Anti-money laundering supervision reform: duties, powers, and accountability consultation

The transfer of anti-money laundering (AML) and counter-terrorist financing (CTF) supervision to the Financial Conduct Authority (FCA) marks a major regulatory shift for the accountancy profession. AAT is committed to ensuring a smooth transition that strengthens oversight while avoiding unnecessary burdens on firms. Key priorities include seamless data transfer, maintaining sector-specific expertise, and adopting a risk-based approach to supervision and enforcement. Collaboration between the FCA and professional bodies will be essential to ensure proportionate regulation, particularly for small firms, and we will continue working with the government and other stakeholders to deliver a robust, fair, and effective supervisory framework that upholds professional standards.