Preparing for an ACCA AML monitoring visit

Overview

ACCA conducts designated AML compliance reviews in order to ensure that those it supervises are operating to standards compliant with the regulations. This protects the firm itself from being exploited by criminals and ultimately helps protect society from the impacts of money laundering.

It is the responsibility of the ACCA as a Prescribed Accountancy Body (PAB) to carry out AML supervision in the Republic of Ireland under the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2010 to 2021.  

ACCA automatically supervises firms for AML as long as there is one or more ACCA members holding an ACCA practising certificate with a combined majority control over the firm. ACCA supervises sole practitioners who hold an ACCA practising certificate.

Learning Objectives

The webinar will address the following topics:

• The key themes arising from AML supervisory inspections;
• The Firm-Wide Money Laundering Risk Assessment
• AML policies and procedures;
• Client risk assessment processes;
• Client due diligence (CDD);
• The firm’s process for identifying and reporting suspicious transactions, including a sample of records of internal and external STRs (Suspicious Transaction Reports);
• AML training provided to the firm’s employees
• Record-keeping systems, procedures and controls; and
• Resources available on the ACCA website for members to help them implement appropriate controls.