Bookkeeping is a regulated profession following the establishment of the Money Laundering Regulations (MLR) in 2007. 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:
- Carrying out due diligence checks on each of your clients
- Completing a risk assessment for each of your clients
- Reviewing your due diligence and risk assessments at least annually
Click here to log in to AML online
- Renewing your Practice Licence on time each year
- Ensuring your ICB registered details are correct at all times
Click here to log in to MyICB
For full AML Guidance please visit:
Template letter of engagement.
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:
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