Newly registered firms will normally be monitored within one year of their initial registration.
Firms selected for desktop monitoring will be asked to complete a compliance questionnaire and to submit various documents and records to the Practice Regulation department for inspection. After assessing this documentation, the Practice Regulation department will consider whether a monitoring visit is necessary. In addition, a number of firms will be selected on a random basis for visits in order to confirm the accuracy of the information supplied on the compliance questionnaire.
If you carry out audit work then you will receive a different monitoring visit - you can download a self-diagnostic audit checklist to help you assess for yourself if you are in compliance with relevant requirements.
All practices are subject to an AML visit.
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