A new era for AML supervision

Ambitious plans to transform the FCA into a super regulator will test the organisation’s capacity & adaptability, but the true test will be in delivery, says Rebecca Hughes

After two years of deliberation, the government has finally published its response to the 2023 consultation on reforming the UK’s anti-money laundering and counter-terrorism financing (AML/CTF) supervisory regime. The Financial Conduct Authority (FCA) has been crowned the Single Professional Services Supervisor (SPSS), a surprising outcome for many, not least the professions that will now fall under the FCA’s oversight.

The UK system currently comprises three statutory regulators—the FCA, HM Revenue & Customs (HMRC) and the Gambling Commission, alongside 22 Professional Body Supervisors (PBSs) overseeing the legal and accountancy sectors. Each PBS is responsible for ensuring that its supervised population complies with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs).

This structure has long attracted criticism. The 2015 national risk assessment (the UK’s first comprehensive assessment of money laundering and terrorist financing risk) first

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A new era for AML supervision

Issue: 8137 / Categories: Opinion , Profession , Regulatory

Ambitious plans to transform the FCA into a super regulator will test the organisation’s capacity & adaptability, but the true test will be in delivery, says Rebecca Hughes

This structure has long attracted criticism. The 2015 national risk assessment (the UK’s first comprehensive assessment of money laundering and terrorist financing

If you are not a subscriber, subscribe now to read this content

If you are already a subscriber sign in

...or Register for two weeks' free access to subscriber content

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A new era for AML supervision

MOVERS & SHAKERS

Charles Russell Speechlys—James Paterson

Ellisons—Samuel Flower

Sidley—Carl Hotton