AIA
NEWS ANTI-MONEY LAUNDERING
MEMBERSHIP
AIA launches Membership Referral Scheme
Criminality checks for anti-money laundering supervisors
Are you enjoying the benefits of AIA membership? Do you know someone who’d benefit from joining AIA too? Recommend a friend or colleague for AIA membership today and share the rewards on offer. The AIA Membership Referral Scheme is our way of thanking members for highlighting the benefits of membership. Recommendations and endorsements from our members play an invaluable role in growing our professional community and expanding our influence in the sector. To refer a friend or colleague, follow these simple steps: 1. Share your AIA membership number and www.aiaworldwide.com/ enquiry-form with whoever you are referring for membership.* 2. Your friend or colleague will use your link and membership number to make an enquiry, and the AIA Team will get in touch to talk them through the application process. 3. If they join AIA, you’ll get a £50 credit to your AIA account and their first year’s membership will be extended to 1 October 2021. 4. You’ll see the credit on your AIA account as soon as your referral’s membership has been approved. 5. Keep referring! There’s no limit to how many people you can refer for membership. *The AIA Membership Referral Scheme is open only to Associate or Fellow membership applications.
6
© Getty images/istockphoto
The Scheme
AIA has responded to the consultation on changes to the sourcebook for professional body anti-money laundering supervisors – criminality checks. In general, AIA is supportive of measures taken to improve and strengthen barriers to entry for individuals who do not meet fit and proper tests at the point of application. However, it is unclear at the present time how the amendments suggested to the sourcebook will realistically offer additional protection in practice. Relevant individuals and firms must already declare to professional body supervisors (PBSs) at any point when they receive a relevant conviction which would affect any fit and proper status. PBSs would continue to rely on
self-declarations for a maximum of five years, unless a significant evolution of intelligence sharing is undertaken whereby PBSs are informed by law enforcement or criminal justice networks when relevant individuals have received a relevant conviction. Notwithstanding this restructure, an arbitrary time period of five years does not add additional reassurance that individuals have not been convicted of a relevant offence for the purposes of Regulation 26 should they have failed to declare this offence in the preceding five years. AIA would also argue that placing additional administrative burdens on regulated firms continues to make more attractive operation outside of the regulated sector. ISSUE 112 | AIAWORLDWIDE.COM
