How to apply for AML supervision by ICAEW
If your firm is not already part of the Practice Assurance (PA) scheme, you can apply to us for AML supervision.
If your firm already has a C00 number and has completed an annual return in the last 12 months, please send us:
- a separate Fit and Proper Declaration completed by every principal, nominated money laundering reporting officer and shareholder (holding more than 20% of the shares) who is not an ICAEW member or affiliate; and
- a completed Ownership and control form.
If your firm doesn’t have a C00 number or you haven’t completed an annual return in the last 12 months, please send us:
- a completed application form;
- a separate Fit and Proper Declaration completed by every principal, nominated money laundering reporting officer and shareholder (holding more than 20% of the shares) who is not an ICAEW member or affiliate;
- a copy of the last set of accounts of the firm and any connected entities listed in section F; and
- examples of recent promotional materials and/or advertisements
Please email your completed form to amlr@icaew.com
Please refer to these guidance notes as you complete the forms.
- Guidance notes: filling in the application form for anti-money laundering supervision
- Guidance notes: completing the fit and proper declaration
When we receive your application
We will review the information you've provided in your application to confirm your firm requires supervision and is eligible to be supervised by ICAEW. We then draw up a standard contract.
This includes the following obligations on the firm:
- to act in accordance with the Practice Assurance standards;
- to comply with the Code of Ethics and the Clients’ Money Regulations and the Disciplinary Bye-laws as if a member firm, contracted firm or member as appropriate;
- to demonstrate a commitment to comply with the Money Laundering Regulations 2017; and
- to complete an annual return, be supervised and monitored.
Fees
We agree fees on a firm-by-firm basis based on individual circumstances and risk, which we assess during the application process. For example, under normal circumstances a firm with one ICAEW principal and one non-ICAEW member principal should expect to pay no more than £407 (plus VAT) per year.
We charge an application fee when you submit the signed contract to ICAEW. This is calculated on a pro-rata basis for the period from the start of the contract to 31 December. We will then bill the annual fee on a calendar-year basis.
What being supervised via a contract means for you
We will conduct a monitoring visit typically once every four to eight years. The timing is determined by an agreed cycle according to the size of the firm. We may visit large or high-risk firms more frequently.
Use of ICAEW legend
After successfully addressing any matters identified in your firm’s monitoring visit, your firm can apply for approval to use the legend ‘A member of the ICAEW Practice Assurance scheme’.