional body has communicated with you with a description of the main issues that you need to address before the next review.
Some important Do’s and Don’ts:
Do:
- Promptly acknowledge receipt of that confirmation;
- Ensure that the follow-up matters are properly and promptly addressed – they will undoubtedly be checked at the next review;
- Ensure to have external AML Compliance Reviews in the interim years so that your procedures stay in shape; and
- Keep your AML training up to date.
Don’t:
- Allow the firm’s successful AML Procedures to fall into disrepair
All our CPD courses are listed here, including our Audit Update webinar.
To hear more about the latest AML developments and how to be on the alert for suspicions of money laundering and terrorist financing under the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2021, see our latest Anti-Money Laundering webinar here.
Please also go to our website to see our:
- Anti-Money Laundering Policies Controls & Procedures Manual (March 2022) – View the Table of Contents click here.
- AML Webinar (December 2023) available here, which accompanies the AML Manual. It explains the latest legal AML reporting position for accountancy firms and includes a quiz. Upon completion, you receive a CPD Certificate of attendance in your inbox.
- letters of engagement and similar templates. Please visit our site here where immediate downloads are available in Word format. A bulk discount is available for orders of five or more items if bought together.
- ISQM TOOLKIT or if you prefer to chat through the different audit risks and potential appropriate responses presented by this new standard, please contact John McCarthy FCA by e-mail at john@jmcc.ie.
- We typically tailor ISQM training and brainstorming sessions to suit your firm’s unique requirements. The ISQM TOOLKIT 2022 is available to purchase here.
