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ICAEW anti-money laundering (AML) service

With increasingly complex money laundering regulations, the ICAEW Anti-Money Laundering Service will take the risk and pain out of compliance. The service offers a package of online compliance systems and training, tailored to meet your requirements.

 

About the service

It’s vital to have the correct systems in place and to give staff regular AML updates and training to ensure your firm is complying with the latest regulations.

As the AML supervisor to nearly 13,000 firms, ICAEW has a unique, practical and technical insight into AML compliance needs. Money laundering regulation is getting increasingly complex and our AML Service will take the risk and pain out of compliance. ICAEW has teamed up with SWAT UK to create a package of online systems and insightful online training seminars tailored to meet your requirements. The new, easy- to- use web-based ICAEW AML Service will ensure that all your policies and procedures are fully up to date with existing and new requirements.

The ICAEW AML Service is provided by SWAT UK. By clicking on the link above you will be transferred to SWAT UK’s website where you will be able to purchase an AML system of your choice.

Packages available

The AML Service gives you online access to three compliance systems that include practical documentation, helpsheets, newswires and training tailored specifically to the following type of firms and profile of clients:

  • Basic System: aimed at sole practitioners with 1 – 2 staff or subcontractors.
  • Standard System: aimed at firms with staff dealing with a more varied UK client portfolio.
  • Complete System: supporting firms of any size who have UK or overseas clients, or UK clients with overseas connections.

In addition to our three web-based systems, the AML Service also provides Specialist AML Training covering: tax consultancy, corporate finance, litigation support and insolvency.

The ICAEW AML Service is provided by SWAT UK. By clicking on the link above you will be transferred to SWAT UK’s website where you will be able to purchase an AML system of your choice.

Pricing

The AML Service is a 12-month online subscription. Pricing depends on the service that best meets the needs of your firm and you need to pay in full at the start of your subscription.

  • Basic System - £99 + VAT
  • Standard System - £199 + VAT
  • Complete System - £549 + VAT

Prices are per firm per year and entitle your firm to any updates we make to your AML System during the course of your 12-month subscription. We’ll notify you when we add or update any documentation in your AML System.

For further information, call our dedicated anti-money laundering helpline on +44 (0)1908 248 250

The ICAEW AML Service is provided by SWAT UK. By clicking on the link above you will be transferred to SWAT UK’s website where you will be able to purchase an AML system of your choice.

Testimonials

Grant Thornton

Roy Welsby, Partner and MLRO

'The helpsheets, coupled with unlimited access to online training, supplemented our existing AML arrangements extremely well.'

Read Milburn

Nick Liley, Partner

'We were delighted with the logical approach adopted by the ICAEW’s AML service, both in terms of standard documentation and supporting help sheets and guidance. We found it simple to introduce across the firm, easy to understand and, most importantly, easy to keep up to date.'

Bartfields (UK) Limited

Gavin Bell, Director

'The AML system is easy to follow and simple to use. The monthly newsletter is an excellent way of maintaining AML awareness as well as keeping up to date. The training webinars are excellent to keep the whole firm up to date and cost effective. The help sheets are also very easy to use.'

Alliotts

Peter Edwards, Partner

'The ICAEW Complete AML System is easy to use and very clear. I like the flowchart approach to risk and the forms are clear and concise. With the endorsement of ICAEW and SWAT UK we can be confident there are no gaps in the system. Given the price, buying the system was a no brainer!'

Choose the right AML system based on your client profile

 
Geographical limitations Basic system Standard system Complete system
UK based clients with UK customers only Covered Covered Covered
Overseas clients or UK clients with overseas connections (customers, suppliers, branches, investors etc.) No  No  Covered
 
Staffing limitations Basic system Standard system Complete system
Number of staff/subcontractors Maximum of two No limit No limit
 
Client types covered (with relevant customer due diligence forms) Basic system Standard system Complete system
Sole-traders/Individuals UK only UK only Full
Professional firms subject to ML Regulations No  UK only Full
Other partnerships and unincorporated businesses UK only UK only Full
Unlisted limited companies UK only UK only Full
Listed companies No  No Full
Charities UK only UK only Full
Church bodies and places of worship No UK only Full
Clubs and societies No UK only Full
FSA/FCA authorised entities & overseas equivalent No  UK only Full
Pension schemes No No Full
Trusts or foundations  No UK only Full
UK public sector bodies, government departments, councils and other local authorities No No Full
Non-UK public sector bodies, government departments, councils and other local authorities No No Full
 
Other documentation included Basic system Standard system Complete system
Example AML policies and procedures Simplified version UK only Full
Client risk assessment flowchart Simplified version UK only No
Client risk assessment flowchart – for individuals No  No Full
Client risk assessment flowchart – for entities No No Full
KYC forms with annual review - for individuals UK only UK only Full
KYC forms with annual review - for entities UK only UK only Full
Annual declaration form by staff No Full Full
Annual compliance review form Simplified More detailed Full
Suspicious Activity Report Full Full Full
 
Helpsheets Basic system Standard system Complete system
Policies and procedures No UK only Full
Customer due diligence Summary No No
Customer due diligence – introduction No Full Full
Customer due diligence – entities No UK only Full
Customer due diligence – directors, trustees etc No Full Full
Customer due diligence – beneficial owners No UK only Full
Customer due diligence – simplified due diligence No No Full
Customer due diligence – electronic verification No No Full
Customer due diligence – PEPs and sanctions checks No No Full
Customer due diligence – reliance on third parties No No Full
Customer due diligence – certified copies UK only UK only Full
Ongoing monitoring UK only UK only Full
Duty to report UK only UK only Full
Obtaining consent Routine work only Routine work only Full
Exemption from reporting in privileged circumstances Full Full Full
Tipping off UK only UK only Full
AML Training No Routine work only Full
Record keeping Full Full Full
Equivalent jurisdictions for money laundering purposes No  No  Full
High risk jurisdictions for money laundering and anti-terrorist financing No No Full
 
Training Basic system Standard system Complete system
Online introductory training Access for a single person only. Additional persons are charged separately Unlimited access Unlimited access
Live annual AML update webinar May be purchased separately May be purchased separately Unlimited access
Online recording of annual AML update webinar May be purchased separately May be purchased separately Unlimited access

Online recording of specialist AML training on:
tax consultancy
corporate finance
forensic accounting
insolvency

May be purchased separately May be purchased separately May be purchased separately
Annual newswire of key changes during the year Included No No
Six-monthly summary newswire of key changes and topical information No Included Included
Monthly newswire of key changes and topical information No No Included

ICAEW and SWAT UK

ICAEW is the AML supervisor to nearly 13,000 practising firms. Through Practice Assurance and technical expertise we have a deep insight into the AML compliance requirements of firms. We have partnered with SWAT UK to develop the ICAEW Anti-Money Laundering Service.

SWAT UK is one of the UK’s leading providers of training, consultancy and technical publications to the accountancy profession.

The ICAEW AML Service is provided by SWAT UK. By clicking on the link above you will be transferred to SWAT UK’s website where you will be able to purchase an AML system of your choice.

ICAEW is a supervisory authority under Schedule 3 to the Money Laundering Regulations 2007 (MLR07). HM Treasury recognises the Practice Assurance scheme as a suitable means for supervising our members and you’ll find information about being supervised by ICAEW on a separate page.