- Being a member
- CIMA Professional Development
- Members in Practice
- Members' Handbook
- Money laundering regulations
- Anti money laundering guidance
- Registering for supervision
- Registering with CIMA
- How supervision will take place
- HMRC and anti-money laundering supervision
- Customer due diligence
- PEPs and enhanced due diligence
- Keeping records
- Suspicious activity reporting to SOCA
- Forty recommendations of the Financial Action Task Force
- Risk based approach to anti-money laundering
- Reliance on other professionals' CDD
- Professional clearance letters
- TCSPs
- Regulation of TCSPs
- Phishing
- Legal professional privilege
- Practising accountants who leave CIMA
- Regulations for Channel Islands and Isle of Man
- Legislation in the Irish Republic
Money laundering regulations
The UK’s Money Laundering Regulations 2007 came into effect on 15 December 2007.
All 'external accountants' must be supervised for anti money laundering purposes by a designated Supervisory Authority. CIMA has been so designated by HM Treasury.
These regulations are parliamentary legislation, not a CIMA regulation, and therefore have the force of law.
Similar legislation has been or will shortly be enacted in other EU member states.
The description 'external accountant' is not confined to CIMA Registered Members in Practice. It may apply to other members or students who occasionally perform services for others for remuneration. All are reminded that they have a legal obligation to be fully aware of, and implement, the regulations.
Read the regulations
You can download the money laundering regulations here. Members in the Channel Islands or Isle of Man are not subject to the UK legislation, but must signify that they are aware of, and follow, the legislation on anti-money laundering passed by the States of the Bailiwick of Guernsey, the States of Jersey or Tynwald, as appropriate.
Anti Money Laundering Guidance for Accountants
The Consultative Committee of Accountancy Bodies (CCAB) has now published AML Guidance for the Accountancy Sector; this is expected to be endorsed by CIMA Council early in 2008, and provides a comprehensive guide to what all Accountants (and others who come under the Money Laundering Regulations 2007) must know. It is particularly helpful in providing clear guidance on such matters as Customer Due Diligence.
As an Annex to the CCAB Guidance, specific guidance for tax professionals has now also been produced jointly by the Chartered Institute of Taxation and a number of accountancy bodies, including CIMA. This is available at http://www.tax.org.uk/showarticle.pl?id=6339