Is this the best time of year for AML training?

After 31 January and before 31 March

Didn't find your answer?

Understandably nobody wants to do AML training and updating in December/January.  There may also be a need to focus on clients' tax affairs after Budget Day and before 5 April.  Of course a lot of businesses have 31 March year ends and there may be stuff that needs to be completed before the year end.

So it seems that RIGHT NOW is the peak time for AML training.  I have been invited to do a one hour slot at 11:15 tomorrow (Tuesday 27 February) as part of the Firmcheck online AML Summit - you may have seen Firmcheck at Accountex and they will also be at the Festival of Accounting & Bookkeeping event at the NEC (which you may have seen mentioned on here!).

I will also be turning up at FAB if you prefer seeing presenters in the flesh at the NEC.

So if you have some time available and you want to know more or say something about AML feel free (literally it's free) to come along to either the online or in person event.

Or is it never a good time for AML training?

Replies (5)

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David Winch
By David Winch
26th Feb 2024 11:47

I should have put links in to the two events -
Firmcheck AML Summit
FAB at the NEC

Thanks (0)
By Mr Hankey
26th Feb 2024 14:03

Just one for the floor, David- if a firm isn't doing very well at their AML compliance but is keen to improve and contacts you for support, what's the crack with that? Are you there purely to help out, or do you have an obligation to blow any whistles on them?!

Thanks (0)
Replying to Mr Hankey:
David Winch
By David Winch
26th Feb 2024 14:39

Hi, that's a fair question.
I do my AML work through a company, MLRO Support Ltd. That company does not provide accountancy or bookkeeping or tax advice and it does not fall within the 'regulated sector' - which is a way of saying that MLRO Support Ltd is not itself subject to the Money Laundering Regulations or the obligation on accountants and others to make Suspicious Activity Reports where there is a suspicion that a client or third party may be engaged in money laundering.
I am based in England. There is law in Scotland which obligates members of the public to report certain types of serious crime to the authorities, but that law does not apply in England.
Finally, I am a member of ICAEW. Members of ICAEW are obliged to report misconduct by other ICAEW members "which, if left unreported, could adversely affect the reputation of ICAEW or the profession as a whole".
I have not yet come across misconduct by ICAEW members which falls into that category. The way I read that is that the misconduct must be so serious that it would do more than simply adversely affect the reputation of the individual ICAEW member.
I do think that if someone is trying to sort out their AML non-compliance that would be a significant factor in determining whether their misconduct would affect the reputation of ICAEW.
So, not a black-and-white answer, but I hope it is a complete one.

Thanks (6)
By penelope pitstop
27th Feb 2024 01:27

I am not affiliated to Mr Winch in any shape or form. But I saw him in action fairly recently. As Mr Winch took the platform I thought "Ey oop, not another AML waste of time".

BUT, I was very pleasantly surprised at Mr Winch's AML knowledge and talents. He is a very useful and knowledgeable man to know in the AML arena.

Because of something Mr Winch said I have slightly changed my AML policies and procedures etc.

So, if you want to hear some great AML nuggets of wisdom, I would certainly recommend you get the link for the 11:15 am showing later this morning (27 Feb 2024).

And yes, December and January are really BAD times for AML training.

P.S. I am not on commission.

Thanks (2)
By BryanS1958
29th Feb 2024 13:52

ICAEW Daily Insights (just to prove I do CPD!):

"UK fraud leaps to £2.3bn - Reported cases of fraud are rising and the amounts involved are getting larger – but still fewer than one in seven fraud offences are reported to the police."

No comment on what percentage of reported offences were successfully prosecuted by police.

Seems to me that AML is a waste of time, particularly given the amount of resources wasted, that could be better utilised elsewhere, and cost of those resources.

Thanks (1)