Further consultation on changes to anti-money laundering supervision

Last month the government announced its plans to consolidate anti-money laundering and terrorist financing (AML/CFT) supervision for accountancy, legal and trust and company service providers into one Single Professional Services Supervisor (SPSS), the Financial Conduct Authority (FCA).

It has today issued Anti-Money Laundering and Counter-Terrorist Financing Supervision Reform: Duties, Powers, and Accountability

This consultation covers subsidiary considerations related to the FCA taking over professional services firms' AML/CFT supervision, and sets out proposals for the key duties, powers, and accountability mechanisms that the FCA will need to be an effective supervisor of professional services businesses, as well as the legislative changes to enact these. 

The ATT have called for early clarity on the proposals, including a realistic timeline for the transition, keeping burdens on the supervised population proportionate, and ensuring the education and bespoke support currently provided to members remains available to them. Whilst this consultation will undoubtably move things forward, disappointingly there is still no timeline for transition.

The consultation contains 28 questions and the closing date for comments is 24 December 2025. 

The ATT will be responding to the consultation. If you have any views or comments please email them by the end of November to [email protected]