Introduction to AML Complete

Welcome to AML Complete, the system designed by the Institute of Accountants and Bookkeepers (IAB) to help supervised members manage their Anti-Money Laundering (AML) compliance effectively. This guide will walk you through understanding and using the system.

What is AML Complete?

AML Complete is an online system where you record essential information about your practice, staff, subcontractors, and clients. It helps you, and the IAB as your supervisor, understand and manage the risks associated with Money Laundering and Terrorist Financing (MLTF).

The system uses the information you provide to:

• Calculate and display your practice's AML compliance status.
• Highlight potential AML risks through a dashboard and alerts.
• Assist in producing a documented summary of your practice's AML risks, known as a Firm Risk Assessment (FRA).
• Provide the IAB with necessary information for its supervisory role under the MLTF Regulations 2017.

Think of it as a central hub for managing your AML compliance data and demonstrating your procedures to the IAB.

Why is Using AML Complete Mandatory?

As an IAB AML supervised member, using AML Complete is a requirement. It ensures that both you and the IAB meet the obligations set out in the UK's Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

It is mandatory for:

• New members upon application.
• Existing members upon their annual renewal.

Access details are typically provided when you apply or about six weeks before your renewal date. Maintaining accurate and up-to-date information in AML Complete is crucial for your ongoing compliance.

Overview of the Process

When you first log in, you'll follow a structured process to set up your practice profile. This involves creating records for different aspects of your business:

1. **Practice Details:** Basic information about your firm, services, and AML procedures.
2. **BOOMs:** Details of Beneficial Owners, Officers, or Managers.
3. **Staff:** Records for all relevant employees (including yourself).
4. **Subcontractors:** Details for any relevant subcontractors or agents.
5. **Clients:** Information about each client business and their beneficial owners.
6. **Tasks:** Checking for any missing information flagged by the system.
7. **Submission:** Submitting your completed profile to the IAB.

This help guide is structured to walk you through each of these steps in detail, starting with Getting Started.