IPA publishes AML strategy

The Insolvency Practitioners Association (IPA), the membership body and regulator for those specialising in insolvency practice, has published its first formal strategy to deal with the requirements placed on the IPA as a Professional Body Supervisor (PBS) under the 2017 Money Laundering Regulation (MLR17).

The strategy is an important part of the IPA’s work in progressing regulation of MLR17 with firms for which the IPA is the regulatory body and will steer the IPA in issuing further guidance and training to members in the coming months.

The strategy builds on policies already published by the IPA on conflicts, complaints and whistleblowing. The strategy also adds to the IPA’s support of the Government’s ‘Flag-It Up’ campaign and involves liaising with other supervisory bodies to enhance and support adherence to the requirements of MLR17.

Commenting on the strategy’s publication, the IPA’s CEO, Michelle Thorp, said “It’s vital that IPA members are conversant with their AML responsibilities. The publication of our AML strategy marks a key point in the IPA’s role as a Professional Body Supervisor, a role that we view as equally important to our other regulatory responsibilities. I’m very pleased with our work in this area, which I’m confident will provide our IPs with the tools, knowledge and processes to carry out their pivotal role to the best of their ability.”

The strategy statement can be viewed here.