Chartered Management Accountants

About Us

We are fully qualified Chartered Management Accountants…

And Chartered Global Management Accountants registered and licenced to work in Practice by CIMA (Chartered Institute of Management Accountants).

We

  • Advise managers about the financial implications of projects.
  • Explain the financial consequences of business decisions.
  • Formulate business strategy.
  • Monitor spending and financial control.
  • Conduct internal business audits.
  • Explain the impact of the competitive landscape.
  • Bring a high level of professionalism and integrity to business.

 

CIMA is the world’s largest and leading professional body of management accountants. Our mission is to help people and businesses to succeed in the public and private sectors.

CIMA have 203,000 members and students in 173 countries. Before working in Practice we worked at the heart of business in industry, commerce and not for profit organisations.

We constantly update our qualification with on going training.

We are committed to upholding the highest ethical and professional standards, and to maintaining public confidence in management accounting.
As CIMA Members in Practice we are monitored by CIMA for:

  1. Continuous Professional Development
  2. Anti Money Laundering Compliance
  3. Professional Indemnity Insurance
  4. Continuity Agreements
  5. Letters of engagement
  6. Ethical conduct

Money Laundering Regulations Policy

Our commitment to understanding and minimising its risks in relation to money laundering and terrorist financing and strengthening of our goals of achieving good ethical business and trading standards are contained within this policy statement.

  • Our aim is that by having robust policies and procedures and the creation of the compliance culture within the firm we should assist the prevention of money laundering and terrorist financing
  • An important subsidiary aim is the protection of the firm’s and staff reputations and integrity.

In order to achieve these aims we have undertaken the following;

1. Appointment of the nominated person/money laundering reporting office (MLRO)

The firm’s MLRO is: (details go here)

MLRO Contact Details

Internal phone extension (details go here)

Email address:- (details go here)

The MLRO is available to discuss any matters relating to the firm’s policies and procedures relating to the Money Laundering Regulations and helping you understand your obligations.

2. Establishment of internal procedures appropriate to the Money Laundering Regulations 2007

These procedures are to prevent money laundering and terrorist financing. We have established appropriate and risk-sensitive policies and procedures relating to:

  • Customer due diligence
  • Reporting
  • Record-keeping
  • Internal Control
  • Risk assessment and management
  • Compliance management and communication

These procedures are described in our Manual.

3. Establishment of internal training requirements

These are required so that all individuals within the firm may understand their responsibilities within the firm’s policy and procedures and their wider responsibilities under the UK’s anti-money laundering strategy. To this end we will ensure all individuals within the firm are trained at regular intervals for:

  • Awareness of the relevant legislation
  • Understanding of their roles and responsibilities under the anti-money laundering regime
  • Updated on particular threats and alerts for the firm or the profession
  • On how to recognise potential suspicious activity
  • Lines of communications for reporting suspicious activity
  • The firm’s exposure to risk, and
  • The firm’s client due diligence policies and procedures

4. The maintenance and retention of records for five years after ceasing to act for a client

These documents (actual or electronic) are those relating to:

  • Client risk assessments
  • Client identity and verification
  • Clients ongoing monitoring
  • Staff training
  • Internal reporting
  • External reporting

5. Making external suspicion reports

The firm through the MLRO has established procedures for assessing internal suspicion activity reports (“SARs”) and on the decision making process. We have established procedures for the MLRO to make SARs to the Serious Organised Crime Agency (SOCA) and for the secure retention and storage of copies of internal and external reports.

6. Aiding law enforcement

The firm, through the MLRO, has established procedures for aiding any law enforcement agency (police, SOCA, Serious Fraud Office) which obtains a “money laundering investigation order” against its clients. These procedures relate to the collation and secure retention of the information required and systems to ensure that confidentiality of the client is maintained where appropriate.

7. Individual staff members’ commitment to the firm’s policy and procedures

It is important that individuals understand the compliance culture and their roles and responsibilities that is placed upon them. Individuals should understand that penalties imposed including fines and imprisonment applies to individuals as well as the firm. So individuals should:-

  • Ensure that they understand the firm’s policy and procedures contained in this document
  • Ensure that during the course of their work for the firm they don’t “turn a blind eye” to the obvious. If they have doubts over the legitimacy of a transaction or event then must follow procedures to discuss the situation or make an internal suspicious activity report. It is only by following these procedures are that staff are protected from the possible penalties contained within the legislation.
  • Must remember that they should not speculate as to whether a crime has been committed. In order for a report to be made there must be reasonable suspicion that a crime has been committed, the client intended for a crime to be committed and there must be proceeds of that crime. An innocent error is not a crime, there has to be an element of intent.
  • Not be required to be investigators; that is the role of law enforcement.
  • Remember that ‘tipping off’ is an offence under the legislation. Staff must not discuss what they may or may not report with the client or with colleagues (other than the MLRO or his Deputy, whose job is to make a SAR where believed appropriate) and must not make reports the topic of general conversation within the office. Tipping off (whether involving the subject of a report, a colleague, friend or family) may result in criminal conviction and a prison sentence.

We are supervised under the Money Laundering Regulations 2007 by the Institute of Chartered Management Accountants.

 

Edinburgh Office:

Phone: 0131 516 3885
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Bonnington Bond,
2 Anderson Place,
Edinburgh,
EH6 5NP
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info@stuartfergusonaccountants.co.uk

Falkirk Office:

Phone: 01324 632500
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Office 10,
16 Melville Street
Falkirk
FK1 1 HZ
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info@stuartfergusonaccountants.co.uk