AIA has published its professional body supervisor report, which explains work 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 (as amended), 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.
AIA’s strategy is to provide robust anti-money laundering supervision through a risk-based approach. A risk-based approach requires assessment of risks and targeting 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:
- Our role in tackling money laundering and terrorist financing
- Firms and individuals in scope of the regulations
- Monitoring and supervision activity
- Reporting suspicious activity
- Whistleblowing and AML disclosures
- Emerging risks
- Upcoming areas of focus and supervisory activity
George Josephakis, Chair, AIA Regulatory Oversight Committee, said: “This annual report of AIA’s AML supervisory activity demonstrates how we meet our regulatory requirements, combat economic crime, and support our members in fulfilling their obligations under the Money Laundering Regulations. While we have achieved encouraging results, there is always room for improvement. The continued delay in publication of the UK Government’s consultation on reforming the AML supervision framework is a source of significant concern. Despite this uncertainty, we remain focused on enhancing AML compliance within our supervised population through targeted training, guidance, and robust monitoring and supervision.”
David Potts, Director of Policy & Regulation, said: “As a Professional Body Supervisor, AIA is dedicated to both enforcing compliance and educating members on their AML responsibilities; AIA understands its key role in preventing economic crime and contributing to a robust approach to AML safeguards. The information presented in this report highlights our regulatory efforts and the effectiveness of our AML monitoring and supervision activities.”
AIA understands its key role in preventing economic crime and contributing to a robust approach to AML safeguards. The information presented in this report highlights our regulatory efforts and the effectiveness of our AML monitoring and supervision activities.”
David Potts, Director of Policy & MLRO, AIA
