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 2017. 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.

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 AML Guidance for the Accountancy Sector, which has been compiled by the CCAB in conjunction with the AIA and other professional body supervisors. 

AML PRODUCTS

The Money Laundering Regulations 2017 came into force in the UK on 20 June 2017. 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 & NUMBERS

The National 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.

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