Professional standards updates and top tips

6 Nov 2023

Anti –Money Laundering (AML) Supervision

Policy on late registrations

It is a legal requirement that all members providing accountancy or tax services by way of business are subject to AML supervision. Firms registering late for AML supervision (after the date they started to trade or their date their registration with another supervisor ceased) are required to pay back fees for previous years when they should have been registered for supervision (where relevant and up to a maximum of six years) as well as the initial registration fee. From 1 June 2022 they will also be considered for referral to the Taxation Disciplinary Board with automatic referral where the registration is more than a year late. The late registration policy and guidance is available here. 

**Any members not currently registered should come forwards as soon as possible to bring matters up to date and contact [email protected] **

Annual AML Supervision Report

The CIOT’s and ATT’s latest joint annual AML supervision report covering the year to 5 April 2023 is available here.

Frequently asked questions and standard documents

AML Frequently asked questions are available here.

For pro forma of policies and procedures and the practice risk assessment required for supervision firms please see here.

AML Webinars

Details of the latest CIOT AML webinars are available here.

Continuing Professional Development

Current CPD forms are available here.

The CIOT have also developed a website page covering CPD materials for members which is available here.

Engagement Letters

The CIOT engagement letter guidance is available here.

Professional Conduct in Relation to Taxation

Professional Conduct in Relation to Taxation (PCRT) was reviewed in September 2022 and the PCRT group agreed that no updating of substance was required, although some minor updating of references was made, and the document re-published on 1 January 2023. It is available here. 

Professional Rules and Practice Guidelines

Professional Rules and Practice guidelines (PRPG) were updated from 1 January 2021 to include additional requirements for members to report to us reproduced below:

“2.14 Obligation to notify the CIOT and ATT – Including new requirements 1 January 2021

2.14.1 A member must inform the CIOT or ATT in writing addressed to the Head of Professional Standards CIOT or ATT as appropriate, within 2 months if they are:

  • Arrested on suspicion of; or
  • Charged with; or
  • Convicted of a criminal offence. A criminal offence includes an offence committed in the United Kingdom or abroad.
  • On or after 1 January 2021 – convicted of Summary only road traffic offences*
  • On or after 1 January 2021 – (have) accepted a caution for a criminal offence.

A member must supply details of the nature of the allegation, conviction or caution and provide such relevant information in relation to it as is reasonably requested.

Ordinarily, CIOT or ATT will not refer a member to the TDB until the outcome of the criminal proceedings is known.

*Note that you will not need to report a speeding offence if you go on a driving awareness course or accept a fixed penalty for speeding.”

For further details refer here. 

Annual return FAQs

If you have any queries on how to complete the Annual Return please see the FAQs here.