Do I need to be supervised?

The Money Laundering Regulations (MLR) 2017 apply to a wide range of persons acting in the course of business, for example, financial institutions, accountancy practitioners, estate agents and independent legal professionals.

Every business covered by the regulations must be supervised by a supervisory authority. If your firm is a CILEx Authorised Entity, then your business will be supervised by CILEx Regulation.

If you run a firm in your own personal name as a sole trader, and the scope of your work falls under the Regulations, then we can agree to supervise you for anti-money laundering compliance. You will need to contact CILEx Regulation to be added to our list of supervised firms. The fee for this supervision is:

  • Application Fee £150 (plus an online DBS fee)
  • Renewal Fee £100

If not, and your business is a trust or company service providers, you may find it easier to register with HM Revenue and Customs (HMRC).

Do I need to be supervised for compliance with the MLR 2017?

Are you operating as a CILEx Authorised Entity?

Yes: Your firm is automatically supervised by CILEx Regulation.


No: You should check your compliance against the other categories below. If you are an individual working in a firm, you should check who the firm is supervised by.

Are you running your business as a sole trader?

Yes:  If you are:

(a) operating as a Trust & Company Service Provider (Setting up new companies, acting as trustee);

OR

(b) holding client money and/or carrying out financial transactions for your clients;

OR

(c) acting as a tax adviser by providing material aid or assistance or advice related to tax affairs of other persons,

 

then you will need to be supervised for compliance with the Money Laundering Regulations 2017. Contact CILEx Regulation or HMRC.

 

If neither (a), (b) nor (c) applies to you, you may not need to be supervised for AML compliance but should check against the Money Laundering Regulations 2017.


No: You should check your compliance against the other categories. If you are an individual working in a firm, you should check who the firm is supervised by.

Are you running your business as a corporate entity (Ltd Co or LLP)?

Yes:  If you are:

(a) operating as a Trust & Company Service Provider (Setting up new companies, acting as trustee);

OR

(b) holding client money and/or carrying out financial transactions for your clients;

OR

(c) acting as a tax adviser by providing material aid or assistance or advice related to tax affairs of other persons,

 

then you will need to be supervised for compliance with the Money Laundering Regulations 2017. As your firm is not a CILEx member, we suggest you contact HMRC to discuss how you can comply.

 

If neither (a), (b) nor (c) applies to you, you may not need to be supervised for AML compliance but should check against the Money Laundering Regulations 2017.


No: You may not need to be supervised for AML but should check against the Money laundering Regulations 2017.

Are you an individual working in a firm?

If you are an individual working in a firm and you believe that your activities fall under those described in the Money Laundering Regulation 2017, then you should check with the firm who you are supervised by.