The following information applies only to self-employed bookkeepers working in the UK. If you are unsure if this applies to you please refer to the page –
To comply with the Money Laundering Regulations 2017 all self-employed bookkeepers must have anti-money laundering (AML) supervision in place. As the IAB is an approved AML supervisor all members to whom the regulations apply, must activate their AML supervision with the IAB by applying for an IAB practising certificate*. This also brings other benefits such as access to guidance and additional resources.
If you are considering joining the IAB as a professional member you must be aware that new members, who are already working as self-employed bookkeepers, will be required to at the same time register as a member ‘in practice’.
Once registered you will either need to apply for a practising certificate* which will confer AML supervision and practice assurance upon you OR you will be required to apply for exemption from holding an IAB practising certificate as you already hold a practising certificate with another approved professional association.
The cost of an IAB practising certificate is currently £160 per year. This cost is in addition to membership fees. There is no cost to apply for exemption.
The same rule applies to existing IAB members newly going into external practice.
AML Late registration fees
At the point of applying for membership you must declare how long you have been working as a self-employed bookkeeper and which body is currently (or has very recently) been acting as your AML supervisor. This could be another professional association or HMRC.
If you have been working as a self-employed bookkeeper for over one year, and no proof of AML supervision can be provided a ‘Late Registration’ fee will be added to the cost of the first application for a practising certificate.
The late registration fee is currently £175. This cost is in addition to the cost of the practising certificate and membership fees.
Supervision with HMRC
If you are considering becoming a member of the IAB you should not apply for AML supervision with HMRC. If you have already registered with HMRC for AML supervision you must still register as a member in practice with the IAB but you MUST switch your supervision over to the IAB as soon as your HMRC supervision expires.
Guidance on the Money Laundering Regulations
For further information on the Money Laundering Regulations please refer to the page –
* Practising certificates are issued to members and fellows. Associates will receive a Certificate of AML supervision.
Please note: All AML supervisors are bound by agreement to share information between each other. Information disclosed on membership application forms may be shared with other professional body supervisors and HMRC for AML supervision purposes.