Regulation 18/18A MLR checks

IPA Insolvency Practitioner newsletter AML Digest, May 2024

As part of our role an as AML Supervisor, the IPA carries out each year a dip sample of our supervised members to check Regulation 18/18A firm-wide risk assessments to ensure that these are compliant with the Regulations and clear as to where the higher risks from Money Laundering (Reg 18) and Proliferation Financing (Reg 18A) are in relation to the work carried out by the firm.

The sample is approx. 10% of firms that the IPA supervises for AML purposes where there is no proposed full or AML inspection or compliance review due for 2024, and the review is undertaken on the Reg 18 firm-wide risk assessment that was provided as part of the recent licence renewals.

If you are contacted as your firm was randomly sampled for review, we would appreciate your help with any requested amendments or additions to your risk assessment to make sure it is fully compliant and effective.