HM Treasury Announces Move Toward a Single AML Supervisor for Professional Services
HM Treasury (HMT) has announced its decision to appoint the Financial Conduct Authority (FCA) as the single Professional Services Supervisor. This means that, in time, professional bodies in the accountancy sector will no longer act as AML supervisors.At this stage, no timeline or further details have been provided, and we expect the transition to take some time. Until then, it remains a legal requirement for all members to be supervised and to remain fully compliant with the Money Laundering Regulations (MLRs).
Continuity, Compliance and Confidence
Now more than ever, it is essential to maintain robust AML processes, demonstrate best practice, and uphold a strong record of compliance as the sector moves toward an FCA single supervisory framework.
With HM Treasury’s announcement, it is vital that our profession continues to uphold the highest standards of compliance, integrity, and professionalism. During this transition, the experience, knowledge, and resources the IAB hold as supervisors will be critical to supporting our members.
The IAB’s commitment to effective supervision, expert guidance, and education remains unwavering. Demonstrating strong AML compliance not only protects your business but also strengthens public trust and helps shape the future of proportionate and effective regulation across our sector.
The IAB will continue to play an active role in supervision, support, and education, ensuring that our supervised members remain well-equipped to meet their legal obligations and uphold the reputation of the profession. We will keep you informed as further information becomes available.
IAB Ongoing Commitment
We understand that change can bring uncertainty, but our message is clear — it is business as usual. The supervisory relationship, obligations, and access to our guidance and resources remain unchanged for our members.
We will continue to support you through this period of transition, providing our expertise, our proprietary management tool AML Complete, training and all the assurance you need to stay compliant and confident in your AML responsibilities.
Summary from HM Treasury’s Consultation Response: Executive Summary and Policy Statement
HM Treasury’s consultation response confirms that while significant progress has been made in the UK’s AML/CTF regime, the current framework remains fragmented. The Government has therefore decided to consolidate supervision under a single public body for professional services, to be led by the Financial Conduct Authority (FCA).
Importantly, the Government notes that this is a simplifying reform and that firms already compliant with the MLRs should not need to make changes to their existing AML/CTF controls. The focus of the reform is to deliver a more consistent, risk-based approach across the regulated sector while maintaining high standards of supervision and accountability.
(Source: HM Treasury – Anti-Money Laundering Supervision Reform: Response to Consultation, Chapter 2, Executive Summary and Policy Statement. Read the full report here.)
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