Last month the ICAEW issued their annual monitoring report based on supervision and compliance visits completed in 2019. One of the common monitoring issues (which had been raised in prior reports) is that of anti-money laundering. Whilst the ICAEW agreed that firms are dealing well with the money laundering obligations of cases, it was the firm-wide obligations where practitioners are falling short.
Since 2017 it has been compulsory for financial services firms to undertake an annual risk assessment of the firm-wide policies and procedures. They should ensure their policies are up to date and fit for purpose for the type of work their business undertakes, taking into account any changes in the type of work or location of its clients in the last 12 months.
We spoke with Michelle Mills Head of Technical at NTI. "This may seem like a significant amount of work for firms to undertake, and it is!"
"AML regulations are not going away, compliance in this area is only becoming more significant and it is only a matter of time before harsher fines are issued if firms do not take their AML obligations seriously"
NTI have been training Insolvency Practitioners for more than 30 years and have recently launched their own bespoke anti money laundering training, specifically designed for insolvency firms.
"It is recommended that staff complete money laundering training at least every 2 years, or as the rules change, which they did in January 2020", says Michelle.
NTI have a full AML training programme for client facing members of staff who are required to undertake AML training. In July NTI is offering a 20% discount on their bespoke AML training package, which includes six webcasts and a vital final test. A certificate is provided on completion of the training, enabling participants to prove they have complied with training obligations.
"The course takes less than two hours to complete the staff and the firm are then compliant", advises Michelle.
NTI also have a full suite of documents to assist Insolvency Practitioners undertaking the firm risk assessment, as well as the required policy and procedure documents, which have also been reduced in price.
"The documents can be used as they are, or amended to a firm’s specific requirements. The firm can then reuse them every year, so it really is a great investment"
To take advantage of the NTI AML discount package you can contact Michelle and her team on 01926 667336 or email firstname.lastname@example.org