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Law firms should use the transition period before the Financial Conduct Authority (FCA) assumes anti-money laundering (AML) supervision to strengthen governance and compliance, experts have warned
Writing in NLJ this week, Chris Dyke and Sophie Ruffles of DAC Beachcroft say the transfer, expected by 2029, will not change firms' core AML obligations but will bring a tougher supervisory culture. They predict greater scrutiny, broader investigatory powers and more rigorous enforcement, alongside potential dual regulation with the Solicitors Regulation Authority.
Firms should prepare now by reviewing procedures and monitoring because, they conclude, ‘the overall obligations are not new’.
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