AIA operates a range of sanctions imposed on members relating to the seriousness of misconduct, the level and history of non-compliance and the risk posed to the interests of the public and the integrity of AIA’s reputation. The AIA Sanctions Handbook is used by AIA disciplinary committees for all complaints and non-compliance referrals they consider; AIA operates an effective and proportionate enforcement policy, applied in a fair and consistent manner.
This new and updated guidance (effective 19.07.19) sets out the methodology followed by all Committees involved in AIA’s Disciplinary Process, providing a structured approach to decision making and a transparent range of penalties and orders. In addition it provides greater clarity on the decision making process behind sanctions applied to members, expands the range of available sanctions and contains revised sanctions for breaches of the anti-money laundering regulations to reflect their serious nature.
The new dedicated section of AML sanctions, and specific breaches, highlights the importance of AIA’s work in the public interest to remove the benefits of non-compliance and deter future non-compliance using a broad range of enforcement tools and powers.
Overall, the purpose of imposing sanctions is to: protect the public interest; uphold proper standards of conduct in the profession; correct and deter misconduct by Members and maintain the reputation of the profession in general and AIA more specifically.
This means that the public can have confidence that AIA members are appropriately regulated for the work they carry out, with a robust disciplinary process backed up by an effective and transparent sanctions regime.
View the updated guidance: https://bit.ly/2GjWQD7