My AIA

Criminal Record Checks

BOOM Approval Under the Money Laundering Regulations

Under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR2017), AIA must approve all beneficial owners, officers and managers (BOOMs) in firms we supervise.

This approval process ensures that no BOOM has an unspent conviction for a relevant offence, as listed in Schedule 3 of MLR2017. These offences include serious economic crimes such as:

Fraud and dishonesty
Bribery and corruption
Tax evasion
Money laundering offences
Insider dealing
Offences under the Bribery Act 2010, Proceeds of Crime Act 2002, and Criminal Finances Act 2017
Attempting, aiding, abetting, or conspiring to commit any of the above

Driving offences are not included in Schedule 3. However, AIA members should be aware that other convictions—while not listed—may still result in disciplinary action.

What BOOMs Must Do

Provide a valid Disclosure and Barring Service (DBS) certificate
Notify AIA of any new appointments
Await AIA approval before acting in a BOOM capacity

There is no right of appeal under MLR2017 or MLR2019 if approval is refused due to a relevant conviction. However, individuals may reapply once the conviction is spent.

Key Roles Under AML Supervision

Beneficial Owner

A beneficial owner is any individual who ultimately owns or controls a firm. This includes:

A sole practitioner
A partner or LLP member who directly or indirectly holds more than 25% of the capital, profits, or voting rights—or who exercises ultimate control
A shareholder in a limited company who directly or indirectly holds more than 25% of the shares or voting rights—or who ultimately owns or controls the company

Even if ownership or control is indirect or shared, individuals meeting these thresholds are considered beneficial owners and must be approved by AIA.

Officers

An officer is an individual who holds a formal leadership or governance role within a firm. This includes:

A sole practitioner
A partner in a partnership, including a Scottish Limited Partnership (SLP)
A member of a limited liability partnership (LLP)
A director or company secretary in a limited company
A member of the firm’s management board or equivalent governing body

Officers are responsible for the strategic direction and oversight of the firm and must be approved by AIA as part of the anti-money laundering supervisory process.

Managers

A manager is any individual with significant responsibility for a firm’s compliance with anti-money laundering requirements. This includes:

The nominated officer, also known as the Money Laundering Reporting Officer (MLRO)
Members of the board of directors or, where no board exists, the equivalent management body
Senior managers or committee members responsible for setting, approving, or ensuring compliance with the firm’s AML policies and procedures

Managers play a critical role in maintaining the integrity of the firm’s AML framework and must be approved by AIA as part of the supervisory process.

Disclosure and Barring Service (DBS) Checks

To protect the integrity of the profession, firms must ensure that no one is appointed—or continues to act—as a Beneficial Owner, Officer or Manager (BOOM) without AIA approval.

A Guide to DBS Checks

Gaining Approval

To gain approval, AIA must receive a basic disclosure check, which includes a copy of your criminal record. This check only shows unspent criminal convictions.

Depending on where the BOOM lives and works, the appropriate disclosure service is:

Disclosure and Barring Service in England and Wales;
Access NI in Northern Ireland; and
Disclosure Scotland in Scotland.

AIA Supervised Firms

If your firm registered for AIA AML supervision after 26 June 2016, you will have already submitted DBS certificates during registration. You won’t need to resubmit them during future AML reviews.

However, during supervisory visits, AIA Quality Assurance Advisers and AML Reviewers will:

Review your list of declared BOOMs
Request evidence that all BOOMs have completed a DBS check
Confirm that no BOOM has a relevant unspent conviction under Schedule 3

What’s Required

When applying, you’ll be asked to provide:

A copy of your DBS certificate, or
A valid sharing code

This helps us ensure compliance and maintain the highest standards across our supervised firms.

FAQs

The MLR require that you inform AIA of any changes to BOOMs in a firm by contacting aml@aiaworldwide.com within 30 days of appointment. Any person who is a BOOM after 26 June 2018 without AIA’s approval (i.e. BOOM with relevant unspent convictions) will be committing a criminal offence with the potential of up to two years in prison and/or a financial penalty.

You should tell us:

the individual/entity name
their shareholding (if applicable)
their role
date of appointment
provide a fit and proper check

In accordance with the MLR, firms and sole practitioners must inform AIA if a BOOM has a relevant unspent criminal conviction as set out in Schedule 3 to the MLR 2017 within 30 days of the date on which the firm and sole practitioner becomes aware of the BOOM’s conviction by emailing aml@aiaworldwide.com. Failure to report may lead to disciplinary action.

In such cases, the BOOM will no longer be approved by AIA (or any other supervisor) as being a fit and proper person to be engaged in public practice.

Failure to seek approval for BOOMS or failure to report relevant unspent Schedule 3 criminal convictions for BOOMs of AIA supervised firms may lead to disciplinary action.

Members who have unspent Schedule 3 criminal convictions will be automatically referred to AIA’s disciplinary process.