Law Society warns of AML ‘double regulation’ ahead of oversight transfer to FCA
Summary
The Law Society has urged the government to avoid overlapping anti-money laundering supervision as responsibility moves to the Financial Conduct Authority. It says the proposed changes could create duplication for law firms and legal professionals unless the new regime is clearly defined and carefully implemented.
Why it matters
Residential property surveyors may encounter AML-related processes through conveyancing and wider property transactions, so changes to supervision and compliance expectations could affect professional workflows. The shift may also influence how firms manage risk, registration and oversight where legal and property services intersect.
Key points
- The Law Society is warning against 'double regulation' as AML supervision transfers to the FCA.
- The FCA is set to become the single professional services supervisor for AML from late 2028, with transition due to complete by 2030.
- Concerns focus on possible overlap between FCA supervision and existing legal sector regulation.
- The FCA has said it will maintain a public register, require registration for AML-regulated activity and apply strengthened fit and proper assessments.
- The Law Society wants clearer detail on how the new regime will work in practice for firms and compliance officers.
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