AML Supervision: Who Qualifies and What You Get
Learn about the compliance requirements for accountancy service providers to prevent money laundering in the United Kingdom.
AML Supervision is a regulatory framework designed to help businesses prevent and detect money laundering activities.
Who it's for
This scheme is specifically for accountancy service providers operating in the United Kingdom.
What you get
You receive a formal compliance framework to help your business follow anti-money laundering laws. This structure is designed to help you identify and report suspicious financial activities.
What it costs you
To stay compliant, you must pay an annual registration fee. You also face a significant time commitment due to the requirement for rigorous record-keeping.
The catch to know
Many people assume they only need to vet a client when they first start working together. However, you must perform due diligence on every client throughout your entire professional relationship with them, not just when they are new.
How to apply
- Determine if your specific accountancy services fall under the required regulatory scope.
- Register with the appropriate professional body or government agency.
- Set up systems for ongoing record-keeping and client identity checks.
- Visit the official portal for full guidance: https://www.gov.uk/guidance/money-laundering-regulations-accountancy-service-providers