by John McCarthy Consulting Ltd. | May 1, 2024 | News
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:
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.
by John McCarthy Consulting Ltd. | Apr 27, 2024 | News
So you’ve had an AML inspection from your professional body. Now it’s time to pick up the pieces.
Do:
- Respond in good time to enquiries from the reviewer (even if it’s merely to acknowledge receipt of correspondence).
- Ensure that the information you supply to the reviewer is meticulously accurate and complete.
- If asked to select documents relating to clients for submission to the reviewer, select those clients with care, review the documents before submitting them, and provide additional explanations of these documents to the reviewer if that may help.
- Keep a copy of everything you submit (or request a copy from your supervisory body if you do not have a copy).
- If you are not confident that your AML procedures are fully satisfactory, consider obtaining external assistance before responding to the reviewer.
DON’T:
- Backdate or falsify any documents to be submitted for review.
- Waste the reviewer’s time with incomplete or half-baked responses hoping to buy extra time. If you have insufficient time, simply ask for more time at the earliest possible stage of the process.
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.
by John McCarthy Consulting Ltd. | Apr 20, 2020 | Blog, News
Cybercrime is not without victims and is taken extremely seriously by law enforcement.
Teenagers can drift into cyber-crime without realising the seriousness of their actions. In a timely video message from the UK National Crime Agency (NCA), parents are warned about the crimes teenagers can get involved in, especially during COVID-19 confinement.
The NCA have put together a series of online resources aimed at students/parents/guardians/carers and teachers. Coding, programming and computing are great skills to learn, but only if used safely.
The Garda Síochána have similar resources available at the Garda National Cyber Crime Bureau (GNCCB) website.
The Garda site also includes advice on the most common forms of money laundering during this Coronavirus era such as ransomware, spoof bank websites, Investment scams and CEO fraud, among several others.
Now is a good time to tighten up your AML procedures. For our latest 2020 Anti-Money Laundering Policies & Procedures Manual (retails for €150+VAT) see our online store here.
The Manual contains everything you need to successfully implement the requirements of the Criminal Justice (Money Laundering and Terrorist Financing) Acts, 2010 to 2018 and the Register of Beneficial Ownership.
Comes with a, free of charge, Excel spreadsheet called the ‘AML Control Sheet’ which firms may use to give a ‘helicopter’ view of progress made with keeping client AML data up to date.
Catch up on your AML CPD training here with webinars (all at €45 each and available on demand) on various AML topics like:
