News 2019

Professional Standards

The UKFIU has published the Suspicious Activity Reports (SARs) Annual Report 2019. The UKFIU received and processed a record number of SARs (478,437), with a 52.72% increase in requests for a Defence Against Money Laundering (DAML) (34,543). The Report highlights that the number of SARs from accountants remains low, with accountants and tax advisers submitting 1.06% of the total submitted in 2018/19. The case studies on page 12 demonstrate the value of SARs intelligence in tackling a wide range of crimes.

Nov 07, 2019
Professional Standards

Transparency International published a new report today which investigates how UK businesses and institutions help corrupt individuals and regimes launder their money. You can find the report here: https://www.transparency.org.uk/publications/at-your-service/

Oct 24, 2019
Professional Standards

CCAB has published the draft Supplementary Anti-Money Laundering Guidance for Insolvency Practitioners (IPs).  This is draft guidance pending approval from HM Treasury. IPs should refer to the Main Body Guidance (the Guidance) for detailed information about AML legislation and associated offences, and comprehensive guidance on compliance with the various requirements imposed by the legislation. This draft Appendix is concerned principally with matters that are particular to those acting as IPs.   This draft AML Guidance for IPs covers the UK legislation but many aspects of this guidance will also be relevant to IPs in Ireland.

Oct 14, 2019
Professional Standards

Your Individual Annual Return 2019 is available for completion online.  Please ensure it is submitted by 31 October 2019. Click here for your Individual Annual Return.

Oct 04, 2019
Professional Standards

The UKFIU has published the second issue of its useful magazine SARs In Action Aug 2019. This issue provides useful information for anyone involved in the reporting of SARs. It looks at the ‘life of a SAR’, examining the whole process of what happens when a reporter has a suspicion of money laundering, the subsequent submission of that SAR to the UKFIU, the checks that the UKFIU teams then conduct, and the onward availability of that financial intelligence to law enforcement including case studies illustrating the value of SARs information.   For further useful information published by the National Crime Agency click here.

Aug 28, 2019
Professional Standards

The CCAB has published a supplementary AML Guidance for Tax Practitioners. This Guidance was approved by HM Treasury on 14 June 2019. This supplementary guidance is not standalone but should be read in conjunction with the CCAB AML Guidance for the Accountancy Sector. Who does this guidance apply to? The Money Laundering Regulations 2017 apply to a ‘tax adviser’ and defines a tax adviser as: ‘a firm or sole practitioner who by way of business provides advice about the tax affairs of other persons, when providing such services’.The meaning of ‘advice’ is widely interpreted – for example tax compliance services, i.e. assisting in the completion and submission of tax returns, are included within the term. Tax practitioners are within the scope of the Money Laundering Regulations 2017 whilst they are providing tax services by way of business. They should exercise judgement in deciding whether the provision of tax services is by way of business. If a tax practitioner decides that a service is not by way of business, they should be prepared to explain the reasons for this opinion. CCAB AML Guidance for the Accountancy Sector CCAB Supplementary AML Guidance for Tax Practitioners

Jul 17, 2019
Professional Standards

All regulatory fees for 2019 are due by 15 March 2019. If you have or are having any difficulty accessing the invoice(s), please contact Sandra Smiley in Professional Standards.

Mar 08, 2019
Professional Standards

The Insolvency Service GB has issued a special edition of Dear IP concerning the introduction of the Insolvency Service’s new Case Management System (CMS). CMS is being rolled out initially to the agency’s Redundancy Payments Service (RPS), with the subsequent on boarding of its other operational areas, including the investigation & enforcement and official receiver teams, taking place within a timeframe of 12-18 months. The implementation of CMS will impact Insolvency Practitioners in two main ways. Firstly it will update and modernise the calculation of redundancy payments through automation, providing RPS with the ability to apply the latest tax and legislative rules - and any periodic changes thereto - in real time. Insolvency Practitioners and any agents they instruct to carry out redundancy payments may therefore want to study the details of the changes to redundancy payments to check that their own internal calculation models are ‘in sync’ with RPS’s, and for that reason this special edition necessarily deals with the ‘granular detail’ of the changes. To facilitate alignment going forward, the code for the calculation engine that has been developed to support and integrate with CMS has been made available as open source so that practitioners, Agents and their software providers can utilise their own version of the solution if they wish. Secondly, it has been decided to switch the RP14/A upload service away from the current RPS portal and route this process instead through the Director Conduct Return Service (DCRS). Again this will provide a more modern, more stable and more secure platform for those data transfers. As part of this change, DCRS will be re-named the Insolvency Practitioner Service (IPS). The method of uploading will not change. The only substantive change is that the DCRS platform will serve IPs for both director conduct returns and the submission of redundancy claims information, although there will be a simple, automated password re-set process to go through when users first log on to the updated service. Full instructions for using IPS will be published on the relevant GOV.UK web pages. Further information can be located  at Dear IP.

Mar 08, 2019
Professional Standards

The FRC and BEIS has today (22nd February) published information for auditors and audit firms in the event of a ‘no-deal Brexit.  The Institute continues to engage with relevant authorities in the UK & Ireland on this issue and will continue to keep members and firms advised through the normal channels of communication.

Feb 22, 2019
Professional Standards

Please be advised that all Regulatory Fee correspondence has now been issued, if you have not received an email please contact Sandra Smiley at sandra.smiley@charteredaccountants.ie

Jan 24, 2019

Was this article helpful?