Information and intelligence sharing
As an anti-money laundering/counter-terrorist financing (AML/CTF) supervisor, the IFA is obliged to co-operate with external bodies in the fight against money laundering and terrorist financing.
Under Regulation 50 of the Money Laundering Regulations 2017 the IFA must actively co-operate and share intelligence with other supervisory authorities such as professional body supervisors, HM Treasury and law enforcement.
The IFA shares information and intelligence by using the following mechanisms.
AML supervisory bodies
The IFA shares information with other professional body supervisors and HMRC to ensure there is a strong AML/CTF supervisory framework. Where the IFA believes there are gaps or overlaps in the supervision of its members the IFA will liaise with the relevant supervisor to ensure that member is effectively supervised as required by legislation.
Shared Intelligence Service
The IFA is a member of the Shared Intelligence Service (SIS) which is owned by the UK’s Financial Conduct Authority. Membership enables the IFA to participate in information sharing between professional body supervisors and law enforcement on AML/CTF matters. As a member of SIS, IFA must respond to intelligence sharing enquiries from other SIS members and pro-actively input its own intelligence into the SIS.
National Crime Agency
Under the Money Laundering Regulations 2017, requires a professional body supervisors must make a report to the National Crime Agency if, during the course of carrying out its supervisory functions or otherwise, the IFA knows or suspects, or has reasonable ground for suspecting, that a person is or has engaged in money laundering or terrorist financing.
The IFA is actively involved in the following AML best practice forums.
Anti-Money Laundering Supervisors Forum (AMLSF)
The Forum aims to share and develop the consistent application of best practice across all AML/CTF supervisory bodies. It liaises with the National Crime Agency, HM Treasury, Home Office, HMRC and other government agencies involved in the prevention and reduction of economic crime.
Accountancy Affinity Group (AAG)
The AAG is a sub-committee of the UK’s AMLSF consisting of professional body supervisors listed under Schedule 1 to the Money Laundering Regulations 2017. It is a forum in which professional bodies work collaboratively to develop accountancy sector supervisory policy to promote consistency in standards and best practice. The IFA holds the position of Chair of the AAG.