Practice regulation update
Peter has confirmed the contents for the practice regulation update this autumn.
Practice regulation is an often-neglected area – until after a visit from your professional body! The main issue is deficiencies in Anti-money laundering (AML) procedures.
The main omissions are:
1. Failure to prepare a risk assessment plan as required by the CCAB AML guidance
2. No on-going checks which are required on every client – every year.
This is increasingly resulting in firms ‘failing’ their Practice Assurance visits. The regulator will then require an external reviewer to attend your premises to review your AML procedures. Firms are given anywhere between 3 – 6 months to correct. It is a cost firms just do not need for failing to complete two short and simple documents.
The update will look at these and also cover:
• Anti-Money laundering update: the course will cover the key changes your professional body will focus on during a visit
• GDPR: will look at the issues the professional bodies are looking at in the first few months since the change
• BOOM – what you actually need to do
• Commissions received – what harm they can do if incorrectly treated
• Client monies update
• Facilitation of tax evasion training – what you should be doing
• Recent disciplinary cases – what they tell us about practice management
• Latest guidance on letters of engagement
• Key risks affecting practices and how to manage them
• Changes in structure to your practice – what you must do
• Why your website and social media is important in practice regulation
• Latest Practice assurance developments