Anti-Money Laundering Regulations

The Institute of Financial Accountants is one of twenty-two organisations granted supervisory authority by HM Treasury in accordance with the Money Laundering Regulations 2007.
These Regulations state that all persons offering accountancy related services who are not members of one of the supervisory authorities must pay to be regulated by HM Revenue and Customs.
HM Revenue and Customs will not register a member of the IFA or any other organisation which has been granted supervisory authority.
Severe penalties may be imposed on anyone failing to comply with the legislation.

The designated professional bodies that act as supervisory authorities are;

Association of Accounting Technicians
Association of Chartered Certified Accountants
Association of International Accountants
Association of Taxation Technicians
Chartered Institute of Management Accountants
Chartered Institute of Public Finance and Accountancy
Chartered Institute of Taxation
Council for Licensed Conveyors
Faculty of Advocates
Faculty Office of the Archbishop of Canterbury
General Council of the Bar
General Council of the Bar of Northern Ireland
Insolvency Practitioners Association
Institute of Certified Bookkeepers
Institute of Chartered Accountants in England and Wales
Institute of Chartered Accountants in Ireland
Institute of Chartered Accountants of Scotland
Institute of Financial Accountants
International Association of Book-keepers
Law Society
Law Society of Scotland
Law Society of Northern Ireland