AIA News

STUDENTS

AIA study texts launches on a new interactive platform

AIA study texts, supplied by BPP Learning Media, will be launched on a new interactive platform, offering students a better learning experience.

The new platform is VitalSource, a premium global ebook provider, which has improved search and annotation features and includes new features such as read aloud. The platform is faster, more reliable and is more user friendly.

AIA learning materials will be transferred to the new system shortly with no additional costs.

AIA will be in touch with all students before the transfer completes with further details and access information.

PARTNERS

AIA announces new partners

AIA collaborates with selected partners to offer a wide range of additional tools and services to save members time and money, helping them to grow their business and those of their clients.

In the last few weeks, AIA is pleased to have welcomed three new strategic partners:

● Airwallex: a global banking services provider: This new partnership will provide AIA members with the opportunity of operating without borders and restrictions with easy access to global accounts, transfers and FX, payment acceptance and borderless cards.

● Pixafusion Marketing Agency: This new exclusive partnership between AIA and Pixafusion will provide members with brand, marketing and advertising solutions at competitive member rates.

● Penfold: a pension provider: This latest exclusive agreement will provide self-employed and freelance AIA members with the opportunity to invest in a bespoke powerful, flexible pension.

TRUST

AIA Educational & Benevolent Trust

The AIA Educational & Benevolent Trust has two main purposes: to provide funding to support educational development in the accountancy profession; and to make a meaningful difference to AIA members who have fallen on tough times.

The Trust is registered with the Charity Commission for England and Wales, registration number 1118333.

The income for the Trust comes almost exclusively from donations from AIA members.

You can donate directly at aiaworldwide.enthuse.com. You can also choose to donate to the AIA Educational & Benevolent Trust through purchases from Amazon. Shop at smile.amazon.co.uk and raise a donation to the AIA Educational & Benevolent Trust, at no cost to you. Same products, same prices, same service.

Applying for assistance

If you wish to apply for assistance through the AIA Educational & Benevolent Trust, you can download an application form from the AIA website.

FINANCIAL SANCTIONS

Financial sanctions measures in relation to Russia

Following the United Kingdom Prime Minister’s statement to the House of Commons on 22 February 2022, the UK has announced a tranche of sanctions on Russia. The full details of the measures are available on the Foreign, Commonwealth and Development Office website. If you require a licence to permit any activity which would otherwise be prohibited by sanctions regulations, you must contact the relevant department.

We expect firms to have established systems and controls to counter the risk that they might be used to further financial crime, including compliance with financial sanctions obligations.

Where the AIA identifies failings in financial crime systems and controls, we can impose restrictions and/or take enforcement action. Additionally, the Office of Financial Sanctions Implementation (OFSI) has the power to levy civil monetary penalties for breaches of financial sanctions and works with law enforcement for the most egregious cases where criminal prosecution may be considered.

Firms should screen current and new clients against the UK Sanctions List to meet these new sanctions measures and screen against the OFSI list of asset freeze targets for financial sanctions obligations. You are legally obliged to report to the OFSI at the earliest opportunity if:

● you know or suspect that a breach of financial sanctions has occurred;

● a person you are dealing with, directly or indirectly, is a designated person;

● you hold any frozen assets; and

● knowledge or suspicion of these come to you while conducting your business.

Our expectations of firms’ systems and controls in relation to compliance with financial sanctions are set out in AML Guidance for the Accountancy Sector (AMLGAS). Where clients give rise to concerns about sanctions evasion or money laundering, you should also consider your obligations to report to the UK Financial Intelligence Unit (UKFIU) at the National Crime Agency (NCA) under the Proceeds of Crime Act 2002.

For further details on financial sanctions, you should contact OFSI or, for trade and export sanctions, you should contact the Department for International Trade’s Economic Control Joint Unit. Applications must be made in advance of any business agreement or transaction taking place.

Republic of Ireland/European Union

Financial sanctions emanate from the UN and the EU and are contained in sanctions lists. All natural and legal persons are obliged to comply with financial sanctions and can do so by monitoring the EU and UN lists and taking appropriate action as required. The consolidated lists and further guidance are available at bit.ly/35ZbnUR and bit.ly/3Jnoeyw.

Firms should be aware that these sanctions are subject to change and should maintain up to date screening processes.

David Potts, AIA Director of Operations and MLRO, said: “In a rapidly changing environment AIA expects its supervised firms to maintain robust sanctions screening controls and consider obligations to report suspicious activity. As a professional supervisory body, we will continue to carefully monitor developing sanctions guidance and update members as appropriate.”