What happened?
Accountancy firms should prepare for tougher anti-money laundering and counter-terrorism financing supervision, as the FCA is set to take over supervision from 23 professional body supervisors. The change brings stricter enforcement, greater scrutiny and heavier compliance demands, with a data-led, risk-based approach expected to increase the depth and frequency of checks.
Writing for AB.accounting, TCC Group CEO Joe Norburn describes the change as transformational, pushing firms into a far more structured regulatory environment with a strong focus on governance, documentation and senior management accountability.
Why does it matter?
Norburn warns that broad statements of compliance will no longer be sufficient. The FCA will expect clear evidence, audit trails and active senior leadership engagement in managing AML and CTF risk, rather than generalised assurances.
Supporting sources
Frequently asked questions
Who will take over AML supervision of accountancy firms?
The FCA, taking over from 23 professional body supervisors.
What kind of supervisory approach should firms expect?
A data-led, risk-based approach that increases the depth and frequency of checks.
What does the FCA expect instead of broad compliance statements?
Clear evidence, audit trails and active senior management engagement in managing AML and CTF risk.
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