Are you supervised by ATT for AML? If so you will need to renew your AML registration by 31 May 2020.
This year there will be 2 notices reminders:
- A pre renewal reminder will be issued in early April
- A link to the online renewal form will be sent out early in May. This form must be submitted by midnight on 31 May 2020
Please note: 2020/21 AML registration fees have increased to £300.
The fee has increased to £300 due to us having to contribute to the costs of The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) and the need to carry out an increased number of supervision visits and checks to meet their requirements. Our fee is in line with HMRC.
Failure to submit by 31 May 2020 will result in referral to the TDB. In addition, we will be carrying out random checks to make sure that information on the form is correct. For example, we may ask for copies of your written policies and procedures. Failure to comply with these requests or if we find that you have given false information on the form will also result in a referral to TDB.
The importance of practising with supervision
It is a legal requirement for members in practice to be supervised for AML. If a member practices without supervision, for example by being late in renewing their AML registration, they are acting contrary to the law. As an AML Supervisor the CIOT have an obligation to uphold the law and act in the public interest. Most members comply with the time limits we set, but sadly our experience is that if a less stringent policy is applied, a minority do not. This means that a significant amount of time and effort is spent bringing them in to compliance – time and effort which could be put to better use serving all members.