AML Regulations

AML Regulations

The IAB is one of twenty-six* organisations granted supervisory authority by Parliament in accordance with the Money Laundering Regulations 2007. The Regulations state that all persons acting as Accountancy Service Providers (this includes those offering bookkeeping or payroll services) who are not members of one of the supervisory authorities must pay to be regulated by HM Revenue & Customs.

IAB members in practice are entirely supervised by us, so you won’t need to register with HMRC or another supervisor.

How the IAB helps members to comply with the Regulations

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

The IAB offers all professional members access to the IAB Member Handbook, which provides the latest guidance and templates. We have also partnered with AMLCC who as part of member benefits provide members in practice with their Full Package. The AMLCC product assists users in meeting the Regulation requirements, such as client due diligence and AML training.

To be supervised under the Regulations IAB professional members must register as a member in practice by applying for the relevant certificate to practice, as illustrated below:

    • Certificate of Supervision: For Associate members only.
    • Certificates of Compliance: For Members and Fellows with 0-3 years’ experience.
    • Practising Certificates: For Members and Fellows with 3+ years of consecutive compliance registration.

For further advice on how to apply for IAB supervision, or how the IAB can best help you, please contact the Compliance Co-ordinator on membership@iab.org.uk or 01732 897750.

Approved CCAB advice

At the IAB, we follow the CCAB’s (Consultative Committee of Accountancy Bodies) anti-money laundering guidelines approved by HM Treasury. It contains everything you need to know about the legislation.

Providing the best practical help, it is an invaluable resource for all our members. You can access all written guidance by logging in to the IAB members’ restricted area of the website.

We attend meetings of the Accountancy Affinity Group and Anti-money Laundering Supervisors’ Forum – both are independent steering groups that meet with government to discuss all the issues and agree best practice.

For a full copy of the regulations, please click this link, or copy it into your browser: http://www.legislation.gov.uk/uksi/2007/2157/contents/made

For further general guidance regarding the Regulations please use the following link: https://www.gov.uk/topic/business-tax/money-laundering-regulations