Chartered Accountants Ireland (the Institute) has responded to HM Treasury’s Consultation Anti Money Laundering /Counter Terrorist-Financing (AML/CTF) Supervision Reform: Duties, Powers and Accountability.
The consultation follows the government’s decision to appoint the Financial Conduct Authority (FCA) as the future supervisor for AML/CTF compliance in legal, accountancy, and trust and company service providers. It explores proposals for the key duties, powers, and accountability mechanisms that the FCA will need to be an effective AML supervisor of these sectors and the legislative changes necessary to enact these.
The Institute in its response focused on the need for the new supervisory approach to be proportionate, scalable and appropriate to the size and complexity of the firms that will come within its supervisory reach.
The Institute highlighted some of the practical challenges that could arise during the transition period and urged the government to seek to minimise the administrative burden on firms.
The Institute has previously written to its population of UK AML supervised firms to advise them of the government’s decision. There is no immediate change for firms currently supervised for AML in the UK by the Institute. The Institute will continue to support firms through the changes arising in relation to the UK AML supervision regime.
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