IAB will ask for:
- Initial Registration Details and the Supervision fee
- Criminal record check evidence for all BOOMs
- Proof of Professional Indemnity Insurance.
Within 4 Weeks of Registration; Evidence of:
- Compliance with MLR: Firm Risk Assessment, AML Policy & Procedures, Letters of Engagement/Disengagement
- Data Security & Business Continuity arrangements
- A fully populated and submitted IAB Complete profile
- Confirmation of: Acknowledgement of IAB Professional Standards, ICO registration, AML Training Achievement for all relevant employees
IAB requires that you have PII cover as a requirement of your Practice Certificate, even if you are providing only limited bookkeeping services.
A single person practice is required to complete the two training packages (Module 1 and 8). In circumstances where the business employs staff, the member must complete Module 1 and 8, and each additional relevant staff member will need to demonstrate they have completed Module 1.
A ‘firm-wide’ risk assessment (FRA) documents your own consideration of your whole business. It should describe the risk environment in which you will operate.
What does IAB need to see for Professional Indemnity Insurance?
The IAB do not need to see the entire policy – just the certificate confirming the dates of cover.
Which AML modules are free of charge?
You can access IAB Education modules 1 and 8 free of charge through the IAB CPD shop.
What is a firm-wide risk assessment?
A ‘firm-wide’ risk assessment (FRA) documents your own consideration of your whole business. It should describe the risk environment in which you will operate.