IPs gain free access to money laundering guidance and documents

david-menzies By David Menzies, ICAS Director of Insolvency

17 June 2016

ICAS Insolvency Practitioners are being provided with free access to the Money Laundering section of the General Practice Procedures Manual. Find out what is available and how to request access to this online resource.

Money laundering, proceeds of crime, terrorism funding and bribery legislation all place significant requirements on firms and their employees. Non-compliance can result in significant criminal penalties including fines and imprisonment. As a result, this is an area of high risk for any firm.

Insolvency practitioners may be more likely than some other professionals to encounter activities which fall within the scope of these provisions due to the nature of the services they provide.

ICAS Insolvency Practitioners are therefore being provided with free access to the Money Laundering (ML) chapter of the ICAS General Practice Procedures Manual (GPPM) and its associated specimen documents. This will offer additional support to members in this key area of regulated activity.

The manual is intended to provide guidance on the issues, legislative requirements and procedures to be followed by practitioners. It has been designed with small and medium sized firms in mind.

In addition to information on ML requirements, the chapter also includes information in relation to Proceeds of Crime and Terrorism funding together with Bribery Act 2010 requirements.

The GPPM is already available free of charge to ICAS firms (where more than 50% of partners in a partnership or 50% of directors in a limited company are CA’s) or on an annual subscription basis for other firms.

Specimen documents available from the GPPM in relation to ML includes:

  • Flowchart on requirement for identification checks
  • Identification forms for individuals and various entity types
  • Know your client forms
  • Initial and annual confirmation of ML requirements
  • Reporting of ML suspicious activity
  • Money Laundering Compliance Review

ICAS Insolvency Practitioners can register to gain access to the ML chapter of the GPPM by completing the form on the 'general practice procedures manual' page.

Topics

  • Practice hub
  • Insolvency

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