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Anti-money laundering

No AML supervisor

This page is part of a series on the 10 most common issues we've found when reviewing firms' compliance with the Anti-money Laundering Regulations.
See the 10 most common issues
Where we find that a firm isn’t supervised, it is normally because the firm thinks it is an ICAEW member firm, but it isn’t.

What does it mean to be supervised?

ICAEW member firms are automatically supervised via our Practice Assurance scheme. Being supervised ensures that firms can be monitored, and measures can be taken where necessary to secure compliance with the Money Laundering Regulations 2017.

Why is it important?

You're breaking the law if you carry on a business activity covered by the regulations but do not register with a supervisory authority.

What should firms do?

It is important that you check your firm meets the definition of an ICAEW member firm and is therefore in the Practice Assurance scheme and supervised by ICAEW.

Resources to support compliance

Read the report

Read our 2021/22 anti-money laundering supervision report for more detail on the results of our monitoring reviews, the outcomes of those reviews and enforcement action taken. The report also summarises all of our anti-money laundering supervisory activity during the period.