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News 2024

Professional Standards
(?)

Changes to Insolvency Regulation in UK and Ireland

UK  Recent communications with Insolvency Practitioners (IPs) authorised to take insolvency appointments in the UK have been advised of Council’s decision to revoke its status as a Recognised Professional Body (RPB) in the UK. This means that Chartered Accountants Ireland will not be authorising insolvency practitioners in the UK from 1st January 2025. The Professional Standards department has been communicating with these IPs to assist in the application process and to ensure a smooth transfer to an alternative RPB.   Ireland   In addition to UK insolvency regulation, Council has also decided to cease the proactive monitoring of members providing insolvency services in Ireland. Members will no longer be required to hold an Insolvency Practising Certificate (IPC) to take insolvency appointments in Ireland. To reflect the above policy change regarding IPCs, appropriate amendments have been made to the Institute’s Public Practice Regulations. Insolvency services will be included within the general definition of ‘accountancy services’ (therefore requiring the holding of a general ‘Practising Certificate’). This means that the Institute may review insolvency-related work of individual members at its discretion. These changes remain consistent with the provisions of section 633 of the Companies Act, 2014 which requires liquidators to hold a current practising certificate issued by a Prescribed Accountancy Body or specified other bodies. It is also consistent with the approach to insolvency regulation applied by other Prescribed Accountancy Bodies.

Dec 04, 2024
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Professional Standards
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Updated Insolvency Guidance Paper – Control of Cases Withdrawal of Insolvency Guidance Paper – Systems for Controls

A revised IGP approved by JIC and each of the Recognised Professional Bodies (RPBs) relating to the control of cases has been issued by each of the RPBs. Introduction of the revised Insolvency Guidance Paper – Control of Cases

Nov 04, 2024
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Professional Standards
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AML Supervision Report 2023/24

Professional Standards Department is pleased to publish its AML Supervision Report 2023/24. This Report summarises our AML supervisory activities in both jurisdictions, ROI and UK for the period April 2023 – April 2024.

Oct 31, 2024
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Professional Standards
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Institute Audit Regulations (incorporating assurance under CSRD) - Effective 11 October 2024

The Institute has published the Audit Regulations (incorporating assurance under CSRD) and Guidance, Ireland with effect from 11 October.   These regulations replace the existing Audit Regulations for Ireland and introduce the Institute’s regulatory framework for the authorisation and oversight of firms and individuals undertaking sustainability assurance engagements pursuant to Part 28 of the Companies Act 2014 (which reflects the EU’s Corporate Sustainability Reporting Directive (CSRD)). In Ireland only statutory auditors and statutory audit firms can undertake sustainability assurance engagements.  The regulatory regime builds on the existing regulatory regime for statutory auditors and audit firms and this is reflected in the Institute’s revised Audit Regulations (incorporating assurance under CSRD).  The Audit Regulations (incorporating assurance under CSRD) provide for the authorisation, quality assurance and regulatory enforcement of firms and individuals carrying out sustainability assurance engagements and sets out the ongoing regulatory obligations of those firms and individuals. Applications for approval to carry out sustainability assurance engagements The Institute is accepting applications from Institute firms and responsible individuals (RIs) registered for audit in Ireland for approval to carry out sustainability assurance engagements.  Given the urgency of providing authorisation for eligible firms and RIs who have clients reporting under the CSRD in respect of financial year 2024 the Institute will prioritise applications from audit firms and RIs who have clients in this ‘first wave’ of sustainability reporting.  Application forms are available from sasp-applications@charteredaccountants.ie.  The Institute FAQs regarding approval to carry out sustainability assurance engagements provide useful information for potential applicants. Eligibility for approval to carry out sustainability assurance engagements: An Irish registered audit firm is eligible for approval to carry out sustainability assurance engagements if the firm has at least one RI who has been approved as a sustainability assurance service provider (SASP).  An individual approved as RI in Ireland before 1 January 2026 can avail of transitional arrangements and therefore is eligible for approval as a SASP if that RI has demonstrated competence in sustainability assurance by undertaking the appropriate relevant CPD.  A detailed CPD template is submitted by the RI on application for SASP status.   An individual approved as RI in Ireland on or after 1 January 2026 will not be able to avail of those transitional arrangements and will have to undertake a programme of education, including examination, and 8 months of practical training in relevant work. Background note: The CRSD was transposed into Irish law in July 2024 by SI 336 of 2024 which amended the Companies Act 2014.  New Part 28 of the Companies Act 2014 requires certain companies to prepare sustainability reports disclosing information about the company’s environmental, social and governance (ESG) activities in line with the European Sustainability Reporting Standards (ESRSs).  It also requires third party assurance (limited assurance initially) on these ESG disclosures and provides for a regulatory regime for the education, training, authorisation and oversight of sustainability assurance providers.   In Ireland only statutory auditors and statutory audit firms can undertake sustainability assurance engagements. 

Oct 10, 2024
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Professional Standards
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Audit Regulations UK – Updated

The Institute has revised the Audit Regulations UK which set out the requirements for Institute firms and responsible individuals registered for audit in the UK, with effective date 1 October 2024.  The most important revision for UK audit firms relates to audit firm eligibility.  Audit firm eligibility – majority and voting rights The Audit Regulations, UK are updated to improve alignment with the UK Companies Act 2006 and the FRC Eligibility Criteria. The definitions of ‘majority’ and ‘voting rights’ for the purposes of determining the control of an audit firm have been clarified, and the guidance has been expanded.  Firms may be affected where a ‘super-majority’ (more than 50%) is required for certain decisions of the firm to take effect – in those cases firms will need to ensure that the relevant ‘super-majority’ of voting rights is held by appropriately qualified persons where those decisions direct the overall policy of the firm or alter its constitution.  The FRC issued a position paper in this regard in August 2024.     As some firms may need a period of time to effect necessary governance changes a transition period of 6 months has been incorporated so that these particular rules take effect from 1 April 2025.  Firms are reminded of the requirement to inform the Institute promptly in relation to changes to the firm’s structure, ownership or constitution in accordance with Audit Regulation 2.11.   The Audit Regulations UK are issued jointly by Chartered Accountants Ireland, the Institute of Chartered Accountants in England and Wales (ICAEW) and the Institute of Chartered Accountants of Scotland (ICAS).  ICAEW has published some useful FAQs in relation to the Audit Regulations UK and clarified eligibility criteria. Firms with any questions about the application of these revised definitions to their firm should contact the Institute at authorisations@charteredaccountants.ie Other changes to the Audit Regulations UK (all effective from 1 October 2024) include: Recognition of overseas audit qualifications Revisions have been made to reflect the provisions of the Professional Qualifications Act 2022 for the steps which professional bodies, including the Institute, have to take to recognise third country qualifications where there was agreement between the UK and the relevant third country.  These steps include requiring an adaptation period and/or aptitude test.  To date, Norway, Iceland and Liechtenstein are specified states under the Professional Qualifications Act.  The Professional Qualifications Act provisions are in addition to the role of the Financial Reporting Council (FRC) under section 1221 of the Companies Act 2006 to recognise certain third country qualifications.  The countries where the qualification has been approved in that regard by the FRC are set out on the FRC website on this link. Changes to the Audit Regulations UK in this regard include: ·new definition ‘adaptation period’, ·new definition ‘Professional Qualifications Act’, updated definition of ‘appropriate qualification’, and, updated guidance in chapter 4 regarding applications for responsible individual (RI) status. Changes to the Institute’s affiliate requirements: The Institute has made changes to its approach to affiliates such that there is a single affiliate status across all Institute regulations replacing multiple categories of affiliate.  Therefore, distinct categories such as ‘audit affiliate’ are replaced by ‘affiliate’ and this is reflected in the revised Audit Regulations, UK.  The requirements for Institute affiliates are set out in chapter 7 of the Institute’s Public Practice Regulations.    There is no longer any exemption from affiliate status for members of particular bodies – the overall requirement is that a principal at an Institute firm who is not a member of the Institute should be an affiliate of the Institute.  From the perspective of the Audit Regulations UK this means that the current exemption from affiliate requirements for ICAEW, ICAS and ACCA members who are principals at an Institute registered audit firm is removed. CPD obligations Additional material has been added at regulations 3.17 and 3.17A to clarify the obligations of UK audit firms and responsible individuals (RIs) in relation to CPD requirements – now more closely aligned with the Audit Regulations, Ireland. Guidance ISQM 1   At chapter 3 of the Audit Regulations UK, guidance in relation to quality management standards has been updated to reflect ISQM 1 instead of the previous standard, ISQC 1.  Also, the somewhat out of date guidance (Part 2, chapter 2) in relation to ‘Audit compliance reviews’ (ACR) has been removed.  It is considered that the relevant content is sufficiently contained within the ISQM 1 standard.   Amalgamation with CPA Ireland   A new paragraph has been added to guidance at regulations 2.03, 4.01 and 4.04 to draw attention to the amalgamation between the Institute and CPA Ireland on 1 September 2024 and the status of CPA qualifications in the UK (which is unchanged by the amalgamation). Future proposed changes to the Audit Regulations UK. In recent months, the attention of members was drawn to further proposed changes to the Audit Regulations UK as set out in a public consultation hosted by ICAEW.   That consultation (closed on 6 September) proposes to make changes to the UK Audit Regulations which would require UK audit registered firms to notify their registering body when they are appointed as auditors to certain entities. The consultation is available to read here.   Feedback received during the consultation period will be taken into consideration in the finalisation of next amendments to the Audit Regulations UK which are expected during 2025. Any queries in relation to the current or proposed revisions to the Audit Regulations UK can be directed to professionalstandards@charteredaccountants.ie

Sep 24, 2024
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Professional Standards
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Simplification of Institute Affiliate Requirements

The Institute’s affiliate regime has been simplified to reduce the compliance burden for firms.   From 1 September a single status of ‘affiliate’ replaces the previous multiple categories of ‘audit affiliate’, ‘investment business affiliate’, ‘general affiliate’, ‘AML affiliate’ and ‘insolvency affiliate’.    Previously an individual might hold affiliate status in more than one category but effectively have the same obligations under each category.   Furthermore, the rules regarding which principals at a firm should become affiliates have been streamlined and the overall requirement is that a principal at an Institute firm who is not a member of the Institute should be an affiliate of the Institute.  Therefore, there is no exemption from affiliate status for members of particular bodies.  This is consistent with the approach taken from January 2024 with the introduction of the affiliate requirement for all principals at Institute AML supervised firms who are not Institute members.   As a consequence of the latter, principals at a number of Institute firms have been granted affiliate status (AML affiliate status) since 1 July 2024 and therefore will not be affected by this change in the approach.  The Institute does not anticipate any notable increase in affiliate numbers overall as a result of the current streamlining.  The recent revisions to Institute regulations (1 September 2024) give effect to this simplification of affiliate provisions.    The requirements for affiliates are now set out in a single chapter in the revised Public Practice Regulations rather than across a range of Institute regulations.   Other Institute regulations now refer affiliates to the Public Practice Regulations as appropriate.  For example, a person required to become an affiliate in accordance with the revised Audit Regulations is directed to the provisions of chapter 7 of the Public Practice Regulations as regards application for affiliate status, the ongoing regulatory obligations of affiliates and liability to regulatory and disciplinary action where appropriate.   Institute affiliates: Are not entitled to describe themselves as Chartered Accountant Agree to be bound by the Charter, the Principal Bye-Laws, the Disciplinary Bye-Laws and other any other rules, regulations, codes and standards of the Institute; Are required to observe and uphold the Institute’s Code of Ethics Are subject to the Institute disciplinary arrangements where appropriate. The rules regarding affiliates at firms approved to carry out investment business activities in the UK under the Designated Professional Body Handbook are unchanged. Institute firms and compliance principals can direct any queries in relation to the revised affiliate regime to professionalstandards@charteredaccountants.ie.

Sep 06, 2024
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Professional Standards
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Amendments to the approach to confirming compliance with CPD/Code of Ethics

Recent amendments to the Institute’s CPD Regulations have facilitated simplification of how members confirm compliance with CPD requirements and the Institute’s Code of Ethics[1]. Henceforth, by paying the annual membership subscription, or permitting this to be paid on their behalf, or otherwise renewing their membership, members are automatically acknowledging CPD compliance and awareness of Code of Ethics obligations. As a consequence, members generally will no longer have to submit an annual declaration (the Individual Annual Return) in respect of these matters.  Further information on the Institute’s CPD requirements is on the CPD Support & Guidance webpage.  Documents on this page also sets out circumstances in which members may apply for an exemption from CPD requirements; there are no changes in this regard.   Members who have exemptions in this regard are considered to be compliant with the Institute’s CPD Regulations as they are availing of a waiver in accordance with the CPD Regulations. Similarly, there is no change to the Institute’s current approach to substantive testing of CPD compliance whereby a sample of member CPD records is selected for review on an annual basis.  Responsible Individuals (statutory auditors) in audit firms registered by the Institute remain subject to a separate CPD compliance regime based on company law and IAASA requirements. If anyone has any further queries in relation to the above, please contact us at professionalstandards@charteredaccountants.ie. [1] Additional requirements continue to apply to members holding Practising Certificates, and who are Responsible Individuals (statutory auditors).

Sep 05, 2024
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Professional Standards
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Changes to Professional Indemnity Insurance requirements

Further to the notice in our most recent Regulatory Bulletin regarding proposed changes to the Institute’s Professional Indemnity Insurance (PII) requirements, these changes have now been approved by the Professional Standards Board and revised Public Practice Regulations will come into effect on 1 September 2024.  The revised Public Practice Regulations will be available on the Professional Standards website from 1 September 2024. Main changes The main changes to the PII requirements are as follows: The minimum limit of indemnity will increase from €2.14m (£1.5m) to €2.34m (£2m). For firms with a gross fee income which is below €936,000 (£800,000), the minimum limit will be two and a half times the firm’s gross fee income, subject to a minimum of €290,000 (£250,000) (this is an increase from €142,000 or £100,000). Larger firms with gross fee income over €58.5m (£50m) will not be required to put in place ‘qualifying insurance’ but must have in place appropriate arrangements which will be monitored. (Currently this approach is available to firms with 50+ principals.) For firms that will be required to put qualifying insurance in place, the maximum aggregate excess should not exceed the higher of €3,500 (£3,000) or 3% of a firm’s gross fee income. Firms insuring in a group arrangement can be treated as single entity for the purposes of the regulations providing that certain criteria are met.  Firms in the structure can: (a) demonstrate common ownership, control or management; and (b) can demonstrate that they are aimed at co-operation, and (c) meet at least one or more of the following criteria: ·        the firms within the structure are clearly aimed at profit or cost sharing; ·        the firms within the structure share common quality control policies and procedures; ·        the firms within the structure share a common business strategy; ·        the firms within the structure share the use of a common brand-name; ·        the firms within the structure share a significant part of professional resources. Firms continue to be required to have run off cover in place for the first two years after cessation.  Firms should then take “all reasonable steps” to put run off cover in place for a further four years. The existing additional PII requirements for firms licensed under the Designated Professional Body Handbook or authorised by the UK Financial Conduct Authority to conduct insurance distribution activities (extant Public Practice Regulation 7.18) and firms authorised under the Investment Business Regulations (excluding firms that perform referral only business) (extant Public Practice Regulation 7.18A) continue to apply and are unchanged at this time.  Firms within the scope of 7.18A can however expect increases to the prescribed limits for policies renewing on or after 1 January 2025.  Firms will receive further information on these changes in due course. Timeline There will be a transitional period and the new requirements relating to minimum limits and excess will only apply to new policies once a firm renews its PII after 1 September 2024.  These new requirements will therefore apply to all firms from 1 September 2025.  Preparing for the changes In view of the changes, it is more important than ever for firms to engage early with their broker to identify if any changes will need to be made to the policy at next renewal, work out the relevant level of cover needed going forward, as well as carrying out the usual risk assessment. Members or firms who have any queries in relation to these changes should email professionalstandards@charteredaccountants.ie

Aug 07, 2024
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Professional Standards
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Risk Outlook (updated) - Circumstances where there may be high risk of money laundering, terrorist financing or proliferation financing in the accountancy sector

Both Irish and UK AML legislation requires firms to take the appropriate steps to identify and assess the risk that they could be used for money laundering and terrorist financing, and in the UK, also proliferation financing. The Accountancy AML Supervisors Group (AASG) in the UK has recently updated its Risk Outlook Guidance which identifies those circumstances where there might be a high risk of money laundering, terrorist financing or proliferation financing in the accountancy sector. (Although drafted pursuant to UK AML legislation, many of the risks are also relevant in Ireland.) This Guidance has been updated to include risks associated with the following: Complex supply chains Crypto Register of Overseas Entity verification Services subject to trade sanctions Proliferation financing Contractors or agency workers paid by umbrella companies

Jul 30, 2024
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Professional Standards
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Changes to Insolvency Guidance Papers

Under the Joint Insolvency Committee’s (JIC’s) strategic work plan, Insolvency Guidance Papers (IGPs) are subject to periodic review to ensure they remain relevant to changing legislation and market conditions.  In 2024 all the IGPs are being reviewed and this notice is to advise you of the changes that have been approved by the JIC to date. Withdrawal of IGPs “Bankruptcy – The Family Home” and “Retention of Title” Following such a review, the JIC is withdrawing the Insolvency Guidance Papers entitled “Bankruptcy – The Family Home” and “Retention of Title” with effect from 1 August 2024.  These Guidance Papers were introduced in October 2005 and November 2014 respectively, but the JIC feels that the appropriate approach to both topics is now so widely accepted that separate guidance papers are no longer required. Revised IGP “Succession Planning” A revised IGP related to succession planning has been issued today by each of the Recognised Professional Bodies (RPBs) following approval by the JIC and the RPBs.  Summary of Changes – "Succession Planning” IGP The “Succession Planning” IGP has remained in place since 2005 during which time the insolvency market and profession have significantly changed.  The principal revisions to the IGP emphasise the importance of contingency planning and documentation to ensure the continuity of case management in the event that an insolvency practitioner is unable to act for one or more reasons and in different contexts including retirement, incapacity, death, loss of licence and the sale of a practice.  The revised IGP covers a variety of scenarios including sole practitioners, firms generally and firms where there are no other insolvency practitioners.   The IGP includes new sections on putting succession agreements or arrangements in place and guidance for alternates and potential alternates.  The style and language used has also been modernised to make it clearer and easier to apply. Implementation – “Succession Planning” IGP The revised IGP is published on 25 July 2024 and comes into effect on 1 August 2024.  

Jul 25, 2024
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Professional Standards
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Revised CPD Regulations

The Institute has issued revised CPD Regulations with effect from 1 July 2024.  The minor changes to the CPD Regulations facilitate a planned simplification of the Institute's Individual Annual Return process for members. To access these regulations, please click on the link provided.

Jun 28, 2024
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Professional Standards
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Consultation – proposed changes to UK Audit Regulations

The attention of Institute firms with UK audit registration is drawn to an open consultation in relation to proposed changes to the UK Audit Regulations. The UK Audit Regulations are issued jointly by Chartered Accountants Ireland (the Institute), the Institute of Chartered Accountants in England and Wales (ICAEW) and the Institute of Chartered Accountants of Scotland (ICAS).  This consultation is being hosted by ICAEW.    The consultation proposes to make changes to the UK Audit Regulations which would require UK audit registered firms to notify their registering body when they are appointed as auditors to certain entities. The consultation is available to read here.  Feedback can be provided, by 6 September, via the online consultation portal or by emailing professionalstandards@charteredaccountants.ie.

Jun 20, 2024
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Professional Standards
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Proposed changes to the Chartered Accountants Ireland (Institute) Professional Indemnity Insurance (PII) requirements

The Institute draws the attention of members and firms to proposed changes to the Institute’s PII requirements. PII arrangements are developed jointly by the Institute, the Institute of Chartered Accountants in England and Wales (ICAEW) and the Institute of Chartered Accountants of Scotland, and the three chartered bodies have participated in a review of these joint PII arrangements, led by ICAEW. Institute members and firms will be aware of this review, which included a public consultation that members and firms were invited to participate in. The main proposed changes to the PII requirements which are being considered by the Institute’s Professional Standards Board following that review, are: The minimum limit of indemnity will increase from £1.5m to £2m. For firms with a gross fee income which is below £800,000, the minimum limit will be two and a half times the firm’s gross fee income, subject to a minimum of £250,000 (this is an increase from £100,000). Larger firms with gross fee income over £50m will not be required to put in place ‘qualifying insurance’ but must have in place appropriate arrangements which will be monitored. (Currently this approach is available to firms with 50+ principals.) For firms that will be required to put qualifying insurance in place, the maximum aggregate excess should not exceed the higher of £3,000 or 3% of a firm’s gross fee income. (And euro equivalents). The Institute’s current PII requirements are set out in Chapter 7 of the Public Practice Regulations.  Any decided changes to the Institute’s PII requirements will be reflected in updated versions of same, which will be made available to members and firms through the usual channels in due course. However, as the principles have the support of the Professional Standards Board, in the interest of giving Institute members and firms timely notice of these proposed changes we are providing you with this information at this stage. If approved, the changes are likely to be effective from 1 September 2024, and apply to policies taken out or renewed from that date. Institute members and firms may wish to check with your PII provider whether any of the proposed changes will impact your policy, and ensure you leave sufficient time to prepare for your renewal this year. Members or firms who have any queries in relation to these proposed changes can contact the Institute at professionalstandards@charteredaccountants.ie. Further information on the review of the PII arrangements is available on the ICAEW website here.

Mar 26, 2024
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Professional Standards
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Amendment to the Money Laundering Regulations (UK)

The Money Laundering and Terrorist Financing (Amendment) Regulations 2023 came into force on 10 January 2024. The legislation now provides that a domestic politically exposed person (PEP) has a lower starting point for risk than a non-domestic PEP (foreign PEP) and if no enhanced risk factors are present, the extent of customer due diligence for a domestic PEP should be lower than a foreign PEP.

Mar 15, 2024
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Professional Standards
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Information Sharing between relevant businesses

New Information Sharing Measures within the Economic Crime and Corporate Transparency (ECCT) Act (section 188-193) came into force, as of the 15th of January 2024.    These new measures will make it easier for relevant businesses to share customer information with each other for the purposes of preventing, investigating, and detecting economic crime by disapplying civil liability including for breaches of confidentiality where information is shared for this purpose.    The UK Government is currently developing guidance to assist firms and promote a consistent approach. We will share this guidance as soon as available. 

Mar 15, 2024
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Professional Standards
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HM Treasury Consultation – Improving the effectiveness of the Money Laundering Regulations

HM Treasury has published a consultation on improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the ‘MLRs’). HM Treasury committed to consulting on changes to the MLRs as part of a wider programme of work aimed at reducing money laundering, which was set out in the Economic Crime Plan 2023-26. The consultation covers four core themes: Making customer due diligence more proportionate and effective Strengthening system coordination Providing clarity on scope of the MLRs Reforming registration requirements for the Trust Registration Service. The Professional Standards Department will be submitting a response.

Mar 13, 2024
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Professional Standards
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Guide - Economic Crime and Corporate Transparency Act 2023

Our colleagues in Advocacy & Voice have published a short guide on the UK’s Economic Crime and Corporate Transparency Act 2023.The guide details some of the changes which will be brought about by the Act. We will be providing further updates as the various sections within the Act come into force.

Mar 12, 2024
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Professional Standards
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National Crime Agency Amber Alert: Financial Sanctions Evasion, Money Laundering & Cultural Property Trafficking Through the Art Storage Sector

The National Crime Agency has issued a new Amber Alert which highlights the sanctions evasion and money laundering risks presented to UK industries linked to the art storage sector, and to serve as a reminder on due diligence checks and reporting obligations. This Alert focuses on UK artwork storage facilities, the UK specialist service providers that are linked to the art storage sector and the clients that utilise these art storage facilities.

Mar 12, 2024
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Professional Standards
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UK National Crime Agency Red Alert: Gold based Financial and Trade Sanctions Circumvention

The National Crime Agency has issued a new Red Alert providing information on the common techniques sanctioned individuals and entities, and their enablers, are suspected to be using to evade sanctions relating to gold.

Mar 12, 2024
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Professional Standards
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Regulatory Fees 2024 UK & ROI

The Regulatory fee invoices for 2024 are available online at the Myaccount portal of the website.  Remittance should be made by 31 March 2024. If you require a copy invoice to be emailed, please email Sandra Smiley, quoting your individual/firm ID.  Need assistance? Please email Sandra Smiley with your name and member/firm ID along with the query or changes required. We will issue a revised invoice if this is appropriate.

Mar 07, 2024
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Professional Standards
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Companies House Webinar: Changes to UK Company Law

Companies House has recently hosted a webinar titled ‘Get ready for changes to UK Company Law’. This webinar is a summary of upcoming changes introduced by the Economic Crime and Corporate Transparency Act 2023 (legislation.gov.uk) Click Companies House webinars - GOV.UK (www.gov.uk)  and scroll down to register to access the recording. Summary of key changes Changes will be introduced in a phased approach over the next few years. The first set of changes are effective 4 March 2024 and include: New rules for registered office addresses PO Box may not be used as an appropriate address. New requirement to provide a registered email address: New companies will be asked to provide this upon incorporation. Existing companies will need to provide their registered email address when they file their next confirmation statement. Lawful purpose statement Shareholders of new companies will be required to make this statement upon incorporation. Existing companies will make their lawful purpose statement in next confirmation statement. Companies House Registrars will have greater powers to query and challenge information. Future Changes Companies House Fees will increase from 1st May 2024. Streamlining accounts filing options for small and micro entity companies Software only filing. Making limited partnership information more accessible and transparent Enhance protection for personal information to protect individuals. Guidance The UK Government has developed a website providing helpful information on the various changes to UK company law being introduced over the next few years. Changes to UK company law - Changes to UK company law

Mar 04, 2024
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