Russian sanctions reminder
IPA Insolvency Practitioner newsletter, May 2022
- Paul Smith, CEO
- Samantha Keen, President
- HM Treasury approval of Consultative Committee of Accountancy Bodies AML Guidance
- AML training
- HMRC update
- A reminder to Insolvency Practitioners about their responsibilities under Statement of Insolvency Practice 9
- The return to an in-person Annual Conference…
- …and the Scotland Roadshow returns live too!
- 2022 Roadshow Series – Northern Ireland and Cardiff this June
- The IPA Summer Party
- IPA Learning – The Importance of the Ethical Code: are you sure you’ve considered all the points?
- Exclusive discounts on training from the IPA and our partners
- Join an IPA Committee
- Reminder: new discount codes added to member benefit brought to you in partnership with Dell
- CPI training with BPP – special offer for IPA members (member login required to view)
Details were provided in the March newsletter on the need for members to fully understand assets under the ownership and control of clients and the impact on any insolvency appointments. New sanctions against Russian and Belarussian individuals and corporations continues to rise, and the position is fast-moving. It is therefore essential that that your Customer Due Diligence (CDD) policy includes checking for updated sanctions and that checks are carried out not only on new appointments but where payment are due to be made to charge-holders, creditors and shareholders.
Members should also remember to report to OFSI any knowledge or suspicion of a breach of financial sanctions and should remember that reports to OFSI are not Suspicious Activity Reports (SARs). It is likely that where you are reporting a known or potential sanction breach, you will also need to lodge a SAR with the National Crime Agency. The March newsletter article provided links to guidance from the CCAB and HMRC, and links to the OFSI website.