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Information and Intelligence Sharing

As an anti-money laundering / counter-terrorist financing (AML/CTF) supervisor CIMA is obliged to co-operate with external bodies in the fight against money laundering and terrorist financing.

Under Regulation 50 of the Money Laundering Regulations 2017 CIMA must actively co-operate and share intelligence with other supervisory authorities such as professional body supervisors, HM Treasury and law enforcement.  

See Regulation 50 for more information on CIMA’s obligations.

CIMA is a member of the Shared Intelligence Service (SIS) which is owned by the UK’s Financial Conduct Authority.

Membership enables CIMA to participate in information sharing between professional body supervisors and law enforcement on AML/CTF matters.

As a member of SIS CIMA must respond to intelligence sharing enquiries from other SIS members and pro-actively input its intelligence into the SIS.

As a member of SIS CIMA must respond to intelligence sharing enquiries from other SIS members and pro-actively input its intelligence into the SIS.

CIMA shares information with other professional body supervisors to ensure there is a strong AML/CTF supervisory framework. Where CIMA believes there are gaps or overlaps in the supervision of its members, CIMA will liaise with the relevant body to ensure that member is effectively supervised as required by legislation.  

Where CIMA believes there are gaps or overlaps in the supervision of its members, CIMA will liaise with the relevant body to ensure that member is effectively supervised as required by legislation.  

Regulation 46(5) of the UK Money Laundering Regulations 2017, requires a professional body supervisor which, in the course of carrying out its supervisory functions or otherwise, knows or suspects, or has reasonable ground for suspecting, that a person is or has engaged in money laundering or terrorist financing, must as soon as practicable inform the National Crime Agency.

For supervised member in the Republic of Ireland CIMA will raise a Suspicious Transaction Report.

CIMA is an anti-money laundering supervisor for members working in practice in the Republic of Ireland. 

Under the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018, CIMA is obliged to share information with the Garda Síochána and Revenue Commissioners around any suspicions of involvement money laundering or terrorist financing by supervised members.

Best practice
CIMA is a member of a number of forums where best practice is shared in the fight against money laundering and terrorist financing.

To promote a coherent and effective approach to anti-money laundering supervision in the United Kingdom. By bringing together all those designated as AML/CTF supervisory bodies within the UK.

The Forum aims to share and develop the consistent application of best practice across all AML/CTF supervisory bodies and to liaise closely with UK Government and national/leading agencies committed to the prevention and reduction of crime and laundering of the proceeds of crime.

Information sharing forum in which the professional bodies work collaboratively to develop accountancy sector supervisory policy to develop consistence in standards and best practice. 

The AAG is a sub-committee of the UK’s AMLSF consisting of professional body supervisors listed under Schedule 1 of the Money Laundering Regulations 2017. CIMA holds the position of Vice Chair. 

More Information.

Accountancy Europe unites 51 professional organisations from 36 countries. It informs the European policy debate. AML working party members discuss and influence Directives at European level, particularly those relating to Money Laundering.  More information.

AML working party members discuss and influence Directives at European level, particularly those relating to Money Laundering.  

More information.

AME members engage directly with EU and international institutions to exchange views, debate and provide inputs to policy-making on a wide range of issues including money laundering and terrorist financing. 

Find more information here.

To ensure effective AML/CTF supervision of members in the Republic of Ireland (ROI) through the sharing of best practice, understanding of AML/CTF risk and collaboration with other professional body supervisors and the Department of Justice and Equality.