Summary
What this article covers in 30 seconds
- The FCA is set to take supervision from 23 professional body supervisors.
- The shift brings stricter enforcement, greater scrutiny and heavier compliance demands.
- Firms will need stronger governance, documentation and senior management accountability.
- Broad statements of compliance will no longer be enough.
Accountancy firms should prepare for tougher anti-money laundering and counter-terrorism financing supervision as the FCA is set to take supervision from 23 professional body supervisors.
The change will bring stricter enforcement, greater scrutiny and heavier compliance demands. The regulator’s data-led, risk-based approach will increase the depth and frequency of checks, with a strong focus on governance, documentation and senior management accountability.
Evidence and accountability
In a recent piece for AB.accounting, Joe Norburn, CEO of TCC Group, said the change is transformational, pushing firms into a far more structured regulatory environment.
Broad statements of compliance will no longer be enough, with the FCA expecting clear evidence, audit trails and active senior leadership engagement in managing AML and CTF risk.
Frequently asked questions
The FCA is set to take AML and CTF supervision from 23 professional body supervisors.
The FCA will expect clear evidence, audit trails and active senior leadership engagement in managing AML and CTF risk.
The new environment is more structured, data-led and risk-based, with greater scrutiny of governance and documentation.