Self Employed Bookkeepers – Money Laundering Regulations and AML Supervision
The Money Laundering Regulations (MLR) 2017 require that all bookkeepers in business providing services to the public must have anti-money laundering (AML) supervision in place.
In addition to oversight of the practice by IAB to ensure legal compliance Supervised members benefit from access to guidance, professional development opportunities and additional resources.
The IAB is an approved ‘Professional Body Supervisor’ (PBS) for AML and members to whom the regulations apply, should activate AML supervision with IAB by applying for an IAB ‘Certificate of AML Supervision’ covering their practice.
If you are already in practice but have not yet taken up IAB membership you should note that new members already in business as bookkeepers will, at the same time, need to register for AML Supervision to stay compliant with the MLR.
Once registered you will either need to apply for an IAB ‘Certificate of AML Supervision’ for your practice OR (in circumstances where your practice is already supervised by another approved professional body you will be required to apply for exemption from holding an IAB certificate.
If you have any questions about AML Supervision, please contact the IAB Membership team. Telephone: 0208 1878 888 or email email@example.com
IAB Have also prepared a more detailed guide for members who are considering their own business and registration for AML Supervision.