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Anti-money laundering regulations

Money laundering regulations apply to businesses that could be at risk to abuse through money laundering and terrorist financing. The accountancy sector is included in the field requiring regulation.

CIMA charter crestAll businesses that fall within the AML/CTF regimes in the UK and Ireland must be supervised by a supervisory authority to reduce the threat of financial crime. CIMA is such a designated supervisory authority.

The table below gives a brief overview of the regulatory frameworks governing the AML/CTF regimes in various countries.

Please be aware, the new Money Laundering Regulations (the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017) came into effect on 26 June 2017. The Regulations make significant changes to the AML/CTF regime in the UK and the following document contains an outline of some of these: 

New Money Laundering Regulations 2017

Global standards

The Financial Action Task Force (FATF) is the inter-governmental body which sets the international AML/CTF  legal, regulatory and operational standards through its 40 Recommendations.
European standards

The Fourth EU Money Laundering Directive has come into effect, replacing the third directive.
UK standards

The new Money Laundering Regulations (the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017) came into effect on 26 June 2017. The Regulations make significant changes to the AML/CTF regime in the UK and the following document contains an outline of some of these: 

New Money Laundering Regulations 2017

Please see the CCAB guidance for the accountancy sector to understand your obligations and how to comply with them. The Members' Handbook contains materials to assist you in meeting your obligations.
Republic of Ireland

The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 as amended by part two of the Criminal Justice Act 2013 and the Criminal Justice Bill 2016.

The regime is due to be further amended by the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill

Other useful links include:

Central Bank of Ireland

Department of Justice (Anti-money laundering and compliance unit).

CCAB-I M42 Anti Money laundering Guidance Republic of Ireland (sector guidance for accountants)
Channel Islands or Isle of Man  

Members in the Channel Islands or Isle of Man are not subject to UK legislation, but must signify that they are aware of the legislation on AML passed by the States of the Bailiwick of Guernsey, the States of Jersey or Tynwald, as appropriate.

The Department for Home Affairs (DHA) provides legislation and guidance on anti-money laundering requirements for the Isle of Man.  Anti-Money Laundering and Countering the Financing of Terrorism Code 2015 
South Africa

Member in Practice rules oblige members to comply with UK money laundering regulations or the overseas equivalent. UK equivalent legislation includes:

Financial Intelligence Centre Act 2001 as amended by the Financial Intelligence Centre Amendment Act 2017

Money Laundering and terrorist financing control regulations

A booklet of all relevant legislation can be found here.

Appendix VI of the SAICA close corporations guide states that members of professional bodies including CIMA are recognised to perform the duties of an accounting officer. 

Further information

Page last updated 11 April 2016