Anti-money laundering registration
If you run a business in the financial sector, you may need to register with an anti-money laundering scheme.
Some businesses and individuals in the UK must register with a supervisory authority to follow anti-money laundering regulations.
Who needs to register
The regulations apply to:
- financial and credit businesses
- independent legal professionals
- accountants, tax advisers, auditors and insolvency practitioners
- trust and company service providers
- estate agency businesses
- letting agency businesses
- casinos
- high value dealers (handling cash payments of €10,000 or more in exchange for goods)
- art market participants (buying, selling or storing art worth €10,000 or more)
How to register
You must register with the supervisor that regulates your industry sector. You’re breaking the law if you carry on a business activity covered by the regulations but do not register with a supervisory authority.
You should check with your professional body about what to do if you believe you should be supervised for compliance with the regulations.
MLR
Bookkeeping is a regulated profession following the revisions to the Money Laundering Regulations (MLRs) 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
Fitness and Propriety
As per Regulation 26 of the Money Laundering Regulations 2017, external Bookkeepers and Beneficial Owners, Managers and Officers of a Bookkeeping Practice must not have any unspent Schedule 3 criminal convictions relating to fraud and dishonesty.