Anti-Money Laundering: Who Regulates Me?

Julian Dixon

October 10, 2018

In the UK most professions are required to be regulated by at least one professional body - be it the HMRC, the FCA or one that sits within the Office for Professional Body Anti-Money Laundering Supervision.

It is vital you fulfil your legal requirements by checking that you are registered with the correct bodies and that your details are up to date. Read on to find out who regulates you.

Or download our handy infographic here.

Banks, Building Societies, Credit Unions

The Financial Conduct Authority supervises banks, building societies and credit unions

That includes firms undertaking varied financial activity including investment managers and stockbrokers, e-money institutions, payment institutions, consumer credit firms offering lending services, financial advisors, investment firms, asset managers and those providing safety deposit services.

Lawyers

If your business is registered with any of the following bodies:

Law Society

Solicitor Regulation Authority

Law Society of Northern Ireland

Law Society of Scotland

Faculty of Advocates

General Council of the Bar

Bar Standards Board

Chartered Institute of Legal Executives / CILEx Regulation

General Council of the Bar of Northern Ireland

These are all supervised by Office for Professional Body Anti-Money Laundering Supervision. Otherwise you must register with HM Revenue & Customs.

Notaries

All notaries should be registered with the:

Faculty Office of the Archbishop of Canterbury  

This office is supervised by Office for Professional Body Anti-Money Laundering Supervision.

Conveyancers

All conveyancers should be registered with the:

Council for Licensed Conveyancers

This office is supervised by Office for Professional Body Anti-Money Laundering Supervision.

Accountants

The following are all supervised by Office for Professional Body Anti-Money Laundering Supervision:

Association of Accounting Technicians

Association of Chartered Certified Accountants

Association of International Accountants

Chartered Institute of Management Accountants

Institute of Chartered Accountants in England and Wales

Chartered Accountants in Ireland

Institute of Chartered Accountants of Scotland

Institute of Financial Accountants

If your business is not registered with any of the bodies above,  you must register with HM Revenue & Customs or the Financial Conduct Authority.

Tax Advisers

You need to register with one of the following:

Association of Taxation Technicians

Chartered Institute of Taxation

Both of these are supervised by Office for Professional Body Anti-Money Laundering Supervision. If you are not registered with either,  you must register with HM Revenue & Customs or the Financial Conduct Authority.

Bookkeepers

You need to register with one of the following:

Institute of Certified Bookkeepers

International Association of Bookkeepers

Both of these are supervised by Office for Professional Body Anti-Money Laundering Supervision. If you are not registered with either, you must register with HM Revenue & Customs or the Financial Conduct Authority.

Insolvency Practitioners

All insolvency practitioners should be registered with the Insolvency Practitioners Association.

This is supervised by Office for Professional Body Anti-Money Laundering Supervision.

High Value Dealers

A high value dealer is any business that accepts or makes high value cash payments worth €10,000 or more in exchange for goods, such as jewellers, auctioneers, art dealers and car dealers. This includes when the combined value of goods and services reaches that figure. Firms whose customers deposit cash directly in their bank account or pay cash to a third party also fall within the rules.

High value dealers must register with HM Revenue & Customs for AML regulation.

Examples of high value dealers include jewellers, art dealers, auctioneers and car dealers.

You must not accept a high value cash payment until you have registered with HM Revenue & Customs as a high value dealer.

Estate Agents

The following must register with HM Revenue & Customs.

• high street residential estate agencies
• commercial estate agencies
• online estate agencies
• property or land auctioneers
• land agents
• relocation agents, property finders, private acquisitions specialists
• a sub-agent providing estate agency services to a main estate agency business
• asset management businesses that also provide estate agency services
• business brokers or transfer agents brokering the sales or transfer of client businesses to third parties
• social housing associations that offer estate agency services
• letting or property management agents that offer estate agency services to landlord customers
• construction companies (residential property builders) with a sales offices on-site, where they act or offer additional estate agency services other than the sale of their own construction properties
• a solicitor’s property centre in Scotland
Lettings agents that carry out lettings only do not need to register.

Trusts and Company Service Providers

HM Revenue & Customs is the supervisory authority for trust or company service providers, unless they’re supervised by their own supervisory body, namely the:

Financial Conduct Authority

Association of Chartered Certified Accountants

Institute of Chartered Accountants in England and Wales

Chartered Accountants in Ireland

Institute of Chartered Accountants of Scotland

Association of Accounting Technicians

Association of International Accountants

Association of Taxation Technicians

Chartered Institute of Management Accountants

Chartered Institute of Taxation

International Association of Bookkeepers

Institute of Financial Accountants

Institute of Certified Bookkeepers

Law Society

You can find out who should register here.

Bill Payment Service Providers

Companies of this kind should be registered with either the Financial Conduct Authority or HM Revenue & Customs.

Telecommunications, Digital and IT Payment Service Providers

Companies of this kind should be registered with either the Financial Conduct Authority or HM Revenue & Customs.

Money Service Businesses

This includes bureaux de change, money transmitters and payment service providers, including IT-based intermediaries.

If your business is not already registered with the Financial Conduct Authority, you need to register with HM Revenue & Customs.

Many businesses of this kind should already be registered with the Financial Conduct Authority under the Payment Services Regulations 2009. But they will also need to register with HM Revenue & Customs for AML.

Casinos

All casinos are regulated by the Gambling Commission.

The Gambling Commission does not regulate other licensed gambling operators (bookmakers etc) but any business with a gambling licence is must adhere to the Proceeds of Crime Act 2002. Therefore an obligation on these businesses to detect and report any known or suspected money laundering to the National Crime Agency - not to do so is a criminal offence.

Further links:

FCA - for details about the Office for Professional Body Anti-Money Laundering Supervision.

HMRC - for further reading, and more details.

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