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Last updated: 29 Oct 2021 09:57 Posted in: AIA

AIA has published its professional body supervisor report, which explains work we've carried out to ensure accountants prevent criminals from using their services to launder money.

AIA supervises its practising members for the purposes of the United Kingdom Money Laundering Regulations 2017 (amended 2019), where AIA is listed in schedule 1 as an approved supervisory body. In the Republic of Ireland AIA is a designated body under the Criminal Justice (Money Laundering and Terrorist Financing) Act. This work is overseen by HM Treasury, the Office for Professional Body AML Supervision (OPBAS) and the Republic of Ireland Departments of Finance and Justice

The AIA's strategy is to provide robust anti-money laundering supervision through a risk-based approach. A risk-based approach requires firms assess risks and target resources to the areas or products that are most likely to be used to launder money. AIA also offers support to members through education, guidance, training, compliance checklists and templates

The report covers:

George Josephakis, Chair, AIA Regulatory Oversight Committee, said: "The accountancy sector plays a key role in preventing economic crime and reporting suspicious activity. AIA's commitment to working in the public interest to tackle money laundering and economic crime remains undimmed and we will continue to work with our members to prevent criminals taking advantage of the professional services offered by accountants. 

"Our role as a PBS includes both enforcing compliance where breaches are detected in the course of monitoring and supervision and educating members on their AML obligations.

"AIA's Regulatory Oversight Committee forms part of an effective governance framework, overseeing and scrutinising the work AIA undertakes as a professional body supervisor (PBS) to ensure we continue to meet the requirements and comply with the regulations."