Context
HM Treasury has published a consultation covering subsidiary considerations related to the FCA taking over professional services firms’ anti-money laundering and counter-terrorist financing supervision.
Key points to note and next actions
The government has decided that the Financial Conduct Authority (FCA) should take over responsibility for anti-money laundering and counter-terrorist financing (AML/CTF) supervision of legal, accountancy, and trust and company service providers.
The consultation document sets out proposals for the key duties, powers, and accountability mechanisms that the FCA will need, in order to be an effective supervisor of professional services businesses, as well as the legislative changes to enact these proposals.
Respondents are asked for their view on whether the proposed changes are the right ones to make, with specific questions found throughout the document and which are listed in full in Annex C.
Responses to the consultation can be made up until 24 December and can be sent to anti-moneylaunderingbranch@hmtreasury.gov.uk