Stuart Jary, IPA Inspector and Deputy AML Single Point of Contact

IPA Insolvency Practitioner newsletter AML Digest, August 2024

The IPA is gearing up for our second Spotlight on AML & Fraud Conference to be held this September in Birmingham. Speakers dealing with a range of topics pertinent to insolvency work have been lined up to cover compliance issues on cases, new Companies House reporting rules and a legal update that covers the impact of sanctions and Proceeds of Crime Act (POCA) issues on insolvency cases.

As AML training is specifically mentioned in the revised IPA CPE Guidance in effect from 1 January 2024, this is an ideal opportunity to undertake AML training that is relevant to insolvency work. Further details on the event and how to book can be found in this digest.

The main focus of the IPA has been on our supervisory function and undertaking AML specific inspection visits and compliance reviews. The main areas of compliance remain in relation to ensuring that due diligence work is undertaken prior to the commencement of a business relationship (except where the appointment is hostile or an emergency) and in reporting suspicions of money laundering to your firm’s Nominated Officer.

Where there are serious breaches, an allegation for misconduct can be raised and the IPA Regulation & Conduct Committee are now issuing Consent Orders for fines for AML breaches.

It is vital that your firm has a clear set of AML policies and procedures and that these are circulated around your team so that their responsibilities and requirements to aid compliance is understood, as well as being to demonstrate that they are effective.

Finally, the IPA has recently made a response to the Treasury on improving the effectiveness of the Money Laundering Regulations. The outcome is awaited and as soon as details are known, we will let members know.