Bookkeeping is a regulated profession following the establishment of the Money Laundering Regulations (MLR) in 2007. If you are providing a bookkeeping service to clients or are seen as carrying out bookkeeping 'by way of business' you must:
- be monitored by an HM Treasury appointed supervisory authority, such as ICB
- put in place certain controls to identify, prevent and report money laundering offences – known as anti-money laundering or AML
For more information on the meaning of 'by way of business' please visit HMRC Manual MLR2R1300
Anti-Money Laundering Supervision (AML)
Members with an ICB Practice Licence are automatically supervised under the MLR. As an ICB Practice Licence holder, compliance with the MLR is dependent on you:
- Carrying out due diligence checks on each of your clients via AML Online
- Completing a risk assessment for each of your clients via AML Online
- Reviewing each client's due diligence & risk assessment, and your own AML procedures, at least annually
- Renewing your Practice Licence on time each year and keeping your ICB membership up to date
- Ensuring your ICB registered details are correct at all times
> Log in to AML online to update your online anti-money laundering records
> Log in to MyICB to update your details and check your membership status
> Apply for a Practice Licence
For full AML Guidance please visit:
> AML Guidance
Supervision by another body
You should only have one AML supervisor. If you are a member of another HM Treasury appointed supervisor, such as ICAEW or ACCA, please forward a copy of supporting documents to firstname.lastname@example.org
As an ICB member in practice you are still required to hold a Practice Licence even if you have an alternative AML supervisor.
Supervision of non-members
ICB is pleased to extend its anti-money laundering supervision scheme to practising members of the following bodies:
please contact us if you would like further information.
0845 060 2345
Professional status, global recognition, support, exclusive discounts, and the kinship of the world’s biggest bookkeeper community.
Are you a business owner or new startup? Find out how to keep good records & hire a bookkeeper.
Advice on running your own bookkeeping business and information on ICB's Practice Licence scheme.
CV advice and job vacancies for ICB members. Find out how ICB can help you prepare for that interview.
ICB Practice of the Year, Beverley, set up her own bookkeeping business after being made redundant.
Bookkeepers play a vital role in the overall financial function of a business."
HRH Prince Michael of Kent