Registration and supervision

Chartered Accountants Ireland is a listed competent authority and a supervisory authority under Irish and UK money laundering legislation respectively. CARB performs this regulatory function on behalf of Chartered Accountants Ireland.

Supervision in the Republic of Ireland

Under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended, (the “Act”) those carrying out certain activities must be supervised by a competent authority for anti-money laundering purposes; those activities include acting as an auditor, external accountant, tax adviser and / or trust or company service provider. These comprise just one category of “designated persons” under the Act. Chartered Accountants Ireland, through CARB, is a competent authority under the Act and is responsible for supervising certain designated persons.

Member firms of Chartered Accountants Ireland are already subject to anti-money laundering supervision under the Public Practice Regulations. All other designated persons within CARB’s remit will be supervised in accordance with the Money Laundering Supervision Regulations. There will be circumstances where there is more than one competent authority for a particular designated person and agreements are in place between the Designated Accountancy Bodies as well as the Department of Justice and Equality to determine who will be responsible in such circumstances.

For more information please refer to the documents below .

It is important to note that the guidance is simply a tool to assist in your understanding and application of the Money Laundering Supervision Regulations; it is not a substitute for the Regulations, which you should consult in order to determine what, if any, responsibilities you may have.

You can obtain an application form for registration below.

Supervision in the UK

CARB is responsible for supervising all members and member firms of Chartered Accountants Ireland, acting in the course of business as auditors, insolvency practitioners, external accountants or tax advisers.

Supervision for practising certificate holders will be undertaken as part of CARB’s system of Quality Assurance.

A Money Laundering Flow Chart has been developed by CCAB to assist individual members and firms to identify their supervisory authority.

Members may also refer to HMRC’s registration notice MLR9.

In addition, FSA has issued a flow chart guideline on identifying the correct supervisory authority as part of their publication: The FSA’s new role under the Money Laundering Regulations 2007: Our Approach.

If you are a member of Chartered Accountants Ireland and do not hold a practising certificate in accordance with the Public Practice Regulations issued by CARB and are acting as a book keeper or trust and company service provider, you are required to register with and be supervised by HMRC MLR9 Registration Notice.

Firms who provide trust and company services or book keeping as part of their accountancy practice do not need to hold dual registration.

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