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Supervision by CIMA

The Money Laundering Regulations apply to a number of different business sectors, including financial and credit businesses, accountants and estate agents. Those that fall under the regulations must be supervised by a supervisory authority.

CIMA charter crestThe Money Laundering Regulations 2007 (part 4, supervision and registration) grant CIMA power as a designated authority to supervise its membership for anti-money laundering (AML) purposes. This means that members are automatically supervised by CIMA upon gaining, and successfully maintaining their member in practice status and meeting CIMA's monitoring criteria through submission of CIMA's anti-money laundering / counter terrorism financing (AML/CTF) annual return.

It is not necessary for CIMA members to register with more than one supervisory authority. There is no extra cost for AML supervision under CIMA as these costs are contained within the current MiP fees.

Members wishing to be supervised under another supervisory body must inform CIMA through completion of the first screen only of the member in practice application.

CIMA's AML/CTF annual return

All members in practice must complete CIMA's anti-money laundering and counter-terrorist financing annual return as part of member in practice application and renewal.  

The annual return enables CIMA to understand how members are assessing money laundering and terrorist financing risks and what measures are being taken to mitigate them. Members must also undertake adequate risk assessments within their practice.

Members monitored by another professional body must still complete the annual return but need only complete the first section.   

On-site visits

To improve the robustness of its AML/CTF supervision and to better meet HM Treasury requirements CIMA will be conducting on-site compliance visits from 2017 onwards. Find more information (pdf 398Kb)

HM Treasury supervisors' report

In order to improve the transparency and accountability of supervision and to encourage good practice, the Treasury has worked with supervisors to develop an annual report on anti money laundering and counter terrorist finance supervision.

Access the reports. 

Page last updated 29 May 2015