Compliance Monitor
Accountancy regulator censured for "serious" AML oversight failings
The Institute of Certified Bookkeepers has become the first professional body to be the subject of a public enforcement action by the FCA.
By Neasa MacErlean
The institute, which regulates 3,000 members, has been given a censure by the financial regulator, for "serious" deficiencies
in its anti-money laundering (AML) supervision - many of them relating to the Compliance department. A fine is not permissible
for a professional body under the 2017 Regulations governing the Office for Professional Body Anti-Money Laundering Supervision,
the specialist unit housed within the FCA.