If you would like to expand your AML knowledge with relevant, interesting and up to date views on the world of money laundering and its prevention, you could do worse than subscribe to the podcast hosted by Graham Barrow and his colleague Ray Blake. It’s called the ‘Dark Money Files’.
The latest episode (from 10 September 2024) deals with the potential problems caused by outsourcing any of your AML obligations, as highlighted in a recent publication by the Australian AML regulator, Austrac. They point out that outsourcing can trigger at least two types of risk:
- MLTF (money laundering and terrorist) risk – i.e. the risk that outsourcing could create vulnerabilities that criminals could exploit and
- AMLCTF Compliance Risk – i.e. the risk that your firm fails, through the outsourcing, to meet its regulatory obligations.
Also Austrac recommends that firms carry out due diligence on the outsourcing provider and suggests there may be data privacy laws that may apply.
For additional guidance, technical documents and CPD on money laundering and other accounting/audit related topics, please go to our website for:
Please go to our website for:
- Our latest CPD Webinar on The Main Changes in Irish GAAP (recorded July 2024)
- Anti-Money Laundering Policies Controls and Procedures Manual (March 2022) — View the table of contents
- 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 for attendance in your inbox.
- Letters of engagement and similar templates—Please visit our website here where immediate downloads are available in Word format. A bulk discount is available for orders of five or more items 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 email 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.
