AML Registration and Renewal
The regulations require that AML Supervision is in place over the whole period whilst bookkeeping services are being provided The IAB role as a PBS includes oversight of this requirement.
At the point of applying for membership you must declare how long you have been working as a self-employed bookkeeper and also which body is currently (or has very recently) been acting as your AML supervisor. This could be another professional association or HMRC.
If you have been working as a self-employed bookkeeper for over one month, without proof of AML supervision a ‘Late Registration’ fee will be added to the cost of the first application for a certificate.
Personal IAB Membership and AML Supervision for your practice are linked. You must ensure that AML supervision remains up to date and this includes renewal of your IAB membership. If your IAB membership lapses this would affect AML Registration and you would be practising without current AML supervision. This would breach the Money Laundering Regulations and IAB membership requirements.
Schedule of Additional Fees
Practice without supervision (late registration) £175
Practice without supervision (late renewal)
1-14 days: £50
15-28 days: £100
29 days +: £175
Applications for renewal of your current IAB membership must be made before your current period of supervision ends. Renewal of your membership will take place from the point that payment is received, after receipt of your completed renewal application form. If your application is received after your current period of AML Supervision has ended this will also attract a fee.
Renewed AML Supervision Certificates are dated one year from expiry of the previous certificate.
If you plan to cease practice and no longer require AML supervision, you must notify the IAB by completing this form. Should you wish to resume your AML supervision at a later date, you may be required to provide evidence of client disengagement/ceasing practice from the endpoint of your initial AML supervision period.
Guidance on the Money Laundering Regulations
For further information on the Money Laundering Regulations please refer to this PDF.
IAB professional standards, including those relating to Supervised members, are set out in this PDF document.
All the Professional Body Supervisor organisations are bound by the agreement to share information between each other. Information provided to IAB or in connection with a supervised practice may therefore be shared with other PBS and HMRC for AML supervision purposes.