Bookkeeping is a regulated profession following the revisions to the Money Laundering Regulations (MLR) in 2007 and again in 2017. If you are providing a bookkeeping service to clients or are seen as carrying out bookkeeping 'by way of business' you must:
- be monitored by an HM Treasury appointed supervisory authority, such as ICB
- put in place certain controls to identify, prevent and report money laundering offences – known as anti-money laundering or AML
For more information on the meaning of 'by way of business' please visit HMRC Manual MLR2R1300
Anti-Money Laundering Supervision (AML)
Members with an ICB Practice Licence are automatically supervised under the MLR. As an ICB Practice Licence holder, compliance with the MLR is dependent on you:
- Completing a Risk Assessment for each of your clients via AML Online
- Recording Due Diligence documents for each of your clients on AML Online
- Reviewing each client's due diligence & risk assessment, and your own AML procedures, at least annually
- Renewing your Practice Licence on time each year and keeping your ICB membership up to date
- Ensuring your ICB registered details are correct at all times
> Log in to AML online to update your online anti-money laundering records
> Log in to MyICB to update your details and check your membership status
> Apply for a Practice Licence
For full AML Guidance please visit:
> AML Guidance
Supervision by another body
You should only have one AML supervisor. If you are a member of another HM Treasury appointed supervisor, such as ICAEW or ACCA, please forward a copy of supporting documents to firstname.lastname@example.org
As an ICB member in practice you are still required to hold a Practice Licence even if you have an alternative AML supervisor.
Supervision of non-members
ICB is pleased to extend its anti-money laundering supervision scheme to practising members of the following bodies:
please contact us if you would like further information.
0207 856 2567
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