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FCA to supervise financial services firms for AML/CTF compliance

Montage of the FCA logo
The FCA has welcomed the decision and said it will simplify supervision of professional services firms. GRIP Montage: FCA

Hameed Shuja

4 min read
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Proponents of the announcement believe it will help prevent money laundering; critics argue the FCA may not have the capacity to do a supervisory job.

The UK government has announced that the Financial Conduct Authority (FCA) will take over the responsibility of supervising professional services firms for anti-money-laundering and counter-terrorist financing (AML/CTF) compliance.

In a detailed consultation response published on Tuesday, ministers called the current regime “complex and disjointed,” and said it lead to

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