IPA AML Annual Report and Sectoral Risk Assessment

IPA Insolvency Practitioner newsletter AML Digest, November 2022

Contents

• David Holland, Chief Inspector and IPA Money Laundering Reporting Officer
• Awareness of CEO fraud and impersonation frauds
• Amendments to the 2017 Money Laundering Regulations
• SARs Reporter Booklet
• Ongoing monitoring and review of a business relationship – Reg 28(11) Money Laundering Regulations 2017
• Accountancy AML Supervisors’ Group alerts
• Sanctions
• SAR Reform Programme
• SAR Glossary Codes
• Renewals
• Supervisory work for 2022/23
• ISS AML training and IPA Learning

With the mounting incidence of fraud in the financial sector, such as Covid financial support fraud, as well as the increase and impact of financial sanctions, there are new AML threats for members to bring into focus in the course of your work. The IPA has recently published its 2021/22 AML Annual Report, which is essential reading for members, containing current AML information and guidance as well as insights on our supervisory activity. Access the report here.

The report also contains a link to the IPA’s 2022/23 Sectoral Risk Assessment. This along with the CCAB guidance with the CCAB Insolvency Appendix, and other relevant publications that highlight the risks of operating in any specific sector in which insolvency appointments are taken, should be used to assist in reviewing and updating your firm’s Regulation 18 risk assessment.