Following its consultation on reforming the UK’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) supervisory regime, the Government has communicated its decision to professional body supervisors (PBSs) to proceed with the creation of a single professional services supervisor. The Financial Conduct Authority will assume responsibility for supervising legal, accountancy and trust and company service providers for AML/CTF purposes.
It is therefore the UK Government's intention that the Institute, and other PBSs, will cease to be UK AML supervisors in due course. It is intended that there will be a transition period, during which the professional bodies will work with HM Treasury and the FCA with regard to the transfer of supervisory responsibilities. The date of transfer of responsibilities has not yet been communicated.
The Institute will consider the full consultation response published by HM Treasury today and, with the other accountancy sector PBSs, will engage with HM Treasury and FCA in relation to the future of the UK AML supervision regime for accountants. In responding to earlier consultations on reform of the AML supervision regime in the UK, the Institute has previously expressed concerns about proposals to move to a single professional services supervisor.
The Institute is awaiting more information in relation to this government decision, and we will keep you informed as we receive this. There is no immediate change for firms currently supervised for AML in the UK by the Institute. The Institute will support firms through changes arising in relation to the UK AML supervision regime.
Further information can be found here.
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