Supervision and Regulation glossary

Browse the site's published reference terms and opted-in content.

16 entries in this view.

A

AAT (Association of Accounting Technicians)Glossary term
A professional body and approved AML supervisor for accounting technicians in the UK. If you are an AAT member, AAT is responsible for overseeing your AML compliance.
ACCA (Association of Chartered Certified Accountants)Glossary term
A global accountancy body and one of the approved AML supervisors for UK accountants. ACCA members follow ACCA's AML guidance, which sits within the broader CCAB framework.
ATT (Association of Taxation Technicians)Glossary term
An approved AML supervisor for tax practitioners in the UK.

CCAB (Consultative Committee of Accountancy Bodies)Glossary term
The collective voice of the UK's main accountancy bodies. CCAB publishes the Anti-Money Laundering, Counter-Terrorist and Counter-Proliferation Financing Guidance for the Accountancy Sector, the primary practical guidance document for UK accounting practices.
CIMA (Chartered Institute of Management Accountants)Glossary term
A professional body and approved AML supervisor for management accountants.
CIPFA (Chartered Institute of Public Finance and Accountancy)Glossary term
A professional body focused on public finance and an approved AML supervisor within the CCAB framework.

FATF (Financial Action Task Force)Glossary term
The international body that sets global standards for fighting money laundering, terrorist financing, and proliferation financing. Most national AML legislation, including the UK's, is built around the FATF framework. FATF also maintains lists of countries with weak AML controls, which directly affects how you assess risk for clients connected to those jurisdictions.
FCA (Financial Conduct Authority)Glossary term
The UK's financial services regulator. Not the primary AML supervisor for most accountancy practices, but relevant where your firm carries out regulated financial activities.

HMRC (HM Revenue and Customs)Glossary term
Acts as the AML supervisor for accountants and tax advisers who are not supervised by a professional body. If you are not a member of an approved body such as ICAEW or ACCA, HMRC is the body you answer to for AML compliance.

ICAEW (Institute of Chartered Accountants in England and Wales)Glossary term
One of the UK's main chartered accountancy bodies and a primary approved AML supervisor. ICAEW members are subject to ICAEW's AML monitoring and are expected to follow the CCAB guidance.
ICAS (Institute of Chartered Accountants of Scotland)Glossary term
The professional body for chartered accountants in Scotland, and an approved AML supervisor within the CCAB framework.

MLR 2017 RegulationsGlossary term
The main rulebook for AML compliance in the UK. Sets out what regulated businesses — including accountants, bookkeepers, and tax advisers — must do to prevent money laundering and terrorist financing.

OFSI (Office of Financial Sanctions Implementation)Glossary term
The HM Treasury body responsible for making sure UK financial sanctions are applied. If a client appears on a sanctions list, OFSI governs what you can and cannot do. Every UK business, not just regulated ones, has obligations here.
OPBAS (Office for Professional Body Anti-Money Laundering Supervision)Glossary term
Sits within the FCA and oversees the professional body supervisors — ICAEW, ACCA, AAT and the rest — to make sure they are supervising their members consistently.

POCA (Proceeds of Crime Act 2002)Glossary term
The law that defines money laundering offences in the UK. Three main offences are relevant to accountants: concealing or disguising criminal property; becoming involved in an arrangement that facilitates money laundering; and acquiring or using criminal property. POCA also creates the obligation to report suspicions and the offence of tipping off.

TA 2000 (Terrorism Act 2000)Glossary term
The legislation that creates terrorist financing offences in the UK. Sits alongside POCA in the MLTPF framework. As a regulated practice, your reporting obligations extend to suspected terrorist financing, not just money laundering.