MLR

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MLR

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:

AML Guidance

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 mlr@bookkeepers.org.uk

As an ICB member in practice you are still required to hold a Practice Licence even if you have an alternative AML supervisor.