Resources for members
From this page you can access various resources designed to assist IPA members in complying with the Money Laundering Regulations. The IPA intends to develop further resources for its members in due course, and welcomes engagement from IPs suggesting what they would find most useful.
AML compliance checklist for members
IPA members (and particularly compliance officers within firms) might find this checklist useful when carrying out periodic compliance reviews. It also provides guidance to be considered regarding the firm’s internal policies and practices and ensuring they are suitably robust. It does not remove the need to ensure that your firm’s policies and procedures recognise and respond to the AML risks identified in the firm’s own risk assessment.
Click here to download the IPA’s AML compliance checklist for members.
Noncompliance and whistleblowing
It is a requirement of Statement of Insolvency Practice 1 (SIP 1) that an IP who becomes aware that any IP may not be complying (or may not have complied) with ‘the relevant laws and regulations’ (where the suspected noncompliance could discredit the profession) should report the noncompliant IP to the Complaints Gateway operated by the Insolvency Service or to the IPA. The IPA’s own Rules also require a member to report promptly to the IPA any facts or matters (in relation to themselves or another member) that they reasonably believe to be capable of amounting to misconduct.
There will, inevitably, be occasions when an informant would wish to report their concerns in confidence. In accordance with regulation 46(2) of the Money Laundering Regulations, the IPA is required to provide a secure communication channel for persons to report actual or potential AML breaches to it. When required by the informant, the IPA must take reasonable steps to ensure that the identity of the reporting person is known only to the IPA.
Where an informant requires their identity to be known only to the IPA, their report to the IPA will be made under the IPA’s whistleblowing policy. Details of how to report in confidence are available here.
All reasonable measures will be taken to keep a whistleblower’s identity confidential. However, informants are discouraged from withholding their contact details from the IPA, as the investigation process usually benefits from the engagement of the informant.
It is a requirement of the Money Laundering Regulations that a relevant person – an IP or their firm – must seek to ensure that their relevant employees are made aware of the law relating to money laundering and terrorist financing, and given regular training in how to recognise and deal with transactions and other activities or situations which may be related to money laundering or terrorist financing (training provided to relevant employees must be recorded in writing).
In the case of an IP in business as a sole practitioner, the need to comply with the Money Laundering Regulations necessitates relevant training to be able to assess risk, undertake appropriate client due diligence, report suspicious activity, etc. It is a fundamental ethical requirement that a member must obtain the necessary development, including training and experience, to enable them to undertake their work in accordance with technical and ethical standards. It is for each member to identify their development needs and source effective training and advice. The IPA publishes details of upcoming training events, which might help to meet members’ requirements, here.
The IPA can provide technical support to its members and has established an email address through which members may access support specifically in respect of AML compliance. If you require advice in this area, please email [email protected].
The objective of this service is to raise the standard of AML compliance in the public interest, and the effective use of the helpline by members is encouraged.