MONEY LAUNDERING SUPERVISION

Flag it up | Accountants, don't get caught out by money-launderersThe AIA has supervisory status for its members in the Money Laundering Regulations 2007. The aim of the Money Laundering Regulations is to have the most appropriate and proportionate measures to deter, detect and disrupt money laundering and the financing of terrorism.

On 10 September 2012, the Government introduced legislation to Parliament to implement important changes to the Money Laundering Regulations 2007, click here for the press notice. The changes reduce the regulatory burden imposed by the regulations, while strengthening the overall anti-money laundering regime and come into force on 1 October 2012. The main change for AIA members is a positive one; the removal of Part A and Part B of schedule 3 means AIA members Client Due Diligence (CDD) can be relied upon by any of the other listed AML Supervisors.

The Regulations apply to all practising accountants and, persons and firms providing ‘accountancy services.’ AIA has been listed in the regulations as an approved regulatory body able to supervise its own members. Those offering accountancy related services and who are not members of those listed bodies must pay to be regulated by HM Revenue & Customs and those that do not will be breaking the law. Contact details for the AML supervisors listed in schedule 3 of the regulations are available on HM Treasury's website.

The AIA supports and asks all practising members to view and review the CCAB Anti Money Laundering Guidance, which has received HM Treasury approval. Further information regarding the Money Laundering Regulations 2007 can be obtained from HM Treasury. See also our Related Documents.

Anti-Money Laundering Compliance CompanyAML PRODUCTS

The Money Laundering Regulations 2007 came into force in the UK on 15 December 2007. They place additional burdens on the regulated sector which includes accountants. In response to these Money Laundering Regulations, AMLCC have developed an anti-money laundering product which assists accountants in their compliance.

AIA is pleased to offer access to AMLCC free of charge to AIA Members in Practice. For further details click here.

NCA USEFUL DOCUMENTS

The Nationsl Crime Agency (NCA) have produced and published for members a series of useful documents and guides regarding money laundering issues. These publications cover subject areas such as Submitting a SAR and Obtaining Consent from NCA.

The full list of UKFIU publications can be viewed here.

NCA USEFUL NUMBERS & WEBSITE

SAR Online & Glossary of Terms
Online Reporting
UKFIU Support Desks – 0207 238 8282
SAR Confidentiality Breach Line – 0800 234 6657
NCA General Enquiries – 0370 496 7622
National Fraud Reporting Centre – 0300 123 2040

SARs REGIME

The Secure Document Library with My AIA includes a Money Laundering Resources section which includes PowerPoint presentations and Suspicious Activity Reports (SARs) Case Studies, provided by the UK Financial Intelligence Unit (UKFIU). Members will need their AIA username and password to log into My AIA.