AML/CTF/CPF
Industry News
The framework simplifies oversight, enhances consistency, and strengthens the national response to financial crime.
Key points include:
️➡️ The reforms aim to improve coordination across professional service sectors, ensuring consistent supervision and reducing duplication between regulators;
➡️ The FCA will supervise firms that carry out activities within scope of the Money Laundering Regulations such as Legal Service Providers (LSPs), Accountancy Service Providers (ASPs), and Trust and Company Service Providers (TCSPs). The FCA will draw on its enforcement expertise to ensure effective and proportionate regulation;
➡️ Greater collaboration is planned between the (FCA), (OPBAS), (HMRC), law enforcement, and professional body supervisors to detect and disrupt money laundering more efficiently; and
➡️ The new structure will create enhanced opportunities for intelligence sharing and joint operational action against financial crime.
✅ Firms should begin preparations for the supervisory changes and review AML/CTF governance frameworks to ensure readiness for stronger oversight and inter-agency collaboration.
