The Money Laundering Regulations 2007 which came into force on 15 December 2007 require providers of the following services (in addition to providers of accounting services) to be monitored for compliance with the regulations:
- company formation services
- firms that act as, or who provide others to act as, directors or trustees (which means that non-executive directors who act via a 'personal services' company are included)
- interim managers who provide accounting services via a contract for services rather than as direct employees.
The Treasury has confirmed that ICAEW can supervise members who are not in member firms or who are providing services that do not need a practising certificate. However, the Treasury was not content that we simply supplied an anti-money laundering service; rather it should be ancillary to existing arrangements.
To meet this Treasury condition, we are extending Practice Assurance while recognising the different circumstances in which the services are supplied, to other firms - on a voluntary basis. For firms applying to join the Practice Assurance scheme, we will be the firm's supervisor under the regulations, just as it is already for member firms.
If you are interested in applying to ICAEW for supervision under the Money Laundering Regulations, you will find further information and application forms in the downloads section below.