HMT releases 2024–25 UK AML/CTF Supervision Report, outlining significant reforms to the UK’s supervisory regime, confirming plans to shift AML oversight of legal, accountancy and TCSP sectors to the FCA

It introduces new transparency through detailed data on inspections, risk ratings. Only 1% of businesses are now deemed “low risk” for AML purposes. The “medium risk” category has grown proportionately, from 53% to 85%. The report details how supervisors including the...