Last updated: 27 Oct 2022 10:30 Posted in: AIA
AIA has published its professional body supervisor report, which explains work we've carried out to ensure accountants prevent criminals from using their services to launder money.
AIA supervises its practising members for the purposes of the United Kingdom Money Laundering Regulations 2017 (amended 2019), where AIA is listed in schedule 1 as an approved supervisory body. In the Republic of Ireland AIA is a designated body under the Criminal Justice (Money Laundering and Terrorist Financing) Act. This work is overseen by HM Treasury, the Office for Professional Body AML Supervision (OPBAS) and the Republic of Ireland Departments of Finance and Justice.
The AIA's strategy is to provide robust anti-money laundering supervision through a risk-based approach. A risk-based approach requires firms assess risks and target resources to the areas or products that are most likely to be used to launder money. AIA also offers support to members through education, guidance, training, compliance checklists and templates
The report covers:
George Josephakis, Chair, AIA Regulatory Oversight Committee, said: "AIA continues to take its role as an anti-money laundering PBS for accountants extremely seriously.
Our role as a PBS includes both enforcing compliance where breaches are detected in the course of monitoring and supervision and educating members on their AML obligations.
The accountancy sector plays a key role in preventing economic crime and reporting suspicious activity. AIA's commitment to working in the public interest to tackle money laundering and economic crime remains undimmed and we will continue to work with our members to prevent criminals taking advantage of the professional services offered by accountants.
In this reporting year we have seen key activities relating to educating members on new requirements, resulting from sanctions imposed by governments in the UK and across the EU on Russia following the illegal invasion of Ukraine in February 2022.
Building on our previous year's activities we have invested in staff training, undertaken a review of supervised Trust or Company Service Providers and a specific data request relating to sanctions compliance and delivered high-quality training and guidance to members.
AIA's Regulatory Oversight Committee forms part of an effective governance framework, overseeing and scrutinising the work AIA undertakes as a professional body supervisor (PBS) to ensure we continue to meet the requirements and comply with the regulations."
READ THE FULL REPORT
"In this reporting year we have seen key activities relating to educating members on new requirements, resulting from sanctions imposed by governments in the UK and across the EU on Russia following the illegal invasion of Ukraine in February 2022.
"Building on our previous year's activities we have invested in staff training, undertaken a review of supervised Trust or Company Service Providers and a specific data request relating to sanctions compliance and delivered high-quality training and guidance to members."