Janaye Kirtikar, our analyst at Compliance Plus, co-authored an article focusing on the overreach of AML/CFT supervisors.

The article, published by Investment News, details how supervisors have made compliance with the Act unnecessarily difficult through the Identity Verification Code of Practice. It also covers the “stop-gap” measures published by supervisors for level 4 lockdown and how these are already available to reporting entities under the Act.

This article demonstrates our commitment here at Compliance Plus to holding regulators accountable and making AML compliance easy for our clients.

Click here for the full article available on Investment News.

We have observed inconsistencies between individual enforcement officers’ supervisory reports, particularly from DIA’s AML Group.

In December 2019, we submitted an OIA request to DIA. This asked DIA to clarify how they instruct their AML Group to conduct on-site and desk-based reviews of reporting entities’ AML/CFT risk assessments and programmes.

Our requests are included in the OIA response, attached below.

This response raises a number of questions. We will seek clarification from DIA. Watch this space.

OIA Response