Preparing Your Practice for an AML Inspection (Jun 23)
Category: Law & Regulation and Compliance| Duration: 1hr | Tag: VODUK2336 | Type: Video | Speaker: Lucy Brown | Date: 08/06/2023 10:00
Course Details
This course focuses on what you can do to prepare your firm for an AML inspection. Do you fear the call from your professional body supervisor to inform you of being selected for inspection? We discuss the actions you can take now to reduce the fear and give you increased confidence in your firm's AML culture.
Lucy Brown covers the following topics during this session:
1 - Why are firms inspected?
Looking at the regulatory structure and importance of good AML compliance
2 - What might trigger an inspection?
What might the regulators look for, are inspections random?
3 - What are the inspectors looking for?
What is the format of an inspection, how much detail might the inspector go into, what will they want to see?
4 - What can you do to prepare?
How to make the inspection flow easily, how you can present your documents to show compliance
5 - What are the consequences?
Disciplinary action, reputational damage etc
CPD Course Speaker
Calathea Solutions Ltd
Lucy Brown
After initially working in a range of bookkeeping and accounting roles, Lucy took up a role in a team administering the £17 billion pension fund of one of the Top 3 UK banks. Later moving on to a project working with an international partner to scope a new pensions administration system. This work drew on expertise in:
• Workflow Management
• Process mapping
• Systems design
• Test design and implementation
• Interpretation of scheme rules and legislation
After a career break, Lucy went into practice as a bookkeeper, growing and developing a successful bookkeeping practice that she then sold. Whilst in practice as a bookkeeper, Lucy developed and implemented policy and processes to ensure that the business was compliant with all legislative requirements, including Anti Money Laundering legislation.
Having successfully sold the business, Lucy worked for one of the supervisory bodies supporting members to meet their legislative obligations and satisfy professional standards. In this role Lucy provided training, worked to raise awareness, and provided advice to a wide variety of members – alongside overseeing the mandatory penalty regime and developing an independent appeals process.
Lucy provides professional advice focusing on the following areas:
AML
Policy Development
Training
Workflow Analysis
Business Processes
• Workflow Management
• Process mapping
• Systems design
• Test design and implementation
• Interpretation of scheme rules and legislation
After a career break, Lucy went into practice as a bookkeeper, growing and developing a successful bookkeeping practice that she then sold. Whilst in practice as a bookkeeper, Lucy developed and implemented policy and processes to ensure that the business was compliant with all legislative requirements, including Anti Money Laundering legislation.
Having successfully sold the business, Lucy worked for one of the supervisory bodies supporting members to meet their legislative obligations and satisfy professional standards. In this role Lucy provided training, worked to raise awareness, and provided advice to a wide variety of members – alongside overseeing the mandatory penalty regime and developing an independent appeals process.
Lucy provides professional advice focusing on the following areas:
AML
Policy Development
Training
Workflow Analysis
Business Processes