Webinar provides further insight into accounting profession thematic review

The Isle of Man Financial Services Authority has published an online webinar to provide further insight into the findings of the recent thematic review relating to the Island’s accounting profession.

The recording highlights the results, learning points and case studies following inspections conducted by the AML/CFT Supervision Division to test the effectiveness of Customer Risk Assessments (“CRAs”) at 51 external accountant, tax adviser, and/or payroll agent businesses.

A CRA is an important part of a firm’s compliance and risk management framework to help detect and prevent money laundering, terrorist financing, and the proliferation of weapons of mass destruction.

The webinar builds on the published CRA thematic report by explaining the background, thematic review process and key findings in more detail. By identifying trends and highlighting examples of good and poor practice, the Authority aims to help firms meet their obligations in respect of the AML/CFT Code.

Observations from the review will inform updates to the AML/CFT Handbook and sector-specific guidance documents, as well as the Island’s National Risk Assessment. 

All firms are encouraged to watch the webinar and consider any action necessary to ensure their own risk-based compliance regimes in relation to CRAs are effective, up-to-date, and properly documented.