Due diligence

IPA Insolvency Practitioner newsletter AML Digest, December 2024

Due diligence failures remain the number one issue that is found on general inspection visits, AML visits and AML compliance reviews. It is important that members have a clear policy on due diligence that complies with the regulatory requirements. Not having a robust due diligence policy opens IPs up to unnecessary professional and regulatory risks.

There have been 10 fines against IPs for breaches involving late or incomplete due diligence at an average of fine of £6,000. Accepted fines are published by the IPA and the Insolvency Service and the impact of failing to have effective and compliant due diligence policies and procedures can be severe.