Anti-Money Laundering Compliance
Here at the ICPA, we offer a wealth of anti-money laundering support for accountants, through both our resources and our partnerships with AMLCC and The HAT Group
Make sure your practice meets anti-money laundering compliance obligations
As an accountancy practice, you are required by law to comply with anti-money laundering regulations in the UK. You are part of a network of businesses that helps to protect against financial fraud – and anti-money laundering compliance plays a vital role. For all ICPA members, you can take advantage of this great discount with our partners AMLCC – the leaders in compliance, risk management and education.
A failure to abide by the regulations could result in fines or even criminal prosecution – but compliance isn’t always easy. HMRC anti-money laundering guidelines change regularly, so it’s important to ensure that you’re up-to-date.
ICPA's Solution for AML Compliance
We have partnered with The HAT Group to provide additional resources and technical support to our members – including AML compliance resources.
The HAT Group provides training, compliance, technical support, recruitment and advisory services, all tailored to accountancy firms. They are members of the ICAEW Practice Assurance Scheme, and their technical team are all members of the ICAEW or ACCA.
Through the HAT Group partnership, ICPA members have access to our ICPA Essential Documentation Toolkit. This includes our engagement letters pack, covering non-audit assignments; our anti-money laundering procedures pack and our non-audit assignments methodology, as well as on-demand training courses.
How else can the ICPA help you?
There are plenty of ways in which you can benefit from being a member of the ICPA. Find out more below.
Introducing the AML Procedures Pack
Based on the 2017 Money Laundering Regulations and CCAB guidance, our AML Procedures Pack will help you to both become and remain compliant with HMRC anti-money laundering guidelines. ICPA members also receive a simple guide to help small practices identify which elements of the AML Procedures Pack are relevant to them.
Firm-Wide Risk Assessment Tools
- check_small The pack features a firm-wide risk assessment to help tailor AML procedures for all relevant clients.
Client Risk Assessment Templates
- check_small ICPA members receive templates designed to help them conduct client-specific risk assessments in a variety of areas.
Internal Reporting Forms
- check_small The AML Procedures Pack also includes an internal reporting form, allowing you to formally report any suspicious activity to your MLRO, and help the MLRO determine whether an NCA report is needed.
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Additional Compliance Resources from ICPA
In addition to our AML Procedures Pack, ICPA members benefit from a range of other compliance resources - all included within their membership fee.
Engagement Letters Pack
- check_small Our Engagement Letters Pack covers non-audit assignments and saves you time and hassle.
Covering Non-Audit Assignments
- check_small This suite of engagement letters includes a covering letter, generic terms and conditions and service schedules. These cover assignments including the preparation of financial statements, payroll and taxation.
Managing Firm Liability
- check_small Agreeing the terms of an engagement is key in managing a firm’s liability. Quick and easy to tailor and covering all requirements, our Engagement Letters Pack makes this task simple.
Non-Audit Assignments Methodology Pack
- check_small The HAT Group Non-Audit Assignments Methodology Pack covers non-audit accounts preparation assignments and features a range of tools.
Audit Exemption Confirmation
- check_small In this pack, you’ll find audit exemption confirmation statements, which can be tailored to individual client requirements.
Disclosure Checklists for FRS 105 and FRS 102
- check_small The pack also clarifies the financial reporting standards to be followed - including disclosure checklists covering the requirements of FRS 105 and FRS 102 section 1. It also provides control documentation that can be tailored to the size and complexity of each client.
How ICPA Membership Benefits You
At the ICPA, we’re here to help with your anti-money laundering compliance requirements – and much more, too. With ICPA membership, you can save time and money, remain compliant, and enjoy access to expert support and resources – designed by accountants, for accountants.
Saving Time and Remaining Compliant
Searching for the information and resources you need to remain compliant can be time-consuming and costly – and it can be hard to know where to turn. Our membership resources will keep you on the right side of the UK’s complex regulations.
Access to Expert Support and Resources
Through our specialist advisors and our strategic partnerships with other accountancy organisations, ICPA members have access to both industry-leading support and resources that make remaining compliant simple.
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How to Become a Member
Membership Benefits Overview
Comprehensive compliance, risk management and educational solution for your practice
If your profession falls under the DNFBP (Designated Non-Financial Business or Profession) means that you have to meet certain AML requirements – fortunately, this is built into the AMLCC software. After signing up, you can easily navigate through the instructions and personalise the AMLCC to match your company’s risk no matter what size of business you are.
Your business has a legal duty to educate all of your employees in anti-money laundering. The AMLCC education system is designed to meet this need for all employees, whether they are a new starter with no knowledge or an experienced professional.
The AMLCC system provides a tailored risk assessment to meet your unique circumstances, including a comprehensive set of questions about every aspect of your business, high risk warnings and guidance on how to reduce risk.
The system provides you with a tailored Policy that covers every area of AML compliance, risk management and education.
The biggest risk to your business when signing up a new client is not asking the right questions. AMLCC’s client risk assessment gives you the power and knowledge to do this, without the need to fill in multiple forms.
You can use the AMLCC document storage and management feature as an online filing cabinet for any documents that relate to your client.
Reporting potential money laundering activity protects your business and your employees from serious legal repercussions. The AMLCC suspicious activity reporting makes it easy for anyone in your business to submit an internal report to the money Laundering Reporting Officer.
AMLCC can educate your employees in financial sanctions and help them to recognise potential sanctions breaches.
AMLCC
Anti-money laundering compliance is vital for all accountancy practices – but AML is a complex and time-consuming field to navigate. Here at the ICPA, we provide our members with all of the tools, resources and advice they need to navigate the challenges of AML with ease, saving time, money and hassle. If you need information simply contact our team and one of friendly team members will be in touch
Speak to our experts
Thinking of joining the ICPA but have a question or two that you want an answer for? Complete the form below or use the live chat function during open hours.
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