Applying for AML Supervision
The professional fee for IAB Supervision is currently £175 per year. This is in addition to the IAB membership fee but there is no charge for exemption where the practice is already supervised.
Where your practice involves joint ownership or management the MLR require that we register the other ‘beneficial owners, officers or managers’.
We charge a flat fee of £50 per individual for this registration.
You must hold active IAB Membership as an IAB ‘Member’ or ‘Fellow’ in order for you to access AML supervision.
(Associate members seeking AML Supervision should consider revising their membership subscription)
The same provisions apply to existing IAB members newly going into external practice.
Integrity is a key issue across the financial services sector and IAB now requires evidence of a recent ‘basic’ DBS check for membership and in relation to AML Supervision.
A ‘basic’ DBS check is required for all ‘beneficial owners’ of the business. The DBS check confirms there are no convictions for a ‘relevant offence’6 under the MLR which would prohibit registration for AML Supervision.
All DBS check information provided to IAB is treated carefully and confidentially. If your DBS certificate is more than 3 months old, you may need to get it updated. For more information, please contact the Membership Team: Tel 0208 1878 888 email: firstname.lastname@example.org
DBS checks can be accessed using intermediary providers, usually at additional cost.
IAB recommends that members use one of the three UK devolved Government DBS websites to obtain a ‘Basic’ DBS certificate at a cost of about £23.
Note: the IAB may decline an application for AML Supervision if it is not clear that the firm meets the requirements detailed in regulations.