The 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.
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.
Members found to be working in practice whilst unregistered
Any member who is found to be offering accountancy services whilst not registered as a member in practice will be given 28 days to register their details with CIMA (or another professional body if they hold dual membership).
Should that member also be found to have been offering accountancy services whilst unsupervised for AML/CTF purposes CIMA will refer that member to the relevant authority, who may wish to take further action:
- Department of Justice and Equality (Ireland)
- The Financial Services Authority (Isle of Man)