ICAS publishes anti-money laundering supervision report for 2021/22
ICAS has published its anti-money laundering (AML) supervision report, which covers its activities as an AML supervisor from April 2021 to April 2022.
The report provides stakeholders and interested parties with a better understanding of the actions which ICAS undertakes as an AML supervisor, with the aim of increasing transparency and providing reassurance as to the robust nature of its activities.
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) require AML supervisors, such as ICAS, to publish an annual report setting out how they discharge their supervisory obligations. ICAS have published a report every year since 2019 and were one of the first supervisors to do so.
The ICAS Regulation Board’s AML strategy is also set out in the report, including a summary of the key initiatives actioned over the period covered, and the areas of focus for 2022/23. This strategy will continue to be reviewed and evolved in response to developing risks, and in co-operation with the Office for Professional Body AML Supervision (OPBAS) and other AML supervisors/forums.
Additionally, details of ICAS’ AML supervision governance, regulations, activities, and monitoring procedures are included in the report. This provides context for a breakdown of the AML monitoring outcomes and most common findings garnered across the firms reviewed by ICAS in 2021/22. A description of ICAS’ regulatory action and discipline procedures, and information regarding the channels for whistleblowing and the support available from ICAS to assist with AML compliance, are also provided as part of the report.
Bruce Cartwright CA, ICAS CEO, commented: “ICAS is pleased to publish its latest anti-money laundering supervision report. With the importance of AML growing every year, I would encourage as many Members and firms as possible to read this report, which contains helpful information to improve AML practices and processes.
Financial crime remains an acute threat across society, with Covid-19, the war in Ukraine, and the cost of living crisis all having an impact. Our firms have an important role to play in identifying and mitigating the risks involved, as does ICAS as an AML supervisor.”
The report should be read alongside the other information on AML published by ICAS.