ICAS has published its annual AML Supervision Report
Read our latest Anti-Money Laundering Supervision Report, presenting progress and achievements made in 2022/23 and setting our further plans.
The Money Laundering Regulations 2017 (MLRs) require AML supervisors, such as ICAS, to publish an annual report setting out how they discharge their supervisory obligations. We have published a report every year since 2019 and were one of the first supervisors to do so.
The report aims to provide stakeholders and interested parties with a better understanding of the actions we undertake as an AML supervisor. It covers the period 6 April 2022 to 5 April 2023, and should be read alongside other information on AML we publish.
Over recent years, we have implemented several important changes to AML supervision, to improve the effectiveness of our approach. While we are pleased with the progress we have made, we have no intention of sitting still. We have an evolving AML workplan, responding to developing risks and working alongside OPBAS and the other professional body supervisors. The plan includes:
- An improved AML monitoring process.
- New risk-based visit cycles for supervised firms.
- A quarterly Regulation News email update, covering developments in AML requirements.
- Improvements in data capture, processing, and reporting.
- AML training video for all Board and Committee members.
- Reviewing AML training requirements and provision for supervised firms.
- Changes to our enforcement process, with an amended AML Regulatory Actions Guidance document.
- Thematic reviews.
Additionally, the report sets out common monitoring failings, so should be helpful to firms in identifying areas of improvement. We encourage you to read more about it, as well as our changes and future plans detailed in the report.