FCA censures the Institute of Certified Bookkeepers for serious AML supervision failings of member firms, spotlighting the need for stronger oversight to prevent financial crime

The regulator found that between 2019 and 2022 the ICB failed to conduct adequate risk assessments, carried out too few supervisory visits, and did not ensure that supervised firms met AML obligations, leaving significant compliance gaps across the sector. The FCA concluded that these shortcomings undermined the effectiveness of the UK’s AML regime, issuing a public censure in place of a financial penalty due to the ICB’s limited resources and ongoing remediation work…