Are you supervised by CIOT for AML? If so you will need to renew your AML registration by 31 May 2019.
This year there will be 2 notices re renewal
- A pre renewal notice will be sent out early in April
- A link to the online renewal form will be sent out early in May. This form must be submitted by midnight on 31 May 2019
Failure to submit by 31 May 2019 will result in referral to the TDB. In addition we will be carrying out random checks to make sure that information on the form is correct. For example we may ask for copies of your written policies and procedures. Failure to comply with these requests or if we find that you have given false information on the form will also result in a referral to TDB.
Why have we changed our approach?
It is a legal requirement for members in practice to be supervised for AML. If a member practices without supervision, for example by being late in renewing their AML registration, they are acting contrary to the law. As an AML Supervisor the CIOT have an obligation to uphold the law and act in the public interest.
Most members comply with the time limits we set, but sadly our experience is that if a less stringent policy is applied, a minority do not. This means that a significant amount of time and effort is spent bringing them in to compliance – time and effort which could be put to better use serving all members.