ICAS publishes its annual AML report
Read our latest Anti-Money Laundering Supervision Report, presenting the progress and achievements we have made in 2023/24 and setting our plans for the future.
The Money Laundering Regulations 2017 (MLRs) require ICAS and the other AML supervisors to publish a report every year setting out how we carry out our supervisory functions. We have published a report every year since 2019 and were one of the first supervisors to do so.
The report aims to provide members, firms, and other interested parties with a better understanding of the actions we undertake as an AML supervisor. It covers the period 6 April 2023 to 5 April 2024, and should be read alongside other information on AML we publish.
AML has been a regulatory priority for several years now, with several important changes to how we supervise our firms, improving the effectiveness of our approach, and adding value for firms. While we are pleased with the progress we have made, we have no intention of sitting still. We have an evolving AML workplan, responding to developing risks and working alongside OPBAS and the other professional body supervisors. The plan includes:
- An evolving AML monitoring process which is now more risk-focused.
- A quarterly Regulation News email update, covering developments in AML requirements.
- Improvements in how we receive AML-related data from firms.
- Better risk-based analysis to ensure that we focus more attention on areas with a greater AML risk.
- AML training videos to be published regularly in 2025.
- Changes to our enforcement process, with an amended AML Regulatory Actions Guidance document expected in early 2025.
- Increased use of thematic reviews.
Firms are likely to find the monitoring content of the report to be particularly helpful, explaining the common AML issues which are identified on visits, and providing examples of where improvements could be made.