Whilst Anti Money Laundering inspections are designed to test your compliance and are carried out fairly by an independent and impartial team of inspectors, the Institute of Accountants and Bookkeepers (IAB) want to find its members operating compliantly with the regulations. We have analysed the results of past inspections to find areas where members need support and built a dedicated set of AML learning modules with our members in mind.
IAB Education has received excellent feedback from members to date. Where IAB members complete IAB Education modules in advance of their inspection, we are seeing that they are more likely to achieve a higher grading. Naturally, those that take the inputs and have time to implement change in practice benefit more than those sitting them as a reaction to inspection notification.
For members who have completed IAB Education modules, inspections have seen an uplift in ‘good’ ratings from 34% (12-month average) to 45%, and drop in ‘inadequate’ ratings from 21% to 8% – a great sign that these inputs help raise awareness of how to operate compliantly.
Modules are broken down across the 8 areas that we inspect against, so anyone needed to boost or refresh their understanding of a particular area can make sure they get to grips with the requirements. Members who have already been inspected may receive future follow up visits to ensure ongoing compliance, so maintaining good practice and awareness of regulation change is important.
These modules sit alongside a range of AML support material that the IAB has developed. We are seeing a steady improvement in the compliance of members at the point of inspection, with almost 20% of those inspected receiving no mandatory action plans – great examples that it is possible to be compliant prior to inspection.
Have you thought about AML Supervision from the IAB?
About the IAB
The Institute of Accountants and Bookkeepers is a membership organisation and awarding body providing qualifications in accountancy, bookkeeping, payroll and finance to members worldwide.
We offer accredited training, support and continuing development from the beginning of a student’s journey and throughout their career. This includes flexible, Ofqual-regulated qualifications, continued professional development and frequent regulatory updates.