Treasury Publishes Response to Consultation on Transferring AML Supervision to FCA

AAT welcomes Treasury’s response on UK AML supervision reform

The Association of Accounting Technicians (AAT) has welcomed HM Treasury’s response to the consultation on reforming the UK’s anti-money laundering (AML) and counter-terrorist financing (CTF) supervisory system. The consultation response sets out final policy decisions on structural changes to the AML/CTF supervisory framework. Under the finalised model, the Financial Conduct Authority (FCA) will assume responsibility as the single AML superviso…

Treasury publishes response to consultation on transferring AML supervision to FCA

HM Treasury has published its consultation response to the transfer of anti-money laundering (AML) supervision to the Financial Conduct Authority (FCA). Announced as part of a “blitz on pointless admin” by chancellor Rachel Reeves, the FCA is to become the single professional services supervisor (SPSS) for AML by 2029. Much of the current expectations on firms look set to remain. The FCA’s requirement to “assess the integrity, competence and com…