FCA sets out next steps for major UK AML supervisory reform that would bring legal, accountancy and trust and company service providers under its supervision

The UK’s AML supervisory landscape is set for a significant shake-up, with the FCA providing further detail on plans that would substantially expand its responsibilities beyond financial services. Under the proposed reforms, the FCA would take responsibility for AML supervision of legal service providers, accountancy service providers and trust and company service providers, replacing the current system involving multiple professional-body supervisors and HMRC. The Government hopes the change will create a more consistent supervisory approach, although legislation is still required and existing arrangements remain in place for now.

Seventeen arrested as the FCA, Metropolitan Police and HMRC target an alleged organised-crime network involving suspected money laundering, false accounting and links to regulated firms