The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (known as Money Laundering Regulations (MLR) 2017) came into effect on the 26th June 2017. These replace the Money Laundering Regulations 2007 and create additional obligations for tax practitioners. For an introduction to the changes brought in by MLR 2017 please refer to AML newsletters (Newsletter 19).
If you are a principal in a firm of auditors, external accountants, insolvency practitioners or tax advisers you must ensure you are supervised by a supervisory authority to be monitored for compliance with the money laundering legislation.
Those registering for AML supervision with CIOT for the first time will need to provide us with some initial information 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
- 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)
Following receipt of your email we will be in touch to confirm that you may proceed with the registration.
Please note that all applications are subject to a number of checks before we are able to accept the firm for AML supervision. 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).
Annual Registration Renewal
Online registration and annual registration renewal can be accessed here.
If you are unable to register online, please email us (aml [at] ciot.org.uk) and we will be pleased to send you a paper form for completion.
Late Registration policy and guidance
If you require further information in relation to the criminality check requirements for supervised members referred to in the 2018/19 renewal form please see the frequently asked questions.