Concultancy about Internal Control Regulations (ICR) for accountants

Concultancy about Internal Control Regulations (ICR) for accountants

In order to ensure security and the rule of law in conformity with the Republic of Latvia international obligations and national interests, in accordance with the ‘’Law on Prevention of Money Laundering and Prevention of Terrorism and Proliferation Financing’’ (ML/TF) and the ‘’International and National Sanctions Law of the Republic of Latvia’’, the outsourced accounting service provider has a duty to prevent money laundering, financing of terrorism and proliferation, and compliance with national and international sanctions.

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Duties of an outsourced accounting service provider:

Duties of an outsourced accounting service provider:

  • Ensure regular anti-money laundering training for all employees and compliance with sanctions, and ensure that they have understood the information provided in the training.
  • Create on a risk-based approach to conduct customer due diligence procedure and extended customer due diligence procedure, including continued monitoring of business relationship.
  • Develop policies and procedures relating to customer due diligence procedure, ongoing monitoring, internal reporting and document storage.
  • Review and update the assessment of the risks of money laundering and terrorism and proliferation financing, at least every three years.
  • At least every 18 months assess the effectiveness of the ICR including review and update ICR, policies, procedures and instructions.

We offer assistance in creating or improving the existing Internal Control Regulations for outsourced accountants.

We have spent a lot of time reviewing the relevant legislation and creating a custom ICR within the company, thus protecting our company from the risks that may arise from the ML/TF and Sanctions laws.

We are also a provider of outsourced accounting services, so it is easier for us to understand the specifics of accountants and develop a system that both helps the accountant and does not burden the client.

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After receiving the application, we will contact you by sending an individual offer or to clarify the information for creating an offer.

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