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24 July 2026 / Sophie Ruffles , Chris Dyke
Issue: 8171 / Categories: Features , Profession , Regulatory , Financial services litigation , Compliance , Governance
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A new dawn for supervision?

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Chris Dyke & Sophie Ruffles set out what the Financial Conduct Authority’s anti-money laundering takeover is likely to mean for law firms
  • HM Treasury plans to transfer anti-money laundering (AML) supervision of law firms to the Financial Conduct Authority (FCA) by 2029.
  • Although AML obligations will remain the same, firms should expect stricter oversight, stronger enforcement and greater focus on governance.

In June, HM Treasury published the consultation response on the powers the Financial Conduct Authority (FCA) will have when it becomes supervisor for anti-money laundering (AML) and counter-terrorism financing (CTF) compliance of professional services firms, including law firms.

The transfer of supervision to the FCA is intended to create a single, more robust structure with clearer accountability, improved transparency and stronger enforcement. The changes are subject to the passage of enabling legislation, confirmation of funding arrangements and the development of a detailed transition and delivery plan. In practice, this means that full implementation is unlikely to take effect until at least 2029.

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