Under The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended, (MLR) if you are a principal in a firm of auditors, external accountants, insolvency practitioners or tax advisers you are legally obliged to ensure you are supervised by a supervisory body to be monitored for compliance with the money laundering legislation. You must be supervised by your professional body (or by the professional body of one of your fellow-principals if there is one). If there is more than one possible professional body supervisor, it is the responsibility of the professional body supervisors to decide which one would be the most appropriate supervisor.
Please note that all applications are subject to a number of checks before we are able to accept the firm for AML supervision. This includes obtaining and emailing to us copies of criminality checks for all Business Owners, Officers and Managers and members should be aware that a delay in sending these to us could result in a delay in the processing of their AML registration (see further guidance on criminality checks below). Members need to ensure that they are registered and have completed all associated registration requirements, including submission of criminality checks, within two months of commencing in business (or to ensure there is no gap in supervision if a member moves from a previous supervisor so again we would recommend commencement of the process at least two months before that date). Failure to deal with matters within this timescale may result in referral to the Taxation Disciplinary Board who may impose a fine or other sanction. In addition, late registrants will be required to pay AML registration fees for all years for which they should have been registered with the CIOT for AML supervision (see late registration policy and guidance below).
Those registering for AML supervision with CIOT for the first time will need to provide us with some initial details in order to be set up on our system. Please email us (aml [at] ciot.org.uk) with the following information:
- Name of CIOT member
- Membership number
- Confirmation of email address
- Name of business
- Date business commenced trading or intends to commence trading
- Type of entity being registered, i.e. sole practice, limited company, partnership or LLP
- Membership details of other supervisory professional bodies for all principals in the business (principal means a sole practitioner, equity partner in a partnership, member of a limited liability partnership or company director listed at Companies House)
- Name of previous Professional Body Supervisor (if applicable)
Following receipt of your email, we will be in touch to confirm that you may proceed with the registration.
Late Registration policy and guidance
If you require further information in relation to the criminality check requirements for supervised members please see: Frequently Asked Questions – Criminality Check Requirements under MLR 2017, as amended.