This is a guide for IAB members. Whether at the stage of setting up an accountancy or bookkeeping practice or as a reminder if already in practice, it is intended to provide an overview of what is required under the Money Laundering Regulations (MLRs) or by IAB in relation to Anti-Money Laundering (AML).
Broadly speaking the MLRs apply to people operating their own practice rather than those who are under a ‘contract of employment’.
Such businesses must be registered for AML Supervision by a ‘Professional Body Supervisor’ (PBS) or, where no PBS affiliation exists, HMRC.
The MLR applies to those providing these services:
- Auditor – Regulation 11(a)
- Insolvency practitioner – Regulation 11(b)
- External accountant – Regulation 11(c)
- Tax adviser – Regulation 11(d)
- Trust or company service provider – Regulation 12(2)
If the Regulations apply to you, your practice, or your intended practice, your practice must be registered for AML supervision under the regulations.
AML Supervision involves a separate registration of the practice concerned so it is the practice entity under supervision by IAB and this is not automatically included with IAB membership.
What services does the MLR apply to?
The MLR applies to those providing these services: Auditor – Regulation 11(a), Insolvency practitioner – Regulation 11(b), External accountant – Regulation 11(c), Tax adviser – Regulation 11(d), Trust or company service provider – Regulation 12(2).
Do IAB members need a separate AML supervision registration?
AML Supervision involves a separate registration of the practice concerned so it is the practice entity under supervision by IAB and this is not automatically included with IAB membership.
What proves that a business has registered?
A ‘Practising Certificate’ or equivalent issued by one of the approved Supervisory Bodies is proof that a business has complied with the requirement to register.