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ACCA AML Risk Assessment

Support Service

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I received an email from ACCA saying that want to do an AML compliance check-up on my practice. 

I want to make sure I do this right. In that light, if there is anyone who offers support service on this aspect please let me know. 

Some idea of costs would be helpful.  

 

Replies (16)

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By mumpin
29th Nov 2021 14:25

Hi FT
Have you logged onto myACCA and completed the AML Risk Assessment Questionnaire?
There are a number of Word documents available to download which set out best practice.
Good luck with it.
There's always the safety net of ICPA if the ACCA are as unhelpful as usual...

Thanks (1)
David Winch
By David Winch
29th Nov 2021 17:42

If you are attending the AccountingWEB Expo there is a session "Follow the money!" on the ML Regs and money laundering on Wednesday which you might find helpful.
David

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Replying to davidwinch:
FirstTab
By FirstTab
29th Nov 2021 18:14

Thanks David.

I will not attend the event.

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ALISK
By atleastisoundknowledgable...
30th Nov 2021 08:48

Did you answer “no” to any of the questions in the recent AML questionnaire they emailed around?

I’ve not completed mine yet - I was waiting to actual write the policies so I can truthfully say “yes” on the questionnaire!

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Replying to atleastisoundknowledgable...:
FirstTab
By FirstTab
30th Nov 2021 09:30

Like you and for the same reason, I have not completed the questionnaire.

I spoke to Steve O’Neill of BTC a very helpful person. He did put my mind at rest to some extent.

BTC sell a pack of policies and procedures for £125+VAT.

I will get TaxCalc's input as well.

I am concerned since a few of my answers are no. Like staff training on AML. Not just reading but formal training.

The whole AML process is a burden and with zero benefits, particularly for micro/small practices.

Thanks (0)
Replying to FirstTab:
David Winch
By David Winch
30th Nov 2021 09:43

There are staff training packages readily available (some featuring yours truly).
David

Thanks (1)
Replying to FirstTab:
ALISK
By atleastisoundknowledgable...
30th Nov 2021 15:41

We use TaxCalc for e-verifications, I’ve just bought their AML Centre for I think £250. Downloaded the ACCA template for AML policy - they can’t complain too much if that’s my basis and I ‘personalise’ as minimum as possible.

We used to do AML training (30 min video with quiz, PTP Interactive Training, £25pp), but we’ve new staff that I’ve not got them to do it yet, they’ll have to fit it in in the next few weeks and I’ll say yes it’s done.

Thanks (1)
Replying to atleastisoundknowledgable...:
David Winch
By David Winch
30th Nov 2021 15:55

Sounds good. You didn't mention the firm-wide risk assessment. Hopefully you have got that covered too.
David

Thanks (1)
Replying to davidwinch:
ALISK
By atleastisoundknowledgable...
30th Nov 2021 16:55

That's about the only reason I bought the AML centre!

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By andrew1211
30th Nov 2021 09:53

If you need to answer No then you answer No, at least in a few places, but hopefully not to the "big" stuff. You might got a slapped wrist but it will also be what you plan to do to address the no answers and having something in place now will be a good idea.

Thanks (1)
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By JoannaU
30th Nov 2021 09:56

Hello
I did mine recently - I had some questions so emailed the support line and they came back promptly with good advice. One of my questions was that I have improved my systems over the last year and am implementing a 'more robust' system going forward so should I tick the box on what I have done in the past or what I am currently / intending on doing in the future. They said to tick to say what your current/ new system is based on.
Good luck!

Thanks (2)
Kitten
By Hazel Accounts
30th Nov 2021 10:43

I note you say you haven't completed it, and to anyone else who hasn't either - a reminder that it says it must be completed by 1st December ie tomorrow!!

Thanks (1)
Replying to Hazel Accounts:
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By andrew1211
30th Nov 2021 10:51

Yes ours due then too! Is everyone in the same boat? We did our, and answered honestly. Guess so.......

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Replying to Hazel Accounts:
FirstTab
By FirstTab
30th Nov 2021 11:06

My fisrt ACC A email went to spam. The second reminder came in my inbox.

I have asked for an extension. No response yet.

They are a few areas I am concerned about. I want to address these, before responding.

It is also not the right time of the year for ACCA to dump this on its members. They could have waited until the end of Jan.

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David Winch
By David Winch
30th Nov 2021 11:26

If you want a heads-up as to what worries ACCA AML supervisors there is a downloadable report on their previous findings at
https://www.accaglobal.com/uk/en/member/regulation/monitoring-statutory-...
Some points to watch for!
Of 156 firms reviewed the number classed as "compliant" was ..... zero.
The most frequent failures were
- no firm-wide risk assessment
- no documented AML policies & procedures
- no AML training for employees

Note that very few firms were 'failed' due to lack of adequate CDD.
David

Thanks (4)
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By JD
01st Dec 2021 16:18

Try AMLCC - It covers off firm wide risk assessment & staff training quite nicely

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