Anti-Money Laundering Regulations

IAB Qualifications for Business is one of twenty-two* organisations granted supervisory authority by HM Treasury in accordance with the Money Laundering Regulations 2007. These Regulations state that all persons offering accountancy/Book keeping related services who are not members of one of the supervisory authorities must pay to be regulated by HM Revenue & Customs. HM Revenue & Customs will not register a member of the IAB or any other organisation which has been granted supervisory authority. Severe penalties may be imposed on anyone failing to comply with the legislation.

To be fully compliant with the Regulations sole traders and firms must implement policies and procedures designed to detect and thereby disrupt activities relating to money laundering and terrorist financing.

By compliance with the new legislation IAB members will be making a major contribution to restricting the criminal activity of money laundering, whereby ‘dirty money’ may be reintroduced into legitimate business activities.

Further information on the draft Regulations can be found at, http://www.hm-treasury.gov.uk.

The IAB is represented at meetings of the Accountants Affinity Group of the Anti-money Laundering Supervisors' Forum and the Consultative Committee of Accountancy Bodies (CCAB) policies on Anti-Money Laundering form the basis of the Association’s over arching guidance to members. The CCAB guidance documentation is intended to provide the accountancy profession with an interpretation of the requirements of the regulations and primary legislation relating to money laundering and terrorist financing. It also provides practical guidance on good practice for matters not prescribed in law.

CCAB AML Guidance

GUIDANCE ON THE MONEY LAUNDERING REGULATIONS 2007

AML Supervision

Please note the IAB guidance document below is currently under review

Money Laundering Regulations 2007

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