The proposed new EU Anti-Money Laundering Regulation (AMLR) is expected to be effective in Ireland in 2027. This week we look at one aspect of that Regulation relating to AML training.
Article 12 of the AMLR places greater emphasis on AML Training which is a more comprehensive requirement than in the 4th AML Directive. The 4th AML Directive only required AML training for the obliged entity’s employees who were involved in AML compliance.
Under the new proposed AMLR, accountancy firms must ensure that all individuals involved in implementing AML/CFT measures receive adequate training. The reach of the AML training requirement will be much wider than heretofore and accountancy firms will be held to account in a more comprehensive way for their AML training responsibilities.
Those that will need to have the AML training under the AMLR include:
- Employees;
- Agents; and
- Third party contractors.
The AML training should enable these personnel to recognise potential ML/TF activities and know what steps to take when they encounter them.
For audit cold file reviews and tailored training sessions explaining more about various topics like AML, Audit, FRS 102, please send a mail to john@jmcc.ie.
For more on engagement and representation letter templates and a variety of CPD webinars on money laundering and other accounting/audit related topics, please go to our website for:
- Our latest CPD Webinar on The Main Changes in Irish GAAP (recorded July 2024)
- Anti-Money Laundering Policies Controls and Procedures Manual (March 2022) — View the table of contents
- AML Webinar (December 2023) available here, which accompanies the AML Manual. It explains the latest legal AML reporting position for accountancy firms and includes a quiz. Upon completion you receive a CPD certificate for attendance in your inbox.
- Letters of engagement and similar templates—Please visit our website here where immediate downloads are available in Word format. A bulk discount is available for orders of five or more items bought together.
ISQM TOOLKIT, or if you prefer to chat through the different audit risks and potential appropriate responses presented by this new standard. We typically tailor ISQM training and brainstorming sessions to suit your firm’s unique requirements. Please contact John McCarthy FCA by email at john@jmcc.ie.
