‘We’re not looking to catch you out’ says FCA in latest update on AML supervision takeover
Summary
The FCA has set out its intended approach to taking over anti-money laundering supervision from the SRA and other supervisors, with a phased transition expected to begin in late 2028 and complete by 2030. It says it will use a risk-based, intelligence-led model and aims to reduce duplication for compliant firms while focusing enforcement on those enabling financial crime.
Why it matters
Residential property surveyors may be affected where their firms undertake AML-regulated activity or interact with regulated legal and accountancy services in property transactions. The article signals a more centralised supervisory regime, with potential implications for registration, fit and proper assessments and compliance expectations.
Key points
- FCA takeover of AML supervision is planned to start in late 2028 and finish by 2030.
- The regulator says it will target higher-risk firms and avoid unnecessary burden on compliant businesses.
- Public register, mandatory registration and cancellation powers are among the measures already announced.
- Strengthened fit and proper assessments will apply across legal and accountancy sectors.
- Information sharing, AI and cross-sector collaboration are highlighted as key tools against financial crime.
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