The anti-money laundering (AML) landscape is about to change dramatically for accountancy firms. With the FCA poised to take over AML and counter-terrorist financing (CTF) supervision from 23 professional body supervisors for the legal and accounting sectors, firms will face a new era of regulatory rigour under the single regulator.
Joe Norburn, CEO of TCC Group (TCC, Momenta and Recordsure), shared his views on this “transformational” shift with AB.accounting. Here, he explains that firms will no longer be able to rely on broad statements of compliance. Instead, they’ll need to “provide clearer evidence for risk assessment, control testing and governance”. This means moving beyond tick-box exercises and embracing a culture of demonstrable compliance .
Norburn warns that AML can no longer be treated as a side task. “Practices will likely need to adopt a more structured approach to governance, with proper reporting, clear escalation routes and senior leaders engaging with AML risk on a regular basis.” In other words, accountability must sit at the top table.
What does this mean for accountancy firms?
- Greater scrutiny: Expect deeper reviews of your AML frameworks and evidence-based assessments.
- Structured governance: Clear reporting lines, escalation processes, and board-level engagement will become essential.
- Data-driven compliance: Firms will need robust systems to monitor, document, and demonstrate AML controls.
Why accountancy firms must act now
The FCA’s involvement signals a shift toward higher standards and stronger enforcement. Firms that fail to adapt risk not only regulatory penalties but also reputational damage. Those that embrace the change, however, can turn compliance into a competitive advantage, demonstrating to clients and stakeholders that they take financial crime risk seriously.
Is your firm ready for the FCA’s tougher AML regime?
At Recordsure, we help firms build and implement resilient compliance frameworks that meet regulatory expectations and protect your reputation. Get in touch to learn how we can support your firm.
