Treasury publishes response to consultation on transferring AML supervision to FCA
Summary
HM Treasury has confirmed its response to the consultation on moving anti-money laundering supervision for professional services to the FCA, with the regulator set to become the single professional services supervisor by 2029. The new model will retain many existing expectations, introduce a new FCA register for firms, and transfer current investigations and enforcement activity to the FCA.
Why it matters
While the article focuses on legal and accountancy services, the reform signals a broader tightening and centralisation of AML oversight that may affect property professionals operating in regulated transactions. Residential property surveyors involved in conveyancing-adjacent work, client due diligence, or firm compliance should monitor the direction of travel on AML supervision and enforcement.
Key points
- FCA to become the single professional services supervisor for AML by 2029
- Firms will need to register with the FCA to carry out regulated activity
- Existing investigations and enforcement will transfer to the FCA
- Supervision will be risk-based, with FCA-issued AML guidance for professional services firms
- Future consultations will cover fees and enforcement arrangements
This is an RPSA summary of a publicly available article. The full content remains with the original publisher.
