Duties of Supervisory Authorities under the Money Laundering Regulations 2007

One of the developments included in the Money Laundering Regulations 2007 (the Regulations) was the setting out of supervisory structures to ensure the compliance of newly-Regulated businesses, with elements of clarification for industries already supervised under earlier law.

Under section 23 of the Regulations, 21 professional bodies were designated as Supervisory Authorities for their sectors of business, including the Chartered Institute of Taxation, the Law Society, the Association of Chartered Certified Accountants, the Institute of Chartered Accountants and the Council of Licensed Conveyancers. Government departments, including the Office of Fair Trading and the Gambling Commission, were also issued with duties as Supervisory Authorities for certain sectors.

The duties of these Supervisory Authorities, as set out under section 24, are:

• to operate effective monitoring of the relevant persons under its supervision, and to take measures to secure those persons' compliance with the regulations; and


• to inform the Serious Organised Crime Agency when information leading to suspicion or knowledge of money laundering or terrorist finance is discovered while undertaking these duties.

On occasion, certain relevant persons may find that they fall within the supervision of two or more Supervisory Authorities. In this circumstance, the bodies involved have the option to make an agreement whereby the role is taken on by one of the potential supervisory authorities, and notify the relevant person of this agreement. Otherwise, the multiple authorities are obliged to co-operate in their duties.

The activity of Supervisory Authorities in the UK means that the country is in line with Recommendations 23-25 of the FATF's 40 Recommendations for anti-money laundering law.

Training for compliance with the Money Laundering Regulations 2007
Regulated firms' money laundering reporting officers (MLROs) must have a clear understanding of their relationships with their Supervising Authority, and what the Authority's monitoring and compliance activities entail.

The accredited anti-money laundering training packages available from ML Solutions 4U can be tailored to provide such executive-level guidance, just as they can deliver a company-wide professional development course. Through seminars, workshops or electronic learning systems, our experts can set out the obligations of an MLRO and of his or her staff, alongside methods and mechanisms that allow a Regulated business to satisfy those obligations efficiently and effectively.

For further information regarding the ways in which ML Solutions 4U can help your firm satisfy the demands of the Money Laundering Regulations 2007, and related law, please complete our enquiry form, or simply call an advisor or 0845 402 0001.

Money Laundering Information » Supervisory Authorities Under Money Laundering Regulations