UK Anti-Money Laundering Supervisory Regime
The UK government has announced that the Financial Conduct Authority (FCA) will become the single professional services supervisor for anti-money laundering and counter-terrorism financing (AML/CTF) supervision.
This change significantly reduces the role of the Solicitors Regulation Authority (SRA) and forms part of the government's reform of the AML and CTF supervision regime.
The changes follow HM Treasury's 2023 consultation into reforming AML and CTF supervision, and the Law Society holds statutory obligations under Schedule 1 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs).
The Financial Conduct Authority will become the single professional services supervisor for anti-money laundering and counter-terrorism financing (AML/CTF) supervision.
Author's summary: FCA to supervise AML/CTF.