COMPLIANCE
“My advice to others is simple: see inspections as an opportunity to improve, invest in the right solutions and never underestimate the value of a tailored approach”
far more effective in meeting regulatory requirements and demonstrating your commitment to compliance. A brighter future for my practice Reflecting on this journey, I can confidently say that my first AML inspection was a turning point for my business. While the initial findings were difficult to accept, they served as a catalyst for meaningful change. Today, compliance isn’t just a regulatory obligation but a core aspect of how we operate. The journey from “Requiring improvement” to “Outstanding” wasn’t easy, but it was undoubtedly worthwhile. The investment in time, tools and training has paid dividends, not only in improved compliance but also in enhanced client trust and a stronger reputation. My advice to others is simple: see inspections as an opportunity to improve, invest in the right solutions and never underestimate the value of a tailored approach. The rewards for your practice, your team and your clients are well worth the effort. This experience hasn’t only strengthened my business but also my resolve to uphold the highest standards in the industry. I hope my story inspires others to view AML compliance as a pathway to growth and excellence. For further information on AML supervision from the IAB, visit http://ow.ly/ VmGC50WaTb2. n
Key takeaways for preparing for an AML inspection Drawing on my experience, I’d like to share three essential pieces of advice for anyone preparing for an AML inspection: Integrate AML into daily operations Compliance shouldn’t be treated as an afterthought or a periodic exercise. Make AML processes an integral part of your day-to-day operations. This proactive approach reduces stress during inspections and ensures your business always remains compliant.
The new systems and processes provided structure and clarity, making compliance a seamless part of our routine. My team developed a far deeper understanding of AML requirements, fostering a culture of accountability and vigilance. Our clients began to notice the higher standards we upheld, and their trust in our professionalism grew. Over time, these changes not only enhanced our operational efficiency but also elevated our reputation in the market. By the time of our second inspection in 2024, the results spoke for themselves. I was immensely proud to receive an “Outstanding” assessment – a testament to the transformation we had achieved. A key factor in this success was the development of bespoke AML policies tailored to my practice. Previously, I had relied on generic templates, which proved insufficient during the first inspection. Customised policies not only ensured compliance but also deepened my understanding of AML and its importance in safeguarding the financial system.
Leverage industry resources Professional bodies like the IAB offer
invaluable resources, from inspection guides to training materials. These tools can provide clarity, structure and practical advice as you prepare for an inspection. Take full advantage of what’s available. Customise your policies and procedures Avoid the temptation of relying on generic templates. Tailored policies which reflect the unique nature of your practice are
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| Professional in Payroll, Pensions and Reward |
Issue 112 | July-August 2025
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