Anti-money laundering supervision for GAA members in the UK
ICAEW is able to supervise members of Global Accounting Alliance (GAA) bodies for the purpose of anti-money laundering (AML) compliance through its Practice Assurance programme.
Members of GAA bodies working in the UK no longer have to become members of ICAEW to benefit from its AML supervision.
We can offer AML supervision through our Practice Assurance scheme, on a contractual basis.
This is not required where members of GAA bodies join UK firms as normal employees. The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR17) require supervision for all accountancy firms, including sole practitioners. We can offer AML supervision where at least one principal is a member of a GAA body. Those covered by the Regulations include:
- Those in, or setting up, a business providing accountancy and professional services, such as Trust and Company Service Providers – either as a sole trader or a larger company.
- Those operating as subcontractors or interim managers. Please refer to more detailed guidance on which firms and individuals require supervision. Alternatively, refer to HMRC guidance.
We have a standard application procedure for all firms. However, for applicants from GAA bodies we will ask for references from your parent body. Contract fees will depend on the size, risk profile, complexity, and the number of offices of the applicant's practice.
Applicants must be members of at least one the following GAA bodies:
- American Institute of Certified Public Accountants (AICPA)
- Canadian Institute of Chartered Accountants (CICA)
- Hong Kong Institute of Certified Public Accountants (HKICPA)
- Institute of Chartered Accountants in Australia (ICAA)
- The Japanese Institute of Certified Public Accountants (JICPA)
- New Zealand Institute of Chartered Accountants (NZICA)
- South African Institute of Chartered Accountants (SAICA)
For legal reasons, there are three exceptions:
- Institute of Chartered Accountants of Scotland (ICAS)
- Chartered Accountants Ireland (CAI)
- Institut der Wirtschaftsprüfer (IDW, or the Institute of Public Auditors in Germany, Incorporated Association)
These bodies are covered by European Union law and will typically supervise their members in the UK.