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AML Supervision

Safeguard your business with AIA anti-money laundering supervision

Accountants are key gatekeepers for the financial system, facilitating vital transactions that underpin the economy. As such, they have a significant role to play in ensuring their services are not used to further a criminal purpose.

AIA supervises our practising members for the purposes of the 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)(Amendment) Act 2018 and SI No. 578/2019 - European Union (Money Laundering and Terrorist Financing) Regulations 2019.

The Regulations aim to ensure that relevant individuals and firms 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, persons and firms providing ‘accountancy services’. Those offering accountancy services who are not supervised by an approved body will be breaking the law.

What is money laundering?

Money laundering is defined very widely in UK law. It includes all forms of using or possessing criminal property (as well as facilitating the use or possession) regardless of how it was obtained. Criminal property may take any form, including: money or money's worth; securities; a reduction in a liability, and tangible or intangible property.

Money laundering can involve the proceeds of offending in the UK but also of conduct overseas that would have been an offence had it taken place in the UK. There is no need for the proceeds to pass through the UK.

Money laundering activity can include: a single act (for example, possessing the proceed's of one's own crime); complex and sophisticated schemes involving multiple parties; multiple methods of handling and transferring criminal property; or concealing criminal property or entering into arrangements to assist others to conceal criminal property.

  • AML supervision
  • Guidance and support
  • Technical advice
  • Working in the public interest
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Register for AML supervision
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Guidance and Support
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Free AML Compliance Software
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TCSP Supervision
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Approving Beneficial Owners, Officers and Managers
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Monitoring and Supervision
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Whistleblowing
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Working in the public interest

As an approved supervisory body under the MLR2017 AIA is regulated by the Office for Professional Body Anti-Money Laundering Supervision (OPBAS).

OPBAS is a regulator set up by the government to strengthen the UK’s AML supervisory regime and ensure the professional body AML supervisors provide consistently high standards of AML supervision.

Accountancy AML Supervisors' GroupAIA also works in the public interest as part of the Accountancy AML Supervisors' Group (AASG) working closely with HM Treasury, the Home Office and the National Crime Agency to represent members' views and to communicate up-to-date information and guidance back to you.

 

The AASG is a sub committee of the UK Anti-Money Laundering Supervisors Forum (AMLSF), a forum in which professional bodies work collaboratively to develop supervisory policy to promote consistency in standards and best practice and receive AML intelligence from law enforcement agencies and the government.

ISEWG LogoAIA works in collaboration with law enforcement agencies, regulators and other professional body supervisors to share intelligence and actively combat money laundering and terrorist financing through the Accountancy Sector Intelligence Sharing Expert Group (ISEWG).