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.
Watch our videos and access answers to frequently asked questions to find out more.
View the latest FAQ updated in April 2024 for Rulebook Compliance.